Shahid Khan, the billionaire owner of the Jacksonville Jaguars, secured a $360 million construction loan from Goldman Sachs Group Inc. for his planned Four Seasons development in downtown Jacksonville, Florida, an ambitious project with Miami-style asking prices.
The property will consist of a 170-room hotel with 26 condos along the St. Johns River and is slated for completion in 2027. The loan is the largest on record in Jacksonville, a fast-growing city on the Florida’s northern coast with a population that surpassed 1 million in 2024.
Khan is betting on ultra luxury in an area that’s typically known more for affordability compared with South Florida, where an influx of domestic migration and financial companies has fueled demand for high-end real estate. Khan is marketing the Jacksonville condos starting at $4.7 million, positioning them above the entry-level price for many of the new luxury condo projects in Miami Beach. The median condo in Jacksonville sold for $239,000 last year.
Khan’s daughter, Shanna Khan, is a partner on the project. Her firm, Shanna Collective, is overseeing day-to-day operations on the development, while her father’s company is the owner and financial backer.
ADVERTISEMENT
With a net worth of $11.2 billion according to the Bloomberg Billionaires Index, Khan made his fortune from founding auto parts manufacturer Flex-N-Gate Corp. He bought the Jaguars in 2011 and has poured money into redeveloping downtown Jacksonville. He’s also the owner of Premier League team Fulham FC in the UK.
His private investment firm, Iguana Investments, is behind an ambitious mixed-use development in Jacksonville that includes the Four Seasons as well as a high-end office tower. He’s also doing a $1.4 billion remodel of the Jaguars’ stadium, which will take on the name “Stadium of the Future” when it opens in 2028.