Preliminary site work for Jacksonville Jaguars owner Shad Khan’s proposed $450 million Lot J development could be near.
The Downtown Investment Authority Board will consider a resolution Wednesday granting Lot J development company Jacksonville I-C Parcel One Holding Company LLC a limited license to access the city-owned property for environmental testing.
According to the resolution, the 60-day license will allow the developers to collect groundwater and soil samples from the TIAA Bank Field parking lot, which could identify if contaminants are present at the future construction site.
The city’s risk manager, director of public works and Office of General Counsel will have to sign off on the agreement before it can be executed.
Plans for the development include a 300-unit residential tower, 200-room boutique hotel, 120,000-square-foot Class A office tower and a Live! Entertainment District.
The development company, a joint venture of Gecko Investments LLC, an affiliate of the Jacksonville Jaguars, and The Cordish Companies, hopes to break ground in early January.
Before the project can begin, the terms of a $233.3 million city-backed incentive package must be approved by the DIA and City Council in a development agreement.
Mayor Lenny Curry’s administration announced Aug. 1 it reached a deal with Khan and Cordish on an incentives package that includes tax rebates, a Recaptured Enhanced Value grant, a development grant and infrastructure improvements.
The deal says the city would retain ownership of the Live! District. It would be operated by Cordish, the company that developed similar properties in Philadelphia and St. Louis.
The city also plans to transfer ownership of the property hosting the residential, hotel, and office buildings.
The city has not released a draft of the development agreement.
The DIA board will meet at 2 p.m. in the Lynwood Roberts Room at City Hall, 117 W. Duval St.