City will seek Proposals for Shipyards + Met Park Combined Development

[edjax]

Her story

By Stephanie Brown
Jacksonville, FL — They aim to make Downtown Jacksonville a year-round destination, while also putting the city at large on the map.
Texas-based Presidium Group, LLC is one of three companies who have entered proposals to redevelop the Jacksonville Shipyards and adjacent Riverfront property. They're partnering with Ponte Vedra Beach's Killashee Investments, LLC on their concept "Sea Glass at the Shipyards".
GALLERY:Presidium Group's Shipyards proposal
Killashee's Mark Farrell designed the core of this concept years ago and considered putting it in the mix during the proposal process in 2015, but at the time he says he didn't have a partner. He's working with Presidium on a Town Center apartment project already, and he says when they found out about the Shipyards site, they were committed.
"They really like Jacksonville, they really like the waterfront, Downtown, the opportunity. They see the potential Jacksonville has, and so they wanted to throw their hat in the ring," Farrell tells WOKV.
Their proposal focuses first on boosting entertainment options that are available on a daily basis year-round- the USS Adams Museum, an Aquarium, a Fine Art Museum, and Sea Glass Tower. The Tower is a 1,000 foot structure that includes a two-level restaurant and observation deck.
"It would be the iconic structure that this City would need to finally get it on the map and become a top tier city," Farrell says.
The idea is to bring people Downtown consistently, as opposed to for big events only. Once the demand starts to build, Farrell says hotel, residential, and retail space will follow.
"It's like dominoes. The hardest part is getting it started, but once you get it started then it goes," he says.
The proposal also includes a Convention Center, food truck court, market, business incubator, and other features. Much of it was in Farrell's initial concept, but they've expanded it to fit the larger space the City is now seeking to redevelop.
Prior redevelopment efforts have focused solely on the Shipyards parcel. Iguana Investments Florida, LLC- on behalf of Jaguars owner Shad Khan- won the prior bid process, but negotiations on his development plan ultimately stalled out, and in December 2016, the Downtown Investment Authority voted to re-issue the request for proposals. This time, they were requesting developers for the 70 acre site that included the Shipyards and Met Park.
Khan has submitted a proposal once again. A third proposal was submitted by Wess Holdings, LLC. WOKV has reached out to see if they are willing to share bid details at this time. The proposals themselves will not be made public during this early vetting phase.
Farrell says they know they have stiff competition in Khan, but the developers are excited.
"They said, you know, if we don't shoot for the moon, why are we here. And I said, you know what, you're right," he says.
Presidium will offer to buy the property for $20 million, according to Farrell. He says many of the entertainment features already have partners lined up to help with funding, and they would seek standard arrangements for the residential and retail portions. They're requesting the City address the environmental concerns on the site, continue the Riverwalk, ensure utilities are brought on site, help with zoning, and beautify Bay Street. They're also pushing for the extension of the Skyway into the area, although Farrell says their bid will not depend on that.

[KenFSU]

Here's the site plan:

https://mobile.twitter.com/SBrownReports/status/839613696162861057/photo/1

Interesting site plan, I'd argue more interesting then what the Jags presented, but feasibility is going to be a major issue. At first glance, it appears to include Met Park development without an in-kind land swap, and it will also necessitate a complete remediation of the Shipyards site, rather than partial.

I also wonder who foots the bill for the convention center and aquarium.

[Tacachale]

Here's the site plan:

https://mobile.twitter.com/SBrownReports/status/839613696162861057/photo/1

Interesting site plan, I'd argue more interesting then what the Jags presented, but feasibility is going to be a major issue. At first glance, it appears to include Met Park development without an in-kind land swap, and it will also necessitate a complete remediation of the Shipyards site, rather than partial.

I also wonder who foots the bill for the convention center and aquarium.

Where does Mooneyhan Studios play into it?

[thelakelander]

Is it to scale? That convention center looks smaller than the current Prime Osborn.

[KenFSU]

Also, sure sounds like Khan wants to target Four Seasons for the stadium hotel.

[KenFSU]

Is it to scale? That convention center looks smaller than the current Prime Osborn.

Assuming it's to scale, and using Everbank's field as a measure of said scale, we're looking at roughly 50,000 sf of exhibition space at that convention center. Roughly twenty percent of what the PO already offers. Don't spend it all in one place.

[RattlerGator]

You realize Khan has a tremendous vested interest that the other two parties don't have, right?

I recognize that he has invested many millions of *his* dollars in downtown Jacksonville, that's what I recognize. He has skin in the game, Vic, skin in the game. Read up on Nassim Nicholas Taleb.

[edjax]

Also, sure sounds like Khan wants to target Four Seasons for the stadium hotel.

Makes some sense with his connection with Four Seasons.   He'll probably make the penthouse suite his local residence.

[Keith-N-Jax]

That Sea Glass project, nothing but pie in the sky, something eventually will happen at the shipyards.

[FlaBoy]

Also, sure sounds like Khan wants to target Four Seasons for the stadium hotel.

I know he owns the Toronto Four Seasons but where did you hear this?

[vicupstate]

You realize Khan has a tremendous vested interest that the other two parties don't have, right?

I recognize that he has invested many millions of *his* dollars in downtown Jacksonville, that's what I recognize. He has skin in the game, Vic, skin in the game. Read up on Nassim Nicholas Taleb.

Let's see how much 'skin' he is putting into THIS proposal. That will be the proof in the pudding.

[JaxAvondale]

Also, sure sounds like Khan wants to target Four Seasons for the stadium hotel.

I know he owns the Toronto Four Seasons but where did you hear this?

It is in the TU story.

[JaxAvondale]

After going to London game this past season, this is what I believe the city & Jags are envisioning for the stadium district.


Hotel next to the stadium


View from the hotel

[RattlerGator]

Let's see how much 'skin' he is putting into THIS proposal. That will be the proof in the pudding.

Yeah, forget those prior millions. That was just to see if he was kinda-sorta serious, amirite?

Don't worry, Vic, I'm sure he'll have skin in the game on this effort, too. Not that y'all will give him some dap for his troubles.

[Non-RedNeck Westsider]

Putting a hotel or 3 adjacent to a stadium isn't exactly a new thing.  Shad financing one at Met Park would be another of those 'revenue streams' that Lamping is prioritizing.  That's why I have no doubt that it will happen sooner rather than later.