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The city is considering a second land swap for property for the proposed University of Florida graduate center campus in LaVilla, this time for a parcel owned by multifamily developer Vestcor.
City chief communications officer Phil Perry said the city was exploring a land swap among other options for acquiring a 2.04-acre lot along West Bay Street near Interstate 95.
Perry provided a city-ordered appraisal of the property listing its value at $2.58 million. The appraisal was conducted by the Colliers commercial real estate company.
The lot is directly north of the parking lot of the Prime F. Osborn III Convention Center.
Duval County Property Appraiser records list the owner as Vestor-affiliated VC Cathedral LLC.
The property last sold in October 2019 for $2 million, the records show. In an overhead image, it appears to be an unpaved parking lot.
Perry said the lot is the final property requested by UF for the campus.
The city, which owns numerous properties in the eight districts that comprise Downtown, has not identified which of those properties could be involved in an exchange.
“Our goal is to do this in the most fiscally responsible way and in the best interest of the city,” Perry said in an email. “We hope to have more to say on these acquisition options in the coming weeks.”
UF announced in December 2024 that it had selected LaVilla as the site for its Jacksonville graduate campus, prompting the city to launch efforts to provide property for the project.
The Vestcor lot is the second of two private properties the city is known to be interested in acquiring.
The city also has proposed a land swap for the Interline Brands Inc. building at 801 W. Bay St., which Gateway Jax bought in October 2024 from HD Supply Facilities Maintenance Ltd. of Atlanta.
UF hopes to launch classes in that building in August 2025. To obtain it, Mayor Donna Deegan’s administration and the Downtown Investment Authority support an exchange of a 1-acre development parcel in Riverfront Plaza and an option on an adjacent property to the east.
The Jacksonville City Council is considering legislation filed by Council member Ron Salem to instead buy the property outright for up to $8 million. Gateway Jax principal Bryan Moll said the property was valued at $8 million in an appraisal obtained by the development group, which includes JWB Real Estate Capital and DLP Capital.
An appraisal ordered by the city put the value at $5.5 million for the building only, which is roughly what the city values the Riverfront Plaza properties.
The city has ordered another appraisal of the Interline property that is expected to be delivered March 26.
On March 17, the Council Neighborhoods, Community Services, Public Health and Safety Committee opted to postpone Salem’s legislation, Ordinance 2025-0135, two weeks to allow for the new appraisal to be completed.
In February, the DIA board voted unanimously to place four city-owned properties up for disposition – the historic Jacksonville Terminal rail station; the adjoining newer portion of the convention center and land stretching west to Interstate 95; an unimproved lot north of the train station; and a neighboring parking lot to the east across Park Street.
UF’s plans call for new construction on the unimproved lot and parking lot. The newer portion of the convention center would be razed to make way for more new buildings, while the historic train station would remain intact and be adapted to include retail, restaurants and other uses.
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