residential units
Last week, Jacksonville Jaguars owner Shad Khan laid out his vision for what he wants to see the Shipyards become.
On Monday, he pitched the terms of what he wants the city to contribute toward redeveloping the vacant Downtown site. Chief among them is giving his company the Shipyards land itself.
Several other points are laid out in the four-page terms sheet submitted to the city.
Iguana Investments Florida, Khan’s development group formed for the project, will be responsible for all costs associated with developing the site, though no estimate was provided.
The company wants all Tax Increment Financing (property tax increases spurred by the development) and wants the city to help secure any state and federal funding available for the project.
The city’s responsibilities would include spending up to $35 million on environmental cleanup; improvements to Bay Street and Hogan’s Creek greenway; and construction of mooring space for the USS Adams.
If the cost for environmental cleanup exceeds $35 million, Iguana can terminate the agreement. The city has set aside $13 million for the environmental work.
The project includes 100,000 square feet of commercial space, 662 residential units, 350 hotel rooms and a possible home for the USS Adams.
The Shipyards property also would be exempt from the Downtown overlay and mobility fees.
The city would retain ownership of the Riverwalk and associated bulkheads and public spaces. It also would be liable for any current or future issues relating to existing environmental matters.
Iguana would form a not-for-profit corporation to manage the area’s public space. Another Downtown development, Unity Plaza in Riverside, has a similar setup.
The city could end up with some financial return on the investment should Iguana succeed in the redevelopment.
After the company recoups its initial due diligence costs and infrastructure development, it would retain 80 percent of all net land sale proceeds. The city would receive the other 20 percent.
The project is on the agenda for today’s DIA meeting, which starts at 3 p.m.
Authority CEO Aundra Wallace sent the terms sheet to City Council members Monday evening, saying in the email the DIA had not had an opportunity to fully review the document.
As Khan and his group pitched last week, the first Shipyards zone to be constructed would be the western end, dubbed the “live” zone that would incorporate apartments and condominiums.
Recreational water and park landscapes, along with a marina, also are envisioned for that area.
Moving east would be a “work” zone with office buildings, followed by a “stay” zone anchored by a signature hotel. The bookend on the eastern side would be a “play” zone featuring multilevel community football fields where the Jaguars would practice, an amphitheater and a public park.
Khan said last week he hoped for city approval within 30-60 days and after environmental site remediation, would like to proceed.
The engineering and consulting company hired to do the analysis submitted a site assessment work plan and would like to begin field work the first week of March.
In terms of action on the Shipyards site, Khan last week said “the sooner the better.”
“You’ve got to start moving forward and making it as soon as possible,” he said.
According to a statement from Mayor Alvin Brown’s office, “Redeveloping the Shipyards with a 21st Century vision is a top priority of Mayor Brown. We look forward to working with the Downtown Investment Authority as it begins its process to review proposals to reactivate the Shipyards.”
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