Ryan Cos. Takes $63M Jacksonville Project Loan
- Jul 08, 2020
Ryan Cos. has secured $62.9 million in construction financing from Wells Fargo to develop a 162,000-square-foot headquarters for utility provider JEA in Jacksonville, Fla., according to Duval County records. The project, scheduled to break ground in October, will deliver in early 2022.
Upon completion, JEA will lease the build-to-suit development for an initial term of 15 years. Located on 1.5 acres at 325 W. Adams St., the project is five blocks from the company’s current headquarters at 21 W. Church St. Ryan Cos. acquired the land from the City of Jacksonville earlier in July for $2.6 million, public records show.
Initial plans, approved in December, called for a nine-story, 196,900-square-foot building and an 841-stall parking structure. However, in May the utility company reduced the development’s size, now pegged at 162,000 square feet across seven stories. The parking garage’s capacity was similarly diminished by approximately 20 percent. In addition to its office component, the property will have 10,690 square feet of retail space at the base of the parking structure. The project is targeting LEED Gold standards.
Although Ryan Cos. has a number of other major office projects underway across the country, the firm is also involved in development efforts ranging from industrial to multifamily assets. In February, the developer partnered with Amazon to build the e-commerce giant’s first Iowa fulfillment center by the end of the year.