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Council committee reviews three appraisals for 801 West Bay amid proposed land swap with Gateway Jax
Summary
Finance committee members heard a briefing on three appraisals for 801 West Bay Street (the Interline Brands site), discussed valuation differences with Gateway Jax representatives and explored next steps for either a city purchase for the University of Florida or a land swap involving two downtown parcels.
The Jacksonville City Council Finance Committee reviewed three independent appraisals for 801 West Bay Street — also called the Interline Brands property — and discussed a proposed land swap with Gateway Jax on April 1.
The briefing, delivered by Philip Peterson of the council auditor's office, presented three reconciled appraisals: $5,350,000 (Colliers, Dec. 6, 2024), a multi-parcel valuation produced for Gateway Jax by CBRE (Dec. 10, 2024) that separated the site into parking parcels and office building values, and a CompPro Consultants appraisal (Mar. 18, 2025) that produced a reconciled value of $6,750,000.
The appraisals also included values for two downtown parcels that are part of the proposed swap: the Riverfront Plaza parcel (1.2 acres, Colliers, Dec. 23, 2024 — $3,410,000) and the East Landing parking lot (1.77 acres, Colliers, Dec. 23, 2024 — $1,620,000). Together those two swap parcels were presented as worth just over $5,000,000, after accounting for multiple easements, a 30-foot JEA sewer easement, access/truck easements adjacent to the Hyatt property, and development…
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