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Shad Khan, Jacksonville reach $450 million Lot J development deal

NFL: Jacksonville Jaguars-OTA Logan Bowles-USA TODAY Sports

The city of Jacksonville and Jacksonville Jaguars owner Shad Khan have reached a $450 million agreement for development of Lot J next to TIAA Bank Field. This deal has been in the works for a number of years and it looks like it will finally be pushed over the line and further develop the downtown area around TIAA Bank Field and the other sports complex.

“We’ve never been closer to realizing a new Downtown Jacksonville than we are today. While today’s news is not the final step, it’s by far the most significant step in our mission to reinvent how we work, live and gather in Downtown Jacksonville,” Jaguars vice president Mark Lamping wrote in a statement. “Shad has for years been the biggest believer and advocate of what’s possible for our downtown, and it’s very clear that Mayor Curry shares the same vision. Our joint proposal with The Cordish Companies, one of the top developers in the country, is one that will make an impact on our community that will be positive, overdue and lasting. It cannot happen without Mayor Curry’s support and leadership, and we will continue to work with the Mayor and his staff toward an agreement that will signal a new era for downtown and our entire region.”

The plan for the area is some mixed-use properties that will be utilized by corporate offices, hotels, residential and entertainment use. The idea for Khan has always been to make downtown Jacksonville and the areas around TIAA Bank Field more than just a game day destination. Development of Lot J is the first step in completing the vision.