Jacksonville City Hall and Jaguars Owner Shad Khan have reached a "long-awaited deal to build a mixed-use development on Lot J next to TIAA Bank Field," according to a front-page piece by Christopher Hong of the FLORIDA TIMES-UNION. The deal would see the city provide up to $167.8M in "economic incentives" and a $65M loan toward the project that "would include include an outdoor entertainment district, hundreds of luxury apartments or condos, offer space and a hotel." The deal "must now be voted on by the Downtown Investment Authority and the City Council." The concept is "similar to 'Live!' venues in Philadelphia, St. Louis and Arlington, Texas, that have been built by the Cordish Companies, which is a partner in the project." The development would include "two residential buildings with a total of 400 for-rent units, a hotel with 150 to 200 units, and multiple parking lots and garages." The city also would "split the construction costs of the entertainment district," which is estimated to cost $100M. The city's payment is capped at $50M and "could be less if the total construction cost is below the estimated figure." Jaguars President Mark Lamping said that the project "could begin as early as next year if the agreement gets approval from the council in a timely manner." He added that he "expects construction to take 36 months to complete" (FLORIDA TIMES-UNION, 10/6).
