Jacksonville Jaguars owner Shad Khan's proposed $2.5 billion Lot J and Jacksonville Shipyards development is a starting point for two decades of development in Downtown's Sports and Entertainment District, said The Cordish Companies Chief Operating Officer Zed Smith.
Smith showed updated renderings of the first two phases of development of Lot J near TIAA Bank Stadium, the Shipyards and a previously unannounced residential expansion north of Lot J in a presentation March 2 to the Meninak Club of Jacksonville, according to WJCT News partner the Jacksonville Daily Record.
"The thing that appealed to us about Jacksonville is we have the land to develop into the future. We could be building here for the next 20 years," Smith said of The Cordish Companies and Khan's subsidiary.
Baltimore, Maryland-based Cordish and Jaguars' subsidiary Gecko Investments LLC are equal partners in the Lot J-Shipyards project, operating as Jacksonville I-C Parcel One Holding Company LLC, according to the Lot J development term sheet released by the city July 31.
The $450 million to $500 million Phase I of Lot J comprises the Live! Arena entertainment venue, a 200-unit boutique hotel and 700 residential units. Smith said the development would include 400 mid-rise units and 300 high-rise units.
Phase II is west of Lot J at what is a retention pond at North Georgia Street and Gator Bowl Boulevard.
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