JEA to Sell 30 Acres of Southbank Riverfront for Development

Strategic Insights -

The Jacksonville Electric Authority (JEA) plans to sell approximately 30 acres of its Southbank riverfront property for development after shutting down its Southside Generating Station. The decision comes as JEA expands its Northside Generating Station and builds a new Westside station at Brandy Branch. According to JEA Managing Director Walt Bussells, the location no longer makes sense for a power plant, given the city's population growth and spread throughout the county.

Key Takeaways:

  • The 30-acre property will be sold for purposes consistent with the downtown master plan, with JEA aiming to complete the decommissioning process within 12 months and the sale within 30 months.
  • The estimated cost of decommissioning the plant is $25 million to $30 million, which is comparable to the expected price of the property from private developers.
  • JEA will engage with local stakeholders, including the Jacksonville Economic Development Commission, City Council, and civic groups, to determine the suitable disposition of the land.
  • The decision marks a significant shift in JEA's focus, as the company plans to spend $1.2 billion over 36 months to upgrade the city's utilities, including a $500 million upgrade at the Northside power plant.
  • The sale of the Southbank property is expected to bring economic benefits to the area, with JEA recognizing its high-profile location and impact on nearby San Marco and St. Nicholas neighborhoods.

Statistics:

  • The estimated cost of decommissioning the Southside Generating Station: $25 million to $30 million
  • The expected price of the 30-acre property from private developers: at least $25 million to $30 million
  • The total amount JEA plans to spend on upgrading the city's utilities over 36 months: $1.2 billion
  • The amount JEA plans to spend on buying the Brandy Branch property: $150 million

Sources:

  • "JEA to shut down Southside Generating Station, sell property"
  • "JEDC decides to meet every other month, start new workshop"
  • "Guide to Understanding Economic Incentives" booklet by the Jacksonville Economic Development Commission
  • City Council meeting minutes (no specific date mentioned)