JACKSONVILLE, Fla. – A Shad Khan project is getting a big boost from Jacksonville city council leaders.
The city council approved a redrafted incentive deal worth nearly $130 million to build a Four Seasons hotel and office building on the downtown Northbank riverfront.
The incentive was amended because the project is going to cost more than originally estimated.
The updated incentives package bumps the city’s payment for the project from $114 million to nearly $130 million.
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According to our news partners with the Jacksonville Daily Record, the Downtown Investment Authority shows the price tag for this project is going from the original $321 million estimate to nearly $388 million.
It will eventually include a 176-room hotel, with 25 luxury condos, a spa, a restaurant, and an office building.
The new deal also calls for Khan to buy the property for the office building instead of the original plan to lease it.
The Daily Record also shows there is a list of city infrastructure projects that are needed for the Four Seasons project, but they’re not part of the calculation of the incentive because they could have been completed anyway.
The project has already broken ground.
The entire Shipyard development is expected to be completed by the end of June 2026.
