PB Gardens firm to build on riverfront site in Jacksonville that sold for $18.6M

The buyer has arranged for Palm Beach Gardens-based Kitson & Partners to build a mixed-use complex on the 30-acre downtown property

Miami /
Jul.July 14, 2018 04:05 PM

Southside Generating Station site that the Jacksonville Electric Authority sold (Credit: Jacksonville Daily Record)

A municipal electric utility got $18.6 million for selling a 30-acre riverfront site in Jacksonville, where a company based in Palm Beach Gardens would build a mixed-use complex.

Jacksonville Electric Authority (JEA) sold the former site of a power plant to Elements of Jacksonville Inc., which has arranged for Palm Beach Gardens-based Kitson & Partners to build a complex with residences, retail space, office space and a hotel.

Dallas-based Preston Hollow Capital LLC provided a loan to finance the acquisition by Elements, which has an agreement to sell part of the development site to AC Marriott Hotels.

The development would include a marina with 125 boat slips, 147 hotel rooms, 950 residences, 134,000 square feet of retail space and 200,000 square feet of office space.

The Jacksonville municipal government would establish  community development district that would enable the developers to obtain $30 million of debt financing to fund construction of infrastructure at the development site.

Property tax rebates within the district over a 22-year period would fund repayment of the debt.

The city also would spend as much as $26.4 million on improvements to public property at the development site.

Elements is expected to file a petition next week to establish the community development district. [Jacksonville Times-Union] – Mike Seemuth


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)
TIAA sells Weston warehouse for $33M
TIAA sells Weston warehouse for $33M
State report finds open gas valve fueled building explosion at Plantation shopping center
State report finds open gas valve fueled building explosion at Plantation shopping center
State report finds open gas valve fueled building explosion at Plantation shopping center
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...