JACKSONVILLE, Fla. — A new plan to bring the University of Florida’s grad school to Jacksonville could change the face of Downtown.

The Jacksonville City Council is considering a land swap to acquire space on Bay Street for the new campus.

The city council weighed two options during a meeting Wednesday: 1) Buy the land, or: 2) Swap two chunks of land on either side of the Main Street Bridge at the Northbank for it.

“The success of our company and our investors rests solely on the success of the urban core and Northbank of downtown,” said Gateway Jax CEO Brian Moll.

Gatway Jax has a chunk of land the city needs for a possible UF grad school — the old Interline building on Bay Street and the roughly three acres it sits on.

He’s willing to sell it, and has a number in mind.

“Our proposed purchase price is $6.95 million,” said Moll.

Or, he’ll give it to them for $0, but with a catch.

In return, Gateway Jax would receive two chunks of land on either side of the Main Street Bridge, also adding up to roughly three acres.

Gateway Jax wants to build a 150 room hotel with 75 condos, restaurant space and a public skyview terrace right next to Riverfront Plaza.

“There’s nothing around this site,” said Moll. “It’s so important for the office workers, for visitors that we start to provide some activation and life for that space.”

It’s a plan the Downtown Investment Authority voted in favor of.

“Instead of having a grand opening of an amazing riverfront park, next to a patch of weeds surrounded by a chain link fence, we may be able to achieve a project that matches years of work,” DIA Board Chair Patrick Krechowski told the city council.

The swap would also include permission for Gateway Jax to remove the ramp from the Main Street Bridge down to Independent Drive – which the DIA reports is impacting the property’s value since it would cost $5 million to take down.

Several council members were a bit skeptical.

“Considering all options, I’d much rather do that. At this time, I’ll just say it, I’m not inclined to support a swap,” said Council Member Chris Miller.

“I think it would be worthwhile to hear the opposing viewpoints,” said Council Member Joe Carlucci. “You think one thing is the best until you hear someone challenging you on a few things.”

Others have heard enough.

“I don’t want paralysis by analysis,” said Council Member Matt Carlucci. “I want to see us move forward. I see so many advantages to the swap with the package, maintenance, timing, everything.”

Wednesday’s meeting was just a chance for all of the city council members to get a look at this idea and ask questions.

It still will take a few weeks to approve, but if it does go through, the DIA said the swap could happen sometime between July and the end of the year.