JACKSONVILLE, Fla. — Jacksonville City Council members are digging into the details of a proposed land swap aimed at developing Riverfront Plaza and getting classes at the new University of Florida grad school campus started this year.
The City Council has a choice to make.
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Either spend $6.95 million to purchase a LaVilla office space outright from Gateway Jax, or exchange it with a one-acre lot in Riverfront Plaza along with a parking lot.
The goal is to use the office space to kick start the UF grad school campus, and if an incentive deal can be worked out, Gateway Jax would develop the Riverfront Plaza property with condominiums, restaurants, and a public terrace.
“The riverwalk is great and important, but it is so incredibly important that we provide those amenities alongside of those spaces to make it truly dynamic and vibrant,” Gateway Jax CEO Brian Moll said during a meeting of the full council Wednesday.
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The land swap is favored by the Downtown Investment Authority.
DIA CEO Lori Boyer argued that the land the city would get is more valuable than the land it would give up.
Appraisals put the LaVilla property between $5.3 million and $9.5 million, and the Riverfront Plaza land and parking lot at a combined $5 million.
RELATED: ‘Win for Downtown’: DIA pitches land swap deal for UF Grad School and Riverfront Plaza
“You are getting a property worth more for a property worth less and you can stop there,” Boyer told councilmembers.
But Councilmember Chris Miller (R-Group 5 At-Large) raised concerns about the inclusion of language in the land swap proposal that pushes council to approve up to $20 million in incentives to the Riverfront Plaza development.
He noted the project isn’t fully fleshed out yet.
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“To me it’s almost leaning on the side of, you know, you have to vote for the bill to find out what’s in the bill,” Miller said.
But Boyer argued the land swap is a win-win-win.
She explained if the city doesn’t move forward with incentives within 15 months, Gateway Jax has agreed to sell the Riverfront Plaza property back to the city for $6.35 million, which is still less than the outright purchase price for the LaVilla property.
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“It’s less expensive, yields revenue to maintain the park, and gets a development project we want,” Boyer said.
Miller requested a follow-up hearing with the two DIA board members who voted to oppose the land swap proposal in favor of a straight purchase.
He argued that council members have only heard one side of the debate so far.
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