Work on four public parks that are part of the RiversEdge commercial and residential project on the Downtown Southbank could begin in December and is expected to be completed by the end of 2024.
Developer Dallas-based Preston Hollow Community Capital LLC made the announcement Nov. 8 at an“unveiling event” at the development site.
It is east of the Duval County Public Schools headquarters building.
RiversEdge: Life on the St. Johns, formerly called The District and before that “Healthy Town,” is designed to bring retail and restaurants, office space, a hotel, residential units, a public marina and new riverfront park space to the 32.21-acre site.
The parks will comprise “four interconnected world-class parks” providing more than a mile of riverfront, boardwalk and multiuse paths that “are really going to encourage the community to engage,” said Ramiro Albarran, Preston Hollow’s managing director.
The park space
The parks will comprise:
• Central Park, a riverfront park that will face the St. Johns River and feature a pavilion, amphitheater, adjacent plaza area, trees and an art installation called “The Pearl.” Central Park will be flanked by Northwest and Northeast parks.
• Northwest Park, which will have a combination of durable synthetic turf, swings, game table area, benches and bike racks.
• Northeast Park, or Fitness Park, will include two playgrounds and a yoga lawn.
• Marshfront Park, on the east side of the development, will include a winding path through native plants, an herb garden and a synthetic lawn.
“The one thing that is so important here is to view (RiversEdge) as a community,” Albarran said.
“This is not a real estate project. What will be coming to the city of Jacksonville is a new community. A true gem for the city.”
Albarran said the development’s 125-slip marina also is expected to be completed by the end of 2024.
He told the Daily Record the timetable for other RiversEdge components, such as multifamily units, condominiums, a boutique hotel and office and retail space, “are going to be somewhat market dependent.”
“No promises, but I fully expect that in 2025, some of the big buildings will be coming out of the ground. The multifamily is probably the first building to be coming out on one of our two main parcels. But again, that one's going to be market dependent.”
Project history
The property has been vacant since JEA’s Southside Generating Station on the site was demolished more than 20 years ago.
Elements Development of Jacksonville LLC bought the riverfront parcel from JEA in 2014 for $17.4 million.
In October 2020, Preston Hollow assumed control of The District’s development company, Elements Development of Jacksonville LLC, controlled by Peter Rummell and Michael Munz.
Albarran said in 2021 that Preston Hollow will not be RiversEdge’s vertical developer and would market the individual property parcels to developers.
Preston Hollow broke ground on the development May 25, 2021.
“Our goal for RiversEdge is to revitalize a unique site on the Southbank,” Jim Thompson, chairman and CEO of Preston Hollow, said at the Nov. 8 event.
“When completed, the 33-acre site will be a wonderful heavenly, little slice of the riverfront life,” he said.
“Every time I look at this I get a little teary, because it’s such a transformational project,” Mayor Donna Deegan said.
“RiversEdge is exactly the type of venture that we need to kickstart the next wave of Downtown development. Our Southbank will be transformed into a beautiful masterpiece because of this groundbreaking project,” she said.
Recent agreement amendments
Jacksonville City Council unanimously approved amending the agreement between the city and Elements Development of Jacksonville LLC.
The approval Oct. 10 authorized amending the redevelopment agreement and the infrastructure improvements cost disbursement agreement between the city and Elements and the District Community Development District.
The most substantial change in the new agreement increased the city’s maximum indebtedness for the project’s Recapture Enhanced Value Grant by $41,961,000 – from $56,025,000 to $97,986,000.
The grant is a 75% rebate on the property taxes that will be generated by the development through 2045 instead of 2040, the end date in the original agreement.
The DIA calculated in May when its board approved the amendments that RiversEdge will generate at least $130.7 million in ad valorem property taxes during the term of the agreement, of which nearly $98 million will be refunded.
The increase was needed because construction costs have significantly increased since the original agreement approved by the DIA and City Council in 2018, DIA CEO Lori Boyer said Oct. 3.
The estimated cost of the project has increased from $280 million to $693 million, according to the legislative summary filed with the ordinance.
The amendments increase the number of residential units by 220 to 1,170; increase the number of hotel rooms by 53 to 200; and reduce the amount of retail space by 13,200 square feet for a new total of 121,400 square feet.
The new agreement also grants permission to use multiple general contractors so the bulkhead construction can proceed in advance of the other infrastructure work.
The amended agreement increased the size of the project parcel by 1.2 acres and authorized the inclusion of additional property should it be acquired by the developer.