City Council approves $114M in incentives for Shad Khan's Four Seasons development
The Jacksonville City Council voted unanimously Tuesday to grant $114 million in public incentives for a proposed development at Metropolitan Park from developer and Jaguars owner Shad Khan.
The legislation, meant to aid Khan's plan for a $321 million Four Seasons Hotel and Residences, includes almost $26 million for completing construction and a property tax rebate over two decades that could total nearly $48 million.
Its language charges Khan's development company, Iguana Investments, with designing and constructing "a Luxury Hotel with no fewer than 170 rooms," an "Office Building with no less than 141,000 Gross Sq. Ft.," and upgrades to the existing public marina.
A June staff report from the Downtown Investment Authority, whose board also approved the agreement in July, estimated the development would create 5,700 construction jobs and more than 1,400 full-time jobs.
The agreement calls for construction on the development to begin by June and finish before the end of 2025.