Cost to demolish downtown shopping mall and nearby ramp pegged at $3.8 million.
A real estate developer has estimated it will cost $3.8 million to tear down an under-utilized shopping mall and a nearby highway ramp on riverfront property near downtown Jacksonville, Florida.
According to a report by the Florida Times-Union, Jacksonville-based Sleiman Enterprises has given $3.8 million as the estimated cost to clear the site of the Jacksonville Landing retail center along with a nearby highway ramp.
Jacksonville Landing was opened in 1987 as a downtown “festival marketplace” concept shopping mall by developer Rouse Co. The mall was built at a cost of $37.5 million and was sold to Sleiman Enterprises in 2003 for just $5.1 million.
Subsequently, Sleiman Enterprises has been working in cooperation with local officials to explore a concept that would entail the “construction of new buildings that would house apartments, stores, parking, and possibly a boutique hotel,” according to the Times-Union report.
Although the price tag to take down the ramp is smaller, funding it is the source of debate between the developer, the city of Jacksonville and the state of Florida, according to the Times-Union. Paying for the $3.2 million mall demolition, however, is part of an $11.8 million funding request the mayor has made to city council.
A public meeting has been scheduled about the project for September 25 while Jacksonville’s city council and various committees also will be discussing the proposal.