DECEMBER 15 TO DECEMBER 21, 2022 | JAXDAILYRECORD.COM
BUSINESS & LEGAL NEWS IN BAKER, CLAY, DUVAL, NASSAU AND ST. JOHNS COUNTIES
SHAD KHAN’S FOUR SEASONS DEVELOPMENT
COSTS RISING RIVER ON THE
Khan’s revised project cost
$387.6 million 20.7% The estimated cost of Four Seasons hotel and office development planned on the St. Johns River across from TIAA Bank Field, up from $321 million in 2021.
City incentives deal
$129.75 million 13.4% The proposed new package is up from $114.4 million in the original plan. Special to the Daily Record
The Jacksonville City Council will consider a revamped deal that includes more incentives money for the Jaguars owner. BY MIKE MENDENHALL ASSOCIATE EDITOR
C
osts are rising for Jacksonville Jaguars owner Shad Khan’s plans to build a Four Seasons hotel and office building on the Downtown Northbank riverfront. The city’s investment could be rising, too. Downtown Investment Authority records show that the price for the riverfront project near TIAA Bank Field is increasing from $321 million estimated in 2021 to nearly $387.6 million, a 20.75% jump. In response, Khan’s development com-
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pany, Iguana Investments Florida LLC, is asking the city to approve a redrafted development agreement that increases the cap on the deal’s property tax refunds. Coupled with higher-than-estimated costs for supporting public infrastructure, the updated incentives package advanced by the DIA board in September would bump the city’s payment for the Four Seasons project from $114.4 million to $129.75 million, a 13.42% increase. Khan’s company also would purchase the 1.05-acre parcel for the project’s six-story office building for $3.2 million instead of leasing the land from the city. The parcel is appraised for $3.43 million and the city is considering the $230,000 difference as an incentive in the new deal.
City Council is expected to debate and vote on the new agreements in Ordinance 2022-0871 early next year after its twoweek holiday recess. Khan first revealed he wanted to build a Four Seasons hotel on the former Kids Kampus park at the Jacksonville Shipyards in November 2020 during a media event at the stadium. Jaguars Senior Vice President of Real Estate Development Drew Frick confirmed to reporters Dec. 13 the hotel will be a Four Seasons. The project comprises a 176-room Four Seasons with 25 for-sale luxury condominiums, a full-service spa and restauSEE FOUR SEASONS, PAGE 6
THE MATHIS REPORT
E-commerce company expanding warehouse space Metropolitan Warehouse & Delivery, which specializes in e-commerce furniture delivery, warehousing and customized delivery, appears to be coming to Lane Industrial Park. PAGE 4
INSIDE
Home sales slide 26.7% in November PAGE 10
THE BASCH REPORT
FIS a target for activist investors? A disappointing thirdquarter earnings report and a lagging stock price raises the possibility, analyst says. PAGE 14 WHAT’S TRENDING
Sugar Factory preparing to open The restaurant is planned for The Markets at Town Center. PAGE 2
VOLUME 110, NO. 5 | TWO SECTIONS | PUBLISHED SINCE 1912