JACKSONVILLE, Fla. — The objective of the Lot J project that would put a sports and entertainment complex next to TIAA Bank Field is revealed in the newly released term sheet.
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The development is expected to create a new neighborhood in downtown Jacksonville to help attract national and international events and bring economic benefits like jobs and increased revenue.
QUICK FACTS:
- The city of Jacksonville announced on Wednesday that it has reached a deal to develop Lot J near TIAA Bank Field.
- The city will work with the Jacksonville Jaguars, Iguana Development as well as other national partners to develop Lot J.
- The changes are expected to include adding a live entertainment center, restaurants and housing, which would all be part of a $450 million project. The city said this would require approval from the Downtown Investment Authority and the City Council.
On the first page of the term sheet, it also details how the project will consist of five uses: a live entertainment district, a luxury high-rise resident tower, a boutique hotel, an office tower up to 120-thousand square feet, 700 parking spots west of Lot J and 600 more parking spots near the hotel and condos.
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The term sheet also explains that the city is expected to pay half the cost of the entertainment district, and will provide $92.8 million in infrastructure improvements such as parking, streets, sidewalks, landscaping and more.
The city will also retain ownership of the the Live! entertainment district, but, it will give up the property for the high-rise residential tower, boutique hotel, office tower and another residential building.
To view the term sheet, click here.