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Shad Khan's $300M Shipyards Proposal Advances Through DIA Committee

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HKS
/
Downtown Investment Authority
A digital render of the proposed hotel and office building development from the view of the Marina.

A proposal from Jaguars football team owner Shad Khan to develop the Shipyards property in Downtown Jacksonville passed its first hurdle Friday after receiving approval from a key city committee.

The Downtown Investment Authority's Retail Enhancement and Property Deposition Committee voted unanimously in favor of Khan's development proposal.

Khan’s development company, Iguana Investments, is proposing to front $300 million to build a riverfront hotel and condominium on a five-acre parcel of the Shipyards and part of Metropolitan Park, along with a one-acre office building development.

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Credit Downtown Investment Authority
The plan for the Shipyards property includes giving parcels to Khan's development company for a hotel and office building.

The city would contribute millions to preparing the  property under the proposed agreement. This includes relocating the Fire Museum, the marine fire dock and the marine fire station; and reconstructing the marina, the marina support building and the Riverwalk between the development and the St. Johns River.

Jacksonville would also commit hundreds of millions in public incentives to the development over the next two decades as part of the agreement.

An extensive DIA staff report estimated the development would create 5,700 construction jobs and 1,460 full-time jobs.

“I’m very supportive of this project. I think this will be a great thing,” said Ron Moody, who chairs the DIA, via Zoom during Friday's committee hearing.

While only the five-member committee could vote Friday, the full nine-member DIA board will take up the proposal next month and is expected to approve the plan as well.

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Credit Downtown Investment Authority
The agreement includes built-in protections for the city, according to a DIA report.

Then the proposal will move to the City Council for final approval before Mayor Lenny Curry can put the agreement into action.

A timeline included in the agreement calls for construction to begin by June 2022 and finish before the end of 2025.