The Jaguars and Iguana Investments are marking several major milestones on the Shipyards project this spring.
Here’s an update for our 1st DownTown Jacksonville supporters:
BUILDING THE ROSTER
Our full team is now in place and already at work on the Shipyards project. This includes the addition of Drew Frick as Senior Vice President, Real Estate and Development for the Jaguars, who will lead a dedicated team focused on real estate and development.
We’ve also confirmed our full roster of Shipyards development partners, each of whom bring extensive experience in hospitality, urban design and construction. PCL Construction will serve as construction manager for the Shipyards alongside HKS, a worldwide architecture firm that has worked on 53 projects under the Four Seasons brand.
EXPANDING THE CAP
As with many development projects, market uncertainties within the construction industry including commodity inflation, supply chain disruptions, international unrest and subcontractor challenges are requiring an increased financial commitment. Iguana Investments has notified the Downtown Investment Authority that we intend to increase our minimum private investment from $301 million to $370 million in the hotel, office building, site work and parking.
SETTING THE SCHEDULE
Several key dates are coming up in the next few weeks. We hope to receive final approval from the Downtown Design Review Board on May 12. And on June 10 we anticipate closing on the property.
Since the approval of the original redevelopment agreement last fall, we’ve been working hard to execute the necessary due diligence on the property. The good news is nothing we’ve uncovered is a threat to the future of the project. However, we’ve discovered some site-specific issues that will need to be addressed including utility relocations, removal of old gantry rails and unanticipated bulkhead and marina repairs. We’re in discussions with the Downtown Investment Authority on each of these issues and expect they’ll add no more than six months to original completion date guarantee.
Stay tuned to 1st DownTown Jacksonville social media channels and website for continued updates on the Sports Performance Center, Shipyards and the Stadium of the Future! Thanks again for your continued support!