Hines, the international real estate firm and the developer of St. Augustine’s Palencia, is partnering with South Shore Group Partners, LLC to develop a signature high-rise condominium located in downtown Jacksonville on the Southbank adjacent to The Aetna Building.
The proposed $100 million development, presently named Riverpointe, is planned for up to 300 condominium and townhome units ranging from 900 to 3,000 square feet, together with a full range of amenities. Design of the project has commenced and Hines expects to break ground at the beginning of 2006.
The project will have views of downtown and the river to the northeast, and Riverside/Ortega and river views to the southwest. The location is within walking distance to dining and shopping in San Marco, as well as offices on the Southbank.
In addition to the condominium project and a proposed 120-slip marina, Hines and The South Shore Group will work with the city to extend the Southbank Riverwalk under the Acosta Bridge to the site.
“The recent resurgence of America’s city centers has been led by well-executed residential projects,” said Hines Senior Vice President Michael Harrison. “Jacksonville has made significant investments in infrastructure that have begun transforming downtown. We believe that Hines’ lengthy track record of successful urban, high-rise development will continue with this excellent addition to the Jacksonville skyline.”
Previous to Hines’ partnering with The South Shore Group, other architectural plans for this project had been disseminated. Since forming the venture with The South Shore Group, Hines conducted an architectural competition and selected Arquitectonica, the Miami-based architecture firm, as the design architect for the project.
Hines’ Vice President Walter O’Shea commented, “The world was exposed to the beauty of the St. John’s River on camera during Super Bowl XXXIX. We believe the downtown Jacksonville market is now poised for growth. A well-executed high-rise residential project in this one-of-a-kind location will attract buyers from throughout the metropolitan area and beyond.”
Hines’ resume of high-rise residential developments includes the 16-story luxury condominium Madeira on Marco Island in Florida; the 30-story, twin-tower Del Bosque in Mexico City by Cesar Pelli; the 32-story Embassy House in Beijing by HOK; and the five-phase residential towers of Diagonal Mar comprising 1,400 units in Barcelona. In addition, the firm has developed 16 hotels with more than 7,200 rooms, and 10 master-planned and residential communities in Colorado, Florida, Georgia, Montana, Tennessee and Texas.
In addition to Arquitectonica, Hines has worked with architects such as Philip Johnson, Robert A.M. Stern Architects; I.M. Pei & Partners; Frank Gehry & Associates; Skidmore, Owings & Merrill; and Kohn Pedersen Fox for its urban projects.
Hines’ entrance into the Florida real estate market began 23 years ago with the development of the Southeast Financial Center (now Wachovia Financial Center) in downtown Miami.
In addition to the Madeira on Marco Island project, the firm recently completed 2525 Ponce de Leon, the 12-story, Mediterranean-style office tower in Coral Gables.
Hines’ 1,450-acre, master-planned golf course community, Palencia, located on the Intracoastal Waterway, recorded $138 million in property sales in 2004 and is currently planning its second phase.
Although sales for the Riverpointe project will not formally commence for several months, interested parties can add their name to a reservation list by calling the Palencia Sales Center at (904) 810-0500.
The South Shore Group is led by managing partners Hal Dodt and Jeff Douglas, who I have 30 years of extensive experience in commercial real estate, all in Florida. The Aetna Building is their first acquisition in Jacksonville.