“I can see light at the end of the tunnel.”
That’s what Michael Munz, partner in RummellMunz, managing partner of Elements Development of Jacksonville LLC, said after the JEA board of directors approved Tuesday an extension of the closing date on the sale of its Southside Generating Station property along the Southbank.
The board in October 2014 selected Elements to purchase the 28.6-acre parcel. In January 2015, the board approved a sale contract and price of $18.5 million.
Munz and Peter Rummell plan to develop the site as The District, a mixed-use residential, retail and commercial center based around a healthy lifestyle at a cost of $400 million to $500 million.
When JEA approved the real estate sale contract, the closing date was scheduled for 14 months later in March. That was extended until Dec. 31.
The date was extended for up to 12 additional months Tuesday, but with the provision that closing will occur within 45 days of approval of all state and local entitlements and agreements for the project.
The next hurdle comes Wednesday, when the Downtown Development Review Board will conduct a special meeting and possibly approve a master development plan for the project.
Conceptual approval was granted by the board in August.
Munz said based on recommendations from the board in August, he’s confident the “master guidebook” plan will receive final approval next week.
That will be followed by execution of a redevelopment agreement with the Downtown Investment Authority, followed by approval from the Mayor’s Budget Review Committee and finally, approval of the development plan by City Council.
Based on that list, construction of The District could begin as soon as April. “But we might do it quicker,” Munz said.
Project engineers are developing a construction schedule and negotiations are underway with residential and commercial developers that may build on the site and with potential retail tenants.
Munz said the three- to five-year project will begin with a ground-breaking ceremony anticipated the day after the sale closes.
“We’ve already spray-painted the shovels gold,” he said.
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