Building Up Jax: City might pay up to $233 million for Lot J

UP TO $233.3 MILLION AT STAKE IN LOT J AGREEMENT

Earlier this week, we reported on Mayor Lenny Curry’s announcement regarding the $450 million Lot J entertainment complex project.

We now have a better idea of how much city money was promised to Iguana Investments, Jags owner Shad Khan’s development company which will head the project along with The Cordish Companies.

The proposed agreement would cost the city as much as $233.3 million. Specifically, it proposes:

$25 million in tax rebates over 20 years (REV grant)
up to $50 million for construction of the Live! entertainment complex, which will become city property upon completion
$92.8 million in infrastructure improvements including environmental cleanup and construction of a parking garage
a $65.5 million development grant

The project would feature a Live! entertainment district, a 300-unit residential tower, a 200-unit boutique hotel, an office tower with over 100,000 sq. ft. of space, and at least 1,300 parking spaces.

The proposed agreement must be approved by both the Downtown Investment Authority and city council prior to completion.

CRANE ISLAND WELCOMES FIRST RESIDENTS

The Crane Island development on Amelia Island is set to welcome its first residents this month.

The first move-in ready house within the 113-home master-planned community was built by Pickett Construction. It’s actually the second house built within the community, following the completion of Southern Living’s 2019 Idea House this summer.

Upon completion, Crane Island will more than double the number of available home sites along the Intracoastal on Amelia Island.

NOTED PROJECTS

Casper received a permit for build-out at 4711 River City Dr. within St. Johns Town Center.
Southside Assembly of God received a permit to build a new 22,623 sq. ft. church building at 6851 Southpoint Pkwy. Their former campus in eastern San Marco will be demolished soon to make space for a new apartment complex development.
Plans were submitted for a 4-story, 123-room Woodspring Suites hotel at 7137 Bonneval Rd., adjacent to the planned Bentley dealership.
Allstarrz Restaurant received a permit for build-out at 1111 Cesery Blvd.
Chipotle Mexican Grill received a permit for build-out at 9671 Argyle Forest Blvd.
Candle-making bar Wick received a permit for build-out at 1641 Hendricks Ave.