Minneapolis-based developer Ryan Companies US Inc. has secured a $ 62.9 million loan from Wells Fargo Bank to build JEA’s headquarters in downtown Jacksonville.

Ryan received the funding through Ryan Jacksonville LLC, according to the construction mortgage registered July 7 with the Duval County Court Clerk. He was executed on June 29.

Financing is designated for the property at 337 W. Adams St., according to mortgage documents. Ryan announced in a press release on June 30 that he had paid the city of Jacksonville $ 2.6 million for the plot to construct the 162,000 square foot Class A office building.

The parcel address was previously listed as 325 W. Adams St.

Ryan plans to start construction in September and complete the building in early 2022.

JEA’s head office will consist of approximately 153,000 square feet of rental space, with an adjacent eight-story 640-space parking garage.

JEA contracted with real estate company CBRE to help negotiate the deal with Ryan.

JEA’s board of directors approved a renegotiated lease with Ryan on May 21 to build a scaled-down corporate campus of a $ 78 million, nine story, 196,000 square foot office building approved l ‘last year.

Ryan will build the head office and lease it to the municipal utility. The board of directors also voted unanimously to extend the lease from 15 to 20 years.

The documents show that the smaller head office and amended lease will reduce JEA’s gross rent cost by $ 27 million over the term of the lease.

JEA officials expect the smaller seat option to save the city-owned utility company $ 19-35 million in operating costs with its tower and tower. Existing 360,000 square foot, 19 story campus at 21 W. Church St. built in 1962.

JEA Vice Chairman Bobby Stein, Interim CEO Paul McElroy and utility procurement staff are working with CBRE Jacksonville to find a site for a 40,000 square foot “hardened” facility for a flood and weather resistant emergency operations center.

Stein said at the June 23 board meeting that JEA was working with staff at the Downtown Investment Authority to find a site for the second installation.

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