WEDNESDAY May 26, 2021
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Daily Record JACKSONVILLE
DEVELOPMENT
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RiversEdge a new Southbank vision JACKSONVILLE
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Special to the Daily Record
An artist’s rendering of RiversEdge: Life of the St. Johns, the new name for The District property along the Downtown Southbank. Dallas-based Preston Hollow Capital is developing the 32-acre site with plans for retail, restaurants, office space, hotel, residential and a marina. The property previously was the JEA Southside Generating Station.
Preston Hollow Capital breaks ground on the rebranded project and announces a deal with Toll Brothers for 39 town houses. BY MIKE MENDENHALL STAFF WRITER
Preston Hollow Capital LLC is rebranding its 32-acre Downtown Southbank development, previously called The District, to “RiversEdge: Life on the St. Johns” and has contracted with Toll Brothers for 39 town houses — the site’s first confirmed verti-
cal construction. Representatives from Dallasbased Preston Hollow, Mayor Lenny Curry, Downtown Investment Authority CEO Lori Boyer and other city officials released details May 25 at a groundbreaking ceremony. “Preston Hollow’s mission is not just to invest prudently for financial return, but rather to invest strategically where their funding will have the greatest impact,” Boyer said. Boyer said a completed RiversEdge could have up to 950 residential units, 147 hotel rooms, 200,000 square feet of office space, 134,000 square feet of retail and a 125-slip marina. Preston Hollow took over as
master developer for the project in October from landowner Elements Development of Jacksonville LLC, previously owned by RummellMunz Equity LLC. Former Elements owners Peter Rummell and Michael Munz spent years trying to start the project, obtaining a $20 million mortgage from Preston Hollow in 2018 to buy the site and securing $82 million in city incentives. Preston Hollow Managing Director Ramiro Albarran said after the event RiversEdge should be ready for Toll Brothers to begin construction by the first quarter 2022. Another 750 multifamily units SEE RIVERSEDGE, PAGE 2
Photo by Mike Mendenhall
Preston Hollow Capital Managing Director Ramiro Albarran speaks at a May 25 groundbreaking ceremony at the Downtown Southbank site while Downtown Investment Authority CEO Lori Boyer listens.
Jacksonville unemployment rate steady at 4.4% The unemployment rate in the Jacksonville metropolitan area of Duval, Baker, Clay, Nassau and St. Johns counties was 4.4% in April, unchanged from March, the Florida Department of Economic Opportunity reported May 21. As the pandemic recovery continues, the biggest gains are in the leisure and hospitality industry, which has brought back 26,300 jobs in the past year, a 51.9% growth rate. Businesses in the sector reported total jobs of 77,000 in April, still below but catching up to the prepandemic level of 86,100 in February 2020. Total Jacksonville area jobs reached 720,300 in April 2021, compared with 732,000 in February 2020.
VOLUME 108, NO. 135 • ONE SECTION