Jacksonville Jaguars owner Shad Khan’s Iguana Investments Florida LLC bought two Downtown properties from the Greater Jacksonville Agricultural Fair Association on Feb. 5 for $15.12 million.
The combined site north of VyStar Ballpark and northwest of EverBank Stadium has been the home of the fair since 1990. Miller Electric Center, the Jaguars practice facility and offices, is adjacent to the east.
The properties total 14.1 acres at 510 Fairgrounds Place and 550 A. Philip Randolph Blvd.
The fair is preparing to relocate to West Jacksonville.
The fairgrounds sold the properties through Duval County Fair Association Inc. Iguana bought it through Fairgrounds Jax Owner LLC.
510 Fairgrounds Place is 13.36 acres and comprises three buildings that are 4,870 square feet, 50,551 square feet and 20,651 square feet, all built in 1990.
550 A. Philip Randolph Blvd. is 0.74 acre and has one 11,910 square-foot warehouse, built in 1991.
Iguana says it plans are to use the property for parking at Jaguars games and other events. It is expected to increase parking at the Sports Complex to 1,600 spaces. The team is renovating EverBank into the “Stadium of the Future.”
The Fair Association bought 510 Fairgrounds Place from the city of Jacksonville in August 2003 for $706,000 and purchased 550 A. Philip Randolph Blvd. from the city in November 2002 for $360,000.
In April 2022, Iguana Investments entered into an agreement to buy the Downtown fairgrounds.
At the time of the agreement, Bill Olsen, CEO and president of The Fair Association, said, “Looking at the whole picture, honestly … what’s best for the city and what’s best for this area, they (Iguana) just make the most sense, right? The team or Iguana having the property right next to their operation just makes the most sense, I think.”
In September, the city issued permits for the Fair Association to construct a 77,500-square-foot expo hall, office and amphitheater at 13611 Normandy Blvd. The 82.37-acre city-owned site is next to the Jacksonville Equestrian Center. The new fairgrounds are expected to be completed this summer. The permits estimated the cost to be $17 million.
