Jacksonville Jaguars president Mark Lamping says the team and city are close to finalizing a proposed deal to redevelop parking around TIAA Bank Field, signaling progress for the ambitious proposal.
Back in the spring of 2018, plans were unveiled for a redevelopment of the stadium’s Lot J that would be led by Jaguars owner Shad Khan and Baltimore-based developer Cordish Companies. In a project that is now estimated to cost nearly $700 million, the area would be redeveloped into a mixed-use development that is anchored by an entertainment district and also includes new residential and office space, along with a hotel.
Negotiations have been unfolding with the office of Jacksonville mayor Lenny Curry, who last July presented a framework that called for the city to provide up to $233.3 million for its share of the project, including $208 million in hard cash. While the exact figures remain to be seen, Lamping says that negotiations are close to producing a proposed deal. The deal would have to receive various approvals in order to be finalized, including a sign-off from the city council. Should it move forward, the Lot J development is envisioned as part of a long-term strategy that would bolster the Jaguars’ future in Jacksonville. More from the Florida Times-Union:
He said developing Lot J fits into that strategy “to make sure we have a stable NFL franchise in Jacksonville for as long as you can imagine. That’s the primary reason behind it. That’s tied to the goal to have a vibrant downtown Jacksonville.”
If a development deal for Lot J gets finalized by the developers and Mayor Lenny Curry, it would go next to the Downtown Investment Authority and then to City Council.
Lamping said the financial framework announced by Curry last July was a starting point for talks on hammering out a full development deal. In addition to new buildings, the deal would cover the cost of building streets, sidewalks and drainage for the project.
Under Khan, the Jaguars have already completed a variety of stadium upgrades and redeveloped the surrounding area through projects like the Daily’s Place amphitheater. If the Lot J redevelopment plan moves forward, it could ultimately set the tone for a long-term planning strategy that could include future TIAA Bank Field upgrades. The Jaguars’ lease to the facility expires in 2030, and the team has previously spoken of the need for renovations to keep TIAA Bank Field viable in the long run.
Renderings courtesy Jacksonville Jaguars.