JACKSONVILLE, Fla. — Major downtown renovation plans took one step closer to becoming reality Thursday evening.
Action News Jax has been telling you for months about the new plans for the shipyards.
The Downtown Development Review Board voted unanimously to approve the new project.
The board chairman concluded the presentation simply by telling the developers “well done.”
The design of the $370 million project includes new green space, a 174-room five-star four seasons hotel, which will also house 25 luxury condos and a 34,000 square foot restaurant.
There’s also a six-story office building.
Action News Jax confirmed Thursday that construction on the project could take longer than originally expected.
Construction was set to begin at the end of the year and wrap by the end of 2025, but now it seems it could spill over into June of 2026.
Iguana Investments, the real estate development firm owned by Jaguar’s owner Shad Khan, told us it still believes it can complete construction on schedule, but will likely ask City Council to approve the six-month extension.
The $370 million price tag also represents an increased cost of about 15%.
Initially, the project was pegged at $321 million, with the city fronting $114 million.
The developers told us they don’t intend to ask the city for more money and will shoulder the increased costs themselves.
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