"Beacon Riverside" is slated for 55 units in 16 stories, including a two-story parking area.
The units will start at 2,250 square feet with a price of about $600,000.
The upper floors will be designed as penthouses priced in the $1 million range and the top floor will have one, 7,500 square-foot condominium that will be offered for "several million dollars," said Alex Coley, Hallmark principal.
Hallmark is purchasing property at 500 Bishopgate Lane from the Robin Shepherd Group for the project.
"It's the best site in Jacksonville in a really cool urban neighborhood," Coley said.
Shepherd said in a news release Wednesday that the public relations and digital media agency will move to Riverplace Tower Downtown in October.
Coley said the location was selected for its 270-degree panoramic view of the St. Johns River and because the parcel already is zoned and approved for a multilevel residential development.
Hallmark is working on the project with Bryan Weber, who 10 years ago developed Villa Riva in Riverside.
"We think 10 years later, there's a whole new generation ready for this," Coley said.
Coley said Beacon Riverside will contribute to the development of a "corridor" linking Riverside and Downtown and that the success of the Riverside Arts Market near the development site and the renovation of the Cummer make the project even more significant.
"We believe the investment will be central to Downtown revitalization," said Coley.
Hallmark also has 220 Riverside, a 294-unit apartment and retail development that includes Unity Plaza, an urban park and entertainment venue with a 3,000-seat amphitheater, all under construction nearby.
Beacon Riverside is being designed by Studio 9 Architecture, which also designed 220 Riverside.
Studio 9 principal architect Craig Davisson said Wednesday it will be a few weeks before renderings of the design will be available, but the condominium tower's look will have "historical roots" and will reflect the style of architect Henry J. Klutho, who designed many of Jacksonville's homes and commercial buildings after the Great Fire of 1901.
Klutho's prairie-style architectural legacy includes many homes in Riverside, Avondale,Ortega and City Hall at 117 W. Duval St.
"The soul of what we're doing is coming from the Klutho era. Prairie style is the only pure American architecture" Davisson said.
Coley said Hallmark plans to begin construction of Beacon Riverside by the end of March and has a third quarter 2015 projected completion date.
Presales are scheduled to begin in October.
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Hallmark Partners Inc. announced Wednesday plans for a 16-story condominium development along Riverside Avenue near The Cummer Museum of Art & Gardens.