JACKSONVILLE, Fla. – The Jaguars’ president and the mayor’s office are close to a development deal for Lot J, which sits next to TIAA Bank Field in Downtown Jacksonville.
As first reported Tuesday by the Florida Times Union, Jaguars President Mark Lamping said they are “very close” to finalizing a deal that would go to the City Council. He hopes to break ground on the project in the spring.
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Originally, the mayor said the development will result in more than $450 million of investment near the sports complex. Lamping told the Times Union the estimated cost has risen to about $700 million.
Mayor Lenny Curry introduced the financial framework for the development deal last summer, and he spoke to News4Jax about the deal on Tuesday.
“My team’s been negotiating with the Jaguars and their partners. They’re close,” Curry said. “I know the expectation is to be able to break ground sometime in the spring, which means we need a bill to put to City Council so they need to move fast.”
READ: Deal reached on $450 million development near TIAA Bank Field
Curry said it will be a mixed-use development with a live entertainment complex, a hotel and restaurant, plus residential space and an office building.
Because it calls for incentives and tax breaks, the project must be approved by the Downtown Investment Authority and Jacksonville City Council.