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.”
02:16 PM EST Share Preston Hollow Capital plans to start infrastructure work in early 2021 for the estimated $600 million mixed-use development.
Preston Hollow Capital LLC’s will meet its deadline from the Downtown Investment Authority to secure bond financing to fund site infrastructure for its $600 million project The District on Jacksonville’s Downtown Southbank.
Preston Hollow Managing Director Ramiro Albarran
The DIA announced Dec. 22 that The District Community Development District closed on $35.56 million in bonds. Preston Hollow Managing Director Ramiro Albarran said in an interview that the money was sent by wire transfer earlier in the day.
“We think it’s going to be an energizing project for the city of Jacksonville,” Albarran said.