The Downtown Investment Authority on Tuesday unanimously selected a company controlled by Jacksonville Jaguars owner Shad Khan to be master developer for 70 acres of riverfront property stretching from The Shipyards to Metropolitan Park.

Three development groups bid to be master developer. Iguana Investments Florida, created by Khan, made its second pitch in two years after it won the nod in 2015. Its earlier selection never resulted in a development contract, which opened the way for another round of bidding.

In a statement issued after the authority's unanimous vote, Khan said, "I'd like to think no one believes in the potential of Jacksonville as much as I do, so today's news is both gratifying and rewarding to me, as well as to everyone within our organization who shares my vision for the future of the Shipyards and the rebirth of our downtown. I thank the DIA for its diligence and now our team looks forward to working with the city on a term sheet and development agreement so that the many possibilities outlined in our plan can become reality."

Mayor Lenny Curry quickly posted a tweet congratulating Khan and Iguana. "We are gonna keep getting things done for Jacksonville," Curry tweeted.

GALLERY: See Shad Khan's vision for Jacksonville Shipyards, waterfront

Khan's vision entails more than $500 million of private investment. At full build-out, there would be 300 to 500 condominiums and 300 to 500 apartments, plus 300,000 to 500,000 square feet of office space. It would have 150,000 to 250,000 square feet for stores and restaurants, and 200 to 500 hotel rooms. A marina would have 250 to 450 boat slips, though final design could boost the number of boat slips to 525.

Iguana expects the city will put substantial money into the development in public areas such as extending the riverwalk, relocating Metropolitan Park, upgrading Bay Street and A. Philip Randolph Boulevard, and creating a Hogan Creek Greenway for that waterway as its flows toward the St. Johns River.

The city's share of the costs will get hashed out when the Downtown Investment Authority enters the next stage that involves negotiating a detailed term sheet in the coming months. That will result in a development agreement that goes to City Council for a vote.

Wess Holdings and the Presidium Group, each based in Texas, also bid for the right to oversee development of the city-owned property.

"They all bring something to the table, but I think the Iguana proposal is something the city can get behind," Downtown Investment Authority Board Chairman Jim Bailey said when board members discussed the bids.

Compared to the 2015 solicitation that just covered The Shipyards - a vacant tract the city has agonizingly tried to develop since the early 2000s - the current round of bidding added Metropolitan Park to the mix, giving would-be developers an even bigger canvas for their presentations.

A three-member selection committee comprised of Downtown Investment Authority CEO Aundra Wallace, DIA board member Ron Moody and city Public Works Director John Pappas submitted scores last week based on each firm's qualifications and experience, redevelopment vision and financial capability.

Iguana scored 85.5 out of 100 points, followed by 66.8 for Presidium and 52 for Wess Holdings.

Iguana says the first phase of the development would comprise a five-star hotel with 200 to 250 rooms, 50 to 100 residences, 75,000 square feet of office, restaurant and retail space, and parking.

The hotel would be built on what is now Metropolitan Park, so Khan's proposal would replace Metropolitan Park with "Veterans Park" in the middle area of the 70-acre tract, closer to the downtown core and where Hogan's Creek meets the river.

Khan got into the hotel business last year when he purchased the Four Seasons Hotel Toronto for $171 million. He has said an aspirational goal for Jacksonville would be to bring a Four Seasons Hotel here, but Iguana's proposal does not list a particular hotelier for the site.

"He wants to bring a really high-end hotel to Jacksonville," Jaguars executive Mark Lamping, who is working closely on Iguana's development plan, told reporters. "He wants that to be a mixed-use hotel that not only has full amenities, but also has residential (in it). We're a step closer to achieving that, but we've got many more steps ahead of us."

DIA board members raised some questions and concerns with Iguana's proposals in areas such as the city's financial payback for its investment in the redevelopment and Iguana's request to be exempted from some regulations that apply to downtown development. Those issues will be part of the upcoming negotiations between Iguana and the DIA staff led by Wallace.

"I'll thank you for the work that you've done," board member Jack Meeks said to Wallace. "My suspicion is you've got more work to do going forward."

David Bauerlein: (904) 359-4581