Jaguars already planning Phase II for Lot J development

[MusicMan]

Please do not forget this entire location lies within the Jacksonville Opportunity Zone, which in and of itself its a potentially huge tax break for the developer.

[Ken_FSU]

So Phase 1 of Lot J will essentially have the bare minimum number of multi-family units to get lending from many large institutions.

Please do not forget this entire location lies within the Jacksonville Opportunity Zone, which in and of itself its a potentially huge tax break for the developer.

The Jags and Cordish are both privately funding their portions of the project.

Opportunity Zone program/tax breaks won't be leveraged for Lot J.

[thelakelander]

Are they actually doing the development or flipping parcels off to other developers?

[CityLife]

So Phase 1 of Lot J will essentially have the bare minimum number of multi-family units to get lending from many large institutions.

Please do not forget this entire location lies within the Jacksonville Opportunity Zone, which in and of itself its a potentially huge tax break for the developer.

The Jags and Cordish are both privately funding their portions of the project.

Opportunity Zone program/tax breaks won't be leveraged for Lot J.

Very curious that the development now has the magic 200 unit number that I've heard so many people say is the bare minimum number of units they need to make a project work....They may be self financing the infrastructure, but there is no way to know for sure or get assurances that they won't finance the hotel or apartments later or bring in hotel/apartment operators (like so many other master developers do). Either way, it's a fairly small number of units for a project getting so much public assistance and is not nearly enough residential to create any kind of vibrancy.

As for the Opportunity Zone tax breaks, I don't believe Khan needs any consent from COJ to get those through the federal government, so I doubt he wants to broadcast out to people that in addition to city and state incentives for Lot J, he's also going to be able to get all kinds of breaks on capital gains.

[CG7]

The daily Record has the number of residential units at 700, not 200.

[Ken_FSU]

Cordish reached out to Mike Mendenhall to correct the story.



Weird that the new renders clearly show low-rise, but Cordish states 400 mid-rise units and 300 high-rise units.

This is right in line with the 415 mid-rise units that the Jags have been discussing.

Makes me wonder if the residential tower and/or garage adjacent to the Phase II office building would actually be a part of Phase I.

That's a LOT of units to move, but it's also right in line with what would be required in the existing term sheet in the absence of the office component.

[CityLife]

Glad to hear that the 200 unit number was wrong. Would rather have an office user anchoring Phase 1, but 700 units is substantial and perhaps makes it easier to attract an office anchor for Phase 2. I'll retract any negativity from my recent posts.

[MusicMan]

Cart before the horse..... 700 units? I'll believe it when the first 200 are finished and fully occupied.  Where are they gonna get groceries for God's sake!

I hate this whole concept, build a big turd in the middle of a Stadium parking lot.  Who started this idea anyway?

[Ken_FSU]

Cart before the horse..... 700 units? I'll believe it when the first 200 are finished and fully occupied.  Where are they gonna get groceries for God's sake!

I hate this whole concept, build a big turd in the middle of a Stadium parking lot.  Who started this idea anyway?

Jags claim to be in talks with a 10k-15k grocer for Lot J.

[Non-RedNeck Westsider]

I honestly don't believe anything great is going to happen and and the worst part of it is, for me at least, that if it does - my expectations are really nothing more than a Town Center North atmosphere. 

Bring on the stick-framed multi-family and big-box anchors!  Yay. 

[RiversideRambler]

I hate this whole concept, build a big turd in the middle of a Stadium parking lot

Second.

I think there's better ROI for this money if it's used for development of The Shipyards. Who wants to live next to the stadium anyways?

[Steve]

Cart before the horse..... 700 units? I'll believe it when the first 200 are finished and fully occupied.  Where are they gonna get groceries for God's sake!

I hate this whole concept, build a big turd in the middle of a Stadium parking lot.  Who started this idea anyway?

Jags claim to be in talks with a 10k-15k grocer for Lot J.

Well, these guys and the guys planning to do the old Independent Life building both apparently have a grocer on board then. Plus Spandrel wants do one at the old City Hall.

Considering this and the Harvey's on Market St, I can't wait to have 4 grocery stores downtown!

(obviously this is sarcasm...something has to give)

[Ken_FSU]

^Grocers on grocers on grocers 

Though the Independent Life guys claim to have a solid commitment from a grocer, Lamping says the Jags are in "preliminary talks" with a locally-based grocer.

Independent Life space is 22,000 square feet.

Jags noted 10,000 to 15,000 square feet - not sure what local grocer even fits that profile?

[vicupstate]

I would be surprised if even one of these grocers actually opened.  The numbers aren't there, not even close.   

[Steve]

Jags noted 10,000 to 15,000 square feet - not sure what local grocer even fits that profile?

In terms of national chains, a Walgreens or CVS. Or a big Daily's (only half kidding)