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Downtown Courthouse Structured Parking Facility


VISION

In 2002, the City of Jacksonville embarked upon a $2.25 billion Better Jacksonville Plan bond issue for public facility and infrastructure improvements. Downtown projects in this initiative included a new 900,000 SF County Courthouse. One component of the plan was to seek a pubic-private development partner for the construction, financing, ownership and management of new parking facilities to support these projects. Signet Development provided the most thorough, cost effective and creative approach and was selected for all three structured parking awards.

 

PROJECT OVERVIEW
The downtown garage was designed to aesthetically complement the new County Courthouse and the site serves as one of the eastern gateways into downtown Jacksonville.

The facility was designed to serve the urban core and the new Duval County Courthouse planned for construction. Based upon its location in the City’s downtown core, the project incorporates retail at all street levels and was designed with plazas to create a pedestrian thoroughfare. The intent is to spur new surrounding development and create opportunities for downtown growth at this gateway location.

 

DELIVERY
The Downtown Parking Garage Project consisted of the development of a 1,376-space garage to service the new County Courthouse under development and surrounding businesses. The garage includes over 18,000 SF of integrated retail and office space as well as extensive pedestrian amenities and enhanced streetscape.

 

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

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.

 

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