VyStar creating major presence downtown
With its roots firmly grounded in the Jacksonville military community, VyStar Credit Union couldn’t be a better partner for the Jacksonville Veterans Memorial Arena.
The announcement about the arena comes six months after VyStar purchased the SunTrust Tower in August 2018 to renovate and serve as its headquarters. The financial institution expects to move from its current Blanding Boulevard location and establish its presence downtown this summer. Renovations are being done by Dana B. Kenyon Co. for $16 million.
In a naming rights agreement underway with the City of Jacksonville, the former Jax Navy Federal Credit Union – rebranded in 2002 as VyStar – will pay $10.6 million overall in a sponsorship to rename the arena the VyStar Veterans Memorial Arena, located at 300 A. Philip Randolph Blvd. in an area of downtown known as the Sports District.
Legislation co-sponsored by Council-members Tommy Hazouri, Terrance Freeman, Randy White, Aaron Bowman, Jim Love, Reginald Gaffney and Bill Gulliford was filed Feb. 12 and sent to City Council, which will hold a second public hearing March 12.
The agreement indicates VyStar will pay the city $525,000 this year, with annual payments increasing about 3 percent per year until 2033, when the final payment will be nearly $800,000. Additionally, the credit union will pay $50,000 in 2019 to create a veterans’ memorial of some type inside the arena; match donations made at concessions up to $50,000 annually, and contribute up to $80,000 each year to host quarterly events for veterans.
The City will agree to put 10 percent of the $9.76 million naming rights fee into a trust fund to support programs and initiatives for veterans and their families.
The 15,000-seat multi-purpose arena was built in two years, 2001-2003, for $130 million as part of the Better Jacksonville Plan under Mayor John Delaney and has hosted sports and entertainment events. The first artist to hold a concert in the new arena was Elton John, who will be back at the venue March 15 as part of his Farewell Yellow Brick Road tour. The arena also hosts graduation ceremonies for area high schools.
By Kate A. Hallock
Resident Community News
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