Jaguars President: City, Team Close On Lot J Development Deal; Costs Rise To $700 Million
Jaguars President Mark Lamping said negotiations with the city on a development deal for Lot J next to the stadium are “very close” to finalizing a deal that could go to City Council with an eye toward ground-breaking in the spring.
Lamping said he hopes ground-breaking could occur in the spring, according to WJCT News partner The Florida Times-Union.
Last July, Mayor Lenny Curry announced a financial framework for a development deal for the city to pay up to $233.3 million, including $208.3 million in hard money, for its share of the cost of building a miniature urban neighborhood anchored by an entertainment district.
The concept dates back to 2018 when Jaguars owner Shad Khan joined with the Cordish Companies, a national developer, on plans to bring new development to the area from the football stadium down to the St. Johns River.
Lot J would be the launch pad for the bigger vision. He said the estimated cost for the work at Lot J originally was about $500 million, but it has risen to near $700 million.
The interview with Lamping, in which he also talks about the team’s future and potential stadium improvements, can be found in an expanded version of this story at Jacksonville.com.