Posted On: April 12, 2010
Entertainment Park May Bloom from The Shipyards Bankruptcy
The Shipyards bankruptcy may eventually lead to the development of an entertainment park on 40 riverfront acres along East Bay Street, according to a report by the Daily Record.Atlanta developer Ben Carter, who lives part-time in the Jacksonville area and is former chairman of the City’s 2007 Downtown Action Plan Retail Task Force, said he met recently with Jacksonville Mayor John Peyton to discuss the possibility of developing the entertainment complex.
Carter said the complex could include a wave pool, carousel, Ferris wheel, roller coaster, restaurants, arts and seafood markets, and other attractions to reach young professionals and their families. Carter estimated that the development would cost $20 million.
The City of Jacksonville is expected to take ownership of The Shipyards property once the bankruptcy proceedings conclude. A Peyton spokesperson said that nothing could be planned for the site until the City takes ownership.
The Shipyards’ ownership LandMar originally intended to develop the site into a mixed-use area with restaurants, condominiums and public space. LandMar failed to pay 2008 ad valorem taxes on the property, leading to foreclosure proceedings by the City.
If your company is considering filing for Chapter 11 bankruptcy protection, contact our Jacksonville, Florida bankruptcy law firm.
Greg Gilbert
Keith Maynard
