The Downtown Investment Authority board approved Aug. 17 filing legislation to authorize a 30-day extension of the deadline for the proposed developer of a portion of River View Plaza Park to submit a term sheet for commercial development of the property.
American Lions LLC was the only bidder for disposition of about one acre of the 7-acre city park, former site of The Jacksonville Landing on the Northbank.
The DIA board approved entering into negotiations with American Lions at its May meeting and set Aug. 31 as the deadline for submission of the term sheet. The new deadline is Sept. 30.
The New York-based company proposes to build a $166 million mixed-use tower on the parcel on the east side of the park at 2 Independent Drive.
In April, American Lions presented a conceptual plan for a tower comprising 332 apartments, a 330-space parking garage and a 7,500-square-foot restaurant on the 44th floor.
The application states that the DIA and American Lions have met several times and continue to negotiate a term sheet in good faith, but material terms have not been finalized and additional time is needed to bring that agreed-upon term sheet before the board.
American Lions is a joint venture between Fetner Properties, represented by Hal Fetner, Damon Pazzaglini and Alex Fetner; and the Lions Group, represented by Albert Shirian and Aaron Shirian.