Earlier in the month it was revealed that a development deal is “very close” to being finalized for the Jacksonville Jaguars plans for Lot J, and according to Jax Daily Record, the team’s leadership is so confident in the deal getting done that they’re now looking into Phase II of developments.
During an interview from Jan. 21, Jags president Mark Lamping said Phase II of the overall plan would include the construction of two high-rise towers west of TIAA Bank Field, one of which would be a residential area while the other would be for corporate office space. The construction would also include a connecting parking garage for the buildings.
The structures that would be built in Phase II could account for an estimated $200 million out of the $700 million mentioned by Lamping in his first interview this month.
“Our hope was that Lot J would be a catalyst for other development. In fact, we’re already talking about the next phase of Lot J which would bring the total to around $700 million,” Lamping said per Jax Daily Record.
During the first interview, Lamping said Jags owner Shad Khan’s party had not discussed anything with the city about a public contribution.
“We need to sit down with the city and determine what would be the appropriate level of participation from the city for that particular part of the development,” Lamping said. “I certainly would expect that if there was another $200 million of development, that there would be a discussion with the city, and it would be for the city to determine whether they believe that they should participate or not.”
Phase I on the other hand, will cost an estimated $500 million to complete. According to Jax Daily Record that will include a 300-unit residential tower, 200-room hotel, 120,000-square-foot office tower, and a “Live!” Entertainment District. The project would be one developed by Cordish Companies of Baltimore, Maryland, who has built similar projects for the Braves in Atlanta, the St. Louis Cardinals, and Texas Rangers in Dallas.
Last year Jacksonville Mayor Lenny Curry announced a financial framework for the city’s contribution to Phase I. In the process it was revealed that his administration proposed $233.3 million in total investments for the city. Per Jax Daily Record, that includes $208 million towards the development cost of the centerpiece of the project, which is the “Live!” Entertainment District.
Back in January of 2018, we previewed what we believe the “Live!” Entertainment District could look like when completed based on past Cordish projects. In all probability, the project could also include a high-end hotel, various sports bars in the entertainment district, and restaurants.
