Developers choose Palm Beach Gardens firm to coordinate the 30-acre, mixed-use Southbank project.
The partners behind The District Jacksonville announced Thursday they contracted with Kitson & Partners to execute the development plan for the project.
The District — Life Well Lived is the proposed 30-acre master-planned development on the former JEA Southside Generating Station site on the Southbank of the St. Johns River.
“Kitson’s team embraced the entirely new concept we are creating with The District from the very beginning and enthusiastically expressed interest in helping bring it to reality,” said Peter Rummell, developer of the project along with partner Michael Munz, in a news release.
Kitson will oversee all aspects of The District’s development, including coordinating with contractors for all horizontal and vertical development phases. Terms of the deal were not disclosed.
Rummell also serves on the advisory board of Kitson & Partners, based in Palm Beach Gardens.
Munz said Thursday afternoon that “it was important to have Kitson at the table” as negotiations to identify sources of capital for the project, estimated at as much as $600 million, continue.
“Kitson’s experience is important to the financing,” he said.
Before construction begins, Kitson will develop the overall project budget and work schedule.
When construction begins, Kitson will be responsible for overseeing the project through to completion.
Kitson & Partners specializes in sustainable development, including Babcock Ranch near Fort Myers, the first solar-powered town in the U.S.
The District’s partners are negotiating a redevelopment agreement with the Downtown Investment Authority, which is the final step of approvals that the project has been seeking since being selected by JEA in January 2015 as the developer.
The closing date for the property is scheduled for July.
The District will have 1,170 residential units for sale and lease; 200,000 square feet of office space; more than 200,000 square feet of retail; riverfront restaurants and bars; a 4-acre riverfront park and an extension of the Southbank Riverwalk; a 125-slip marina; and a 200-room hotel.