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JACKSONVILLE, Fla. – The Downtown Investment Authority is taking bids on the Shipyards property, where Jaguars owner Shad Khan wants to build a Four Seasons hotel.
Khan is looking to outright buy the space instead of leasing it, but before that happens, the city needs to give other developers the opportunity to beat his offer.
It’s a requirement under city code.
A notice says the DIA is opening a 30-day window to take more bids on the property.
According to our news partners at the Jax Daily Record, the DIA will analyze any offers that come in for the tax benefit from the city, the development plan and how it fits within the authority’s goals for downtown, including the city’s history, culture and enhancing education, business and entertainment.
Khan has already revealed his plans for the Shipyards site. The latest look at what his proposed Four Seasons would look like along the Northbank would also include some office space and a marina.
Documents show Khan plans to buy the property for $3.2 million, which was its last appraised value.
The move also comes with tax incentives.
If Khan’s offer turns out to be the top bid, the City Council would need to sign off on any changes. Also, if it breaks ground, it’s expected to take six months longer than originally proposed to finish.