Khan’s investment company seeks permit for office foundation
Iguana Investments Florida LLC wants to build the six-story building next to the Four Seasons Hotel & Residences on the Downtown Northbank.
ByKaren Brune Mathis & Mike Mendenhall
| 12:00 a.m. March 21, 2023
In another move toward riverfront development, Jacksonville Jaguars owner Shad Khan’s real estate investment company wants to build the foundation of a proposed office building at the Four Seasons Hotel & Residences property along the Downtown Northbank.
The city is reviewing a permit application for PCL Construction LLC of Orlando to put in the foundation at an estimated project cost of $200,000.
Khan’s Iguana Investments Florida LLC wants to build a 157,027-square-foot, six-story, Class A office building on the property at 1406 E. Bay St.
Iguana Investments and PCL Construction previously applied to the city for a permit to build the foundation for the proposed Four Seasons Hotel & Residences at a construction cost of $1.2 million.
The site is along the St. Johns River near TIAA Bank Field.
The city issued permits in November and December to clear the site and demolish a former marine fire station there, remove gantry rails and other work.
Construction manager PCL Construction started site work in November 2022.
On Jan. 10, Jacksonville City Council approved a redrafted $129.75 million incentives deal for Khan’s $387 million project comprising a 176-room Four Seasons with 25 for-sale luxury condominiums, a full-service spa and restaurant; the 157,027-square-foot, six-story, Class A office building; a city-owned marina support building; and a public marina.
DIA CEO Lori Boyer said March 20 that Khan’s company is expected to close this week on buying the1.05-acre parcel for the office building instead of leasing the land from the city. The negotiated price is $3.2 million.
According to Boyer, the ground lease in Iguana’s previous deal is active until the land sale is final. The lease gives Iguana the right to build on the site.
Iguana is required to complete the project by June 30, 2026. Khan’s company must start vertical construction by Sept. 1, 2023.