APRIL 3 TO APRIL 9, 2025 | JAXDAILYRECORD.COM
BUSINESS & LEGAL NEWS IN BAKER, CLAY, DUVAL, NASSAU AND ST. JOHNS COUNTIES
CITY INCENTIVE DEAL BILLS ARE COMING DUE A record payout for economic development incentives is shaping the city of Jacksonville’s budget picture for 2025-26.
INCENTIV
E BIL
LS The city m ust pay out more than $74.141 mill ion in incen tives committm ents next ye ar.
BY RIC ANDERSON
INSIDE
HIGHER EDUCATION
LECOM at JU medical school breaks ground PAGE 3
$25.834 m
illi
on Jacksonville Jaguars ow ner Shad Khan’s Ship yards proje ct, which includes th e One Ship yards Place building an office d Four Sea sons Hotel Private Resi and dences. Th at is a port of a $129.7 ion 5 million in centive pac approved b kage y City Coun cil in 2023.
ASSOCIATE EDITOR
T
he city of Jacksonville is on the hook to make a record payout for economic development incentives during the next fiscal year, prompting talks of budget cutting and a slowdown in requests for economic development incentives. Jacksonville City Council member Will Lahnen refers to the city’s looming $74.1 million in commitments to private developers as the “cash incentive cliff.” “Never have we had such a one-time need on cash incentives,” he said. “That’s the risk you take with these completion grants, because they weren’t even all approved in the same year. They were approved in this and that year, but the timing of construction is what dictates the payout. And so now we’ve got this $75 million commitment.” Most of that funding is for two projects: $25.8 million for Jaguars owner Shad Khan’s Shipyards project, which includes the One Shipyards Place office building and Four Seasons Hotel and Private Residences. That is a portion of a $129.75 million incentive package Council approved in 2023. $39 million for the Miamibased Related Group’s proposed 25-story Southbank residential
$39 millio
n
0 0 0 , 1 4 $74,1
Miami-base d Related G roup’s 25-s Southbank tory residential tower. It’s p a $58.79 m art of illion packa ge approve Council in d by 2024.
$4.969 mil
lio
n The deal fo r renovatin g Greenleaf & Crosby Bu ildin was approve g at 208 N. Laura St. d in Februa ry 2024.
$4.34 milli
on
Comprises $4.1 million for Office o Economic f Developme nt projects a $238,000 and grant for th e Home2 Suites by H ilton Jacksonville Downtown in Brooklyn.
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Changes ahead for two Burger King restaurants PAGE 6
CITY GOVERNMENT
Salem wants to buy, not swap Council member says he would rather the city pay cash for LaVilla office building instead of trade city property for it. PAGE 10
SEE BILLS, PAGE 8
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THE MATHIS REPORT
THE BASCH REPORT
REAL ESTATE
Fidelity National Financial defies the market slump
Top 10 home sales of the week
At least one analyst expects the Jacksonville-based title insurance company to continue outperforming the market as the housing outlook improves. PAGE 4
Ponte Vedra Beach home with views of Dye’s Valley golf course sells for $3.395 million. PAGE 12
VOLUME 112, NO. 21 | TWO SECTIONS | PUBLISHED SINCE 1912