JACKSONVILLE, Fla. — The Downtown Investment Authority has agreed to move ahead with negotiations for what could become a $160 million project to develop a portion of the Bay Street parcel formerly occupied by the old courthouse.
The two-building project would take up one-third of the unoccupied grass field next to the Hyatt Hotel.
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“It leaves an additional two acres for potentially a larger-scale development to happen adjacent to this one,” said DIA CEO Colin Tarbert.
Tarbert explained the proposal calls for a 160-room hotel and a combined 90,000 square feet divided between conference, office, and food and beverage space.
“It’s been vacant for a number of years, and it’s a really underutilized beautiful parcel, and so the opportunity there to do a project like this that would be catalytic to not just develop that site, but hopefully bring in other investment to either side of it as well,” said Tarbert.
25,000 square feet would be occupied by the anchor tent, which is currently only being referred to as “Project Caymus”.
Project descriptions note that the project entails academic operations, professional development programs and culinary and teaching kitchen facilities.
Action News Jax told you back in December when we confirmed the city had been in conversations with the Culinary Institute of America about bringing a campus to Jacksonville.
While some have speculated CIA could be behind the Bay Street proposal, at this point, a nondisclosure agreement shields the anchor tenant’s name.
Despite concerns raised about the financial feasibility of the proposal and the city incentives being requested, the DIA Board agreed to move forward with negotiations on the project on Wednesday.
The anchor tenant wants the land for free, a 20-year 75 percent REV grant, and would require 360 parking spaces next to the property.
Tarbert said hammering out a proposal that works for the city and the developer will occur over the next 180 days.
“And then from there we put together the pieces. The financing, the design, the construction, and see if we can’t make it happen,” said Tarbert.
If things are looking good, but more time is needed to hammer out a deal, the plan approved Wednesday allows for a 180-day extension of the negotiating period.
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