Shad Khan is proposing a plan for a development project near TIAA Bank Field that would result in a new football facility for the Jacksonville Jaguars.

The two-phase project would cost more than $441 million and Khan would be responsible for paying half of the price for the $120 million football facility.

"My goal is for downtown Jacksonville to be the envy of cities here in the U.S. and elsewhere, and I see no reason why we can't achieve that goal," Khan said in a press release. "I am confident we have the local leadership, spirit and commitment to revitalize downtown Jacksonville in a manner that will make the world take notice while also serving the needs of the community and the people who make Jacksonville their home."

The Jaguars still need approval from several city committees and Jacksonville city council before construction could begin. The franchise hopes that construction could begin by the end of 2021.