The Jacksonville Jaguars are moving forward on new offices at the Shipyards. PCL Construction applied for a permit on behalf of the team that said it was looking to spend upwards of $40 million on a six-story, 131,000-square-foot shell building. The costs for the build-out of each floor will come at a later date.

The Jacksonville Business Journal reports the team owner Shad Khan’s Iguana Investments received a mortgage for $37.9 million from First Horizon Bank for the project. The project will allow some of the team’s operations to move out of the stadium. The Jaguars will lease three floors in the building, with two of the remaining floors marketed for lease. An affiliate of the Jaguars will lease a portion of the first floor to be operated as a fitness facility. The development company bought the land from the city in March 2023 for $3.2 million.