Shad Khan wants millions in guarantees from city before he develops Shipyards - Florida Times-Union
Shad Khan’s proposal to redevelop Jacksonville’s Shipyards asks that the city fund the environmental cleanup of the site, up to $35 million. The proposal, delivered to the DIA Monday evening, also listed specific numbers that it wants the city to approve for the property: 1 million square feet of office space, 100,000 square feet of commercial space, 662 residential units, 350 hotel... First Look: Jaguars owner Shad Khan reveals Shipyards proposal. Last week, Khan, owner of the Jacksonville Jaguars, revealed his overall plan to turn the Shipyards, a 48-acre vacant lot on the downtown riverfront, into a grassy idyll that would also include a riverwalk, mooring space for the USS Adams, a... Monday’s proposal from Khan’s Iguana Investments Florida is just that and not a binding agreement. After it recoups its initial development costs, Iguana would keep 80 percent of the proceeds from land sales to other interests, with the city getting the other 20 percent. The city will oversee and pay for environmental cleanup, water and sewer improvements and the mooring for the USS Adams. Source: jacksonville.com
