JACKSONVILLE, Fla. — A newly proposed land swap deal could help kick start a major development planned on Riverfront Plaza and get the UF grad school campus positioned to start classes in the fall.
The deal involves Gateway Jax, a major developer already working on some big projects downtown.
PHOTOS: Phase 1 of Gateway Jax’ Pearl Street District project begins
Under the proposal, a two-story office building in LaVilla would become the first property occupied by the new UF grad school.
Downtown Investment Authority CEO Lori Boyer helped develop the deal, which would trade the office space and two-acre property currently owned by Gateway Jax for a one-acre plot in Riverfront Plaza.
“We believe that at the end of the day, when we have all the appraisal information in, the properties offered in exchange are roughly equivalent,” said Boyer.
>>> STREAM ACTION NEWS JAX LIVE <<<
Boyer argued the deal would kill two birds with one stone by positioning the UF grad school to start classes in the office space as soon as August.
She said it would also get the ball rolling on construction of a 17-story tower in the plaza. The plaza is set to include restaurants, hotels and 11 stories of housing units.
“It was a win for them. From Gateway’s perspective, we think it would be a win for downtown to see this property developed,” said Boyer.
The proposal still needs approval from DIA and city council, which Boyer said she hopes can be finalized by July.
The deal already has the mayor’s stamp of approval.
“We are excited to be another step closer to a thriving downtown where our citizens can learn, live, work, and play. The University of Florida graduate campus in LaVilla and Gateway Jax development on the Northbank are important parts of that vision,” said Mayor Donna Deegan in an emailed statement. “I’m grateful for their partnership as we turn renderings into reality.”
But council members like Finance Chair Ron Salem (R-Group 2 At-Large) told Action News Jax they’ll need to closely examine the deal before signing off.
“I have a number of questions,” said Salem.
One of the big questions Salem has revolves around the timing of Gateway Jax’s purchase of the LaVilla office space.
That deal closed in October, which was just two months before it was announced the area had been selected for the UF grad school campus.
“We must make sure the taxpayers are protected and to make sure that the swap is a fair swap,” said Salem.
The proposal comes up for its first hearing before the Downtown Investment Authority on Thursday, February 13th.
The goal is to get the deal before the council by May.
PHOTOS: Plans for the UF downtown graduate campus
[DOWNLOAD: Free Action News Jax app for alerts as news breaks]
[SIGN UP: Action News Jax Daily Headlines Newsletter]
Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
