A proposed land swap deal in Jacksonville has raised questions about who stands to benefit financially from the arrangement between the city and Gateway Jax. The proposal involves exchanging a two-story office building in LaVilla for a plot of land in Riverfront Plaza. This office building would be donated to the University of Florida to facilitate the commencement of classes at its new graduate school in the summer. Concurrently, Gateway Jax has pledged to develop the Riverfront Plaza site.
City Council Finance Chair, Ron Salem, expressed concerns about the pressure surrounding the deal and is seeking transparency regarding the financial beneficiaries. He believes the appraisals involved may be questionable, as they do not consider the potential value impact of a new park development adjacent to the riverfront property. Salem requested a list of Gateway Jax’s investors last week but has not yet received a response.
Salem is advocating for alternative legislation that would allocate up to $8 million for the outright purchase of the LaVilla office space. In contrast, the mayor’s office criticized this approach, arguing that it would unnecessarily deplete the city’s reserves. They emphasized that the proposed development by Gateway Jax aligns with the Riverfront Plaza vision, supported by public input and relevant authorities, and would add the property to the tax roll, providing ongoing funding for park maintenance and programming.
The mayor’s office expressed confidence in the professional appraisals commissioned, dismissing what they described as “Monday morning quarterbacking.” Salem countered by highlighting Gateway Jax’s request for $20 million in development incentives and suggested that the city should explore other development options through a request for proposals (RFP).
Both the land swap and the alternative purchase proposal are set to progress through the legislative process in the coming weeks, with a final decision expected by the end of May.
