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Brooks housing growth accelerates with Dallas firm s 450-unit redevelopment of officers quarters
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Preston Hollow Capital Completes Bond Funding for Farms of New Kent Development in Virginia
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Preston Hollow Capital to bring 450-unit rental housing to Brooks
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After seven years riddled with delays and false starts, three different project names and a major shift in development control, the project previously known as The District finally broke ground Tuesday rechristened as RiversEdge in downtown Jacksonville.
Construction activity is already happening at the grass-covered, 32-acre Southbank tract of riverfront land. Preston Hollow Capital is gearing up to build bulkheads and a riverwalk extension while it seeks private developers for construction of 950 residences along with retail, office and hotel space.
Speakers at the groundbreaking ceremony noted it s been a long time coming.
“Good morning and welcome to RiversEdge many years later, but we’re here, Mayor Lenny Curry said. “It took a lot of collaboration and hard work to get to this milestone today.”
Owners of the 32-acre mixed-use Southbank project The District said two parcels designated for luxury town houses are under contract for sale.
Ramiro Albarran, Preston Hollow Capital LLC managing director of origination and structuring, told the Downtown Development Review Board on May 13 that the company executed a deal for the parcels, which face a marsh on the site’s southeast corner.
Albarran said Dallas-based Preston Hollow is under a confidentiality agreement and did not disclose the buyer.
The District project engineer, Bill Schilling of Kimley-Horn and Associates Inc., said the parcels will be developed by “a luxury, high-end homebuilder.”
Ramiro Albarran, Preston Hollow Capital LLC managing director of origination and structuring