A soaring 1,000-foot tall observation tower - far higher than downtown's tallest office tower - would be the centerpiece of an estimated $1 billion development presented Friday to the city's Police and Fire Pension Fund board.

Killashee Investments showed its vision for redeveloping The Shipyards on downtown's riverfront and asked the board to consider becoming a financial partner in the project.

The proposed Seaglass Tower at The Shipyards would give Jacksonville an iconic, skyline-defining structure like the Space Needle in Seattle and the Gateway Arch in St. Louis, said Mark Farrell, a long-time real estate development executive who founded Killashee in 2007.

"This could springboard the city to new heights," Farrell said. "This puts us on the map nationally and internationally."

Farrell asked the fund to purchase the 30 acres from the city and then give Killashee the exclusive right to develop the property. In return, the fund would get a share of the revenue from the development, though no specific financial model was presented.

Board members agreed to pursue talks with Killashee and get an update in a few months.

"If you are a fan of Jacksonville and love the city, you like to see opportunities to take it to the next level," board Chairman Bobby Deal said.

He said the proposal has potential, but the fund needs to do its "due diligence" to crunch the numbers and get more information.

Mayor Alvin Brown also would want more information about the proposal, said spokesman David DeCamp. He said the city is in the midst of doing an inventory of all its real estate, including The Shipyards, and ultimately, the Downtown Investment Authority will decide the best use of the property.

"Any action on that property has to be done with the consideration and the review of the DIA," DeCamp said.

Killashee's proposal anticipates the Police and Fire Pension Fund would pay the city "market value" for the property. The Duval County Property Appraiser's office assesses the land value of The Shipyards at $28.6 million.

Farrell said building Seaglass Tower would cost at least $100 million. At 1,000 feet tall, it would dwarf the 600-foot tall Space Needle in Seattle. The Bank of America Tower in Jacksonville also is about 600 feet tall.

Farrell said Seaglass Tower would bring tourists to Jacksonville who otherwise don't stop on their way to destinations elsewhere in Florida. The tower would have two restaurants and an observation skydeck. Farrell said the tower would have an admission charge.

Other features of Killashee's concept for The Shipyards would be construction of a "world-class aquarium," a new convention center, a shopping center, hotels, retired Navy ships docked at the piers for visitors, residences, and a parking garage.

Farrell said the total tab for development would be in the range of $1 billion.

The city has invested about $40 million into The Shipyards on past ventures that failed to bring residential high-rises and shopping to the riverfront. After the real estate bubble burst, the city became owner of the property in 2009, when LandMar defaulted on its obligations to the city.

Jacksonville Jaguars owner Shad Khan is among those who have expressed interest in reviving The Shipyards.

Last month, the Downtown Investment Authority approved the Jacksonville Historic Naval Ship Association's concept of docking the USS Charles F. Adams, a retired guided missile destroyer, at The Shipyards as a tourist attraction if the nonprofit organization raises funds for the project.

Killashee's proposal would mesh with the USS Adams idea.

Visit Jacksonville, the organization in charge of promoting Jacksonville tourism, favors building a new convention center on city-owned property that currently is the site of the City Hall Annex next to the Hyatt Regency Riverfront.

David Bauerlein: (904) 359-4581