A look at the Shipyards project
First proposed in 2017, the Four Seasons Hotel Jacksonville is one step closer to becoming a reality.
The luxury hotel and residences are part of the Jacksonville Jaguars Shipyards mixed-use development and team owner Shad Khan’s Iguana Investments planned for the western portion of Metropolitan Park across from TIAA Bank Field, home of the Jaguars. The development also includes a six-storey office building.
A Four Seasons hotel would give Jacksonville a brand that few cities possess nationally or globally.
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“I think we have to be ambitious,” Khan said at a Jaguars State of the Franchise event in March 2017. “There’s nothing quite like it in Jacksonville. You’re defined by the highest experience of range that you have, so for me that would be the logical brand for us.
Khan should know. He bought the Four Seasons Hotel Toronto in 2016.
And here’s what you need to know about Khan’s future Four Seasons Hotel Jacksonville.
Is it worth the taxpayers’ money? Jacksonville gets full return on taxpayer support for Khan’s Four Seasons hotel, report says
What taxpayers will contribute:Four Seasons development in downtown Jacksonville wins $114 million in city support
One more step:Groundbreaking for the Four Seasons Hotel Jacksonville is slated for this year at the shipyards
Where will the Four Seasons be built?
The planned mixed-use development is at 1406 Gator Bowl Blvd., located across from the Lot J parking area at TIAA Bank Field.
The 24.7 acre project site is bounded to the north by Gator Bowl Blvd.; to the east by Metropolitan Park; south by the St. Johns River; and to the west by vacant land/shipyards. It includes the area of Metropolitan Park formerly known as Kids Kampus and the site where the Jacksonville Fire Museum once stood before the 120-year-old Catherine Street Fire Station building was moved. in March in the western part of the shipyards.
What does the Four Seasons project include?
The mixed-use project includes the Four Seasons Hotel Jacksonville and an office tower including:
- 176 hotel rooms
- 25 luxury condominiums
- Six-story Class A office building
The largest condominium is said to be a 19,000 square foot penthouse with a sale value equivalent to $16.5 million, according to a Downtown Investment Authority staff review of CBRE market analysis.
The other residences would average around 3,600 square feet in size and cost around $3.1 million each.
For Four Seasons hotel rooms, the CBRE report determined that average daily room rates could start at around $411 in 2025 and reach $462 by 2029.
Who is building the Four Seasons Hotel Jacksonville?
PCL Construction, an Orlando-based luxury hotel builder, will manage the construction of the Shipyards project. Its portfolio includes the construction of Four Seasons Resort Ko Olina, Four Seasons Resort Whistler, Four Seasons Hotel Toronto and Four Seasons Resort Lanai. In Florida, the company has built and renovated luxury hotels and resorts such as The Ritz-Carlton, Amelia Island and The Ritz-Carlton, Naples as well as JW Marriott Bonnet Creek, The Don CeSar, Streamsong Resort and JW Marriott Marco Island.
And the Met Park? Khan’s plan for Four Seasons Hotel could replace part of Metropolitan Park with a new park
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When should construction start?
PCL is expected to start the project in the second half of 2022.
What is the expected cost of the mixed-use project?
To be determined.
How much will the city of Jacksonville pay?
In October 2021, the Jacksonville City Council unanimously approved $114 million in ratepayer support for the deal, including:
- $12.45 million: Value of 4.8 acres of city-owned waterfront land transferred to Iguana Investments for $100
- $25.8 million: completion grant paid to Iguana when the hotel and residence buildings and the office building are completed
- $47.7 million: Maximum municipal property tax refund generated by the value of the development over a 20-year period
- $17.2 million: Improvements to the Metropolitan Park public marina, including a marina support building and an improved river walkway on site
- $8 million: Relocation of fire museum, fire station and fire hall
Under the terms of the deal, Khan and his Iguana investments must expend at least $301 million in private financing for the project.
You should also know
In 2016, Khan bought the Four Seasons Hotel Toronto for C$225 million. This represents 171.6 million US dollars. The 55-story hotel has 211 rooms and 42 suites in the Yorkville area of downtown Toronto and is the first Canadian hotel to receive five diamonds from AAA and five stars from Forbes.