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Arena & Sports Complex Structured Parking Facility


VISION

In 2004, the City of Jacksonville created a new Sports District on the periphery of the CBD, which included the construction of a new 15,000 seat, state-of-the-art Arena. After the construction of the new arena, the City was faced with insufficient parking in the district and selected Signet as a private development partner to provide the construction, financing, ownership and management of two integrated parking facilities to support the project.

The Signet Team was selected from a national field of highly qualified competitors to deliver this garage based upon a creative financial structure with the development of an unmatched operating team and a strong industry reputation. Construction of the new Arena Parking Garage started in 2005 immediately after the City hosted Super Bowl XXXIX.

 

PROJECT OVERVIEW

The Arena Garage combines a 163,386 SF, 480-space parking garage with loading dock facilities for the arena. The Sports Complex Garage is a 335,386 SF, 1,000-space garage serving EverBank Field, Veteran’s Memorial Arena and the Jacksonville Baseball Grounds stadium.

 

DELIVERY

Located at the gateway of the new sports district and immediately adjacent to the new arena, the project required a design to complement the new sporting venues, while also providing a strong presence. The designed approach encourages pedestrian traffic in the district that includes ground level retail and open-air vendor areas. Careful coordination with the construction team minimized the impact on the functioning arena and loading dock operations.

 

FINANCING

The selected financing alternative was a private ownership approach using Tax–Exempt Enterprise Zone Bonds. This structure provided the lowest cost financing with a high degree of sponsor control.

Working through a collaborative process, Signet provided a development approach and several private financing options which achieved or exceeded all of the City’s outlined goals:

  • Private Project Delivery
  • High Quality Design and Construction
  • Strategic Private Financing
  • Minimized Credit and Balance Sheet Impact
  • Ability to Capitalize on City Land Asset
  • De Facto Design and Management Control

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