UPDATE: The incentives package from the city for Lot J is valued at up to $233.3 million.
This afternoon, Mayor Lenny Curry took to YouTube to announce that the city has reached an agreement on a $450 million+ development project led by Jaguars owner Shad Khan’s Iguana Investments to be located on Lot J at TIAA Bank Field.
The project, which has been in the works for over a year, is described by Curry as “a new entertainment venue hosting top-notch dining and live entertainment, a new hotel, new residential building and the opportunity for a new office building.”
Site renderings from the Jaguars show a small Live! “arena”, a residential building, a hotel, an office complex, and a parking structure.
The development will effectively act as phase one for Khan’s long-discussed plans for redeveloping the former Shipyards property, as well as Metropolitan Park, into a world-class entertainment district. (It could even be argued that this is phase two, with the construction of Daily’s Place serving as phase one.)
Curry notes that the city will be “a financial partner through incentives” that deal with infrastructure – like removing the Hart Bridge Expressway ramps – as well as grants and tax rebates.
What isn’t clear, as of yet, is exactly how much money was promised to Khan for the project. This should be resolved shortly, though, as the deal will require approval from both the Downtown Investment Authority and city council.
“I am confident they will see the great potential of this agreement,” Curry says in the video.
Another uncertainty is the potential timeline of the project. Assuming the deal is approved, it’s unclear when construction would start. The demolition of the Hart Bridge Expressway ramps, presumably, will have to be addressed before the project would move forward.
While details are still limited, the possibility of a long-proposed downtown development project – or, in this case, one key part of a long-proposed project – moving forward is something about which to be cautiously optimistic.
You can watch Curry’s announcement in full below: