Negotiators for Jacksonville Jaguars owner Shad Khan and the city have not drafted a final deal for his $450 million to $500 million Lot J development, but team leadership already is looking ahead to a possible Phase II.
Jaguars President Mark Lamping outlined the Phase II concept during an interview Jan. 21 to include two high-rise towers and a connecting parking garage that he said could be nearly $200 million on top of the investment in the first phase, according to WJCT News partner the Jacksonville Daily Record.
“Our hope was that Lot J would be a catalyst for other development. In fact, we’re already talking about the next phase of Lot J which would bring the total to around $700 million,” Lamping said.
One tower would be residential and the other would be corporate office space, according to Lamping. The three structures would sit at the site of the retention pond on the west end of Lot J near TIAA Bank Field.
Phase II was not part of the Lot J announcement during the Jaguars’ State of the Franchise event in April. A site plan displayed in Lamping’s presentation shows a surface parking lot at the site of the retention pond.
The city released a term sheet July 31 detailing Lot J’s proposed city-backed incentive package that planned for a surface lot with 700 parking spaces.
Lamping said Phase II and its additional capital investment in the Sports Complex would likely bring a second round of talks with the city for incentives separate from the Lot J proposal that is being negotiated.
An expanded version of this story that includes more of the Daily Record’s interview with Lamping and plans for Lot J is at JaxDailyRecord.com.