JACKSONVILLE, Fla. – The partners behind a major, 30-acre waterfront development to the called The District announced Friday they have closed on the property of the property from the JEA ahead of Monday's deadline.
Last month, Jacksonville City Council voted Tuesday evening to move forward on a package of incentives for the large-scale mix of homes, businesses and parks on the Southbank of the St. Johns River, the former site of a JEA electric power plant.
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Elements of Jacksonville, the developer, was to pay the JEA $18.4 million for the land that is proposed to become a destination community with housing, a hotel, retail and office space and a 125-slip marina.
The project would house the first hotel to be built on the St. Johns River since 2001.
The Downtown Investment Authority unanimously approved the development in April.
“The path from being awarded the RFP by JEA to today’s closing has been a planning, regulatory and detailed approval process that we are glad is behind us as we look forward with great anticipation to begin the real work of actual development,” said Peter Rummell, developer of The District. “The hardest thing to do is start, and we look forward to starting now and being part of the great upturn in Jacksonville’s future that is taking place -- for both downtown and all of the city.”
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Elements of Jacksonville said it's already working with the Jacksonville Transportation Authority on traffic solutions.
The developer hopes to break ground on the project by the end of the year.
Rummell and Munz have contracted with Kitson & Partners to execute the development plan. Kitson will ensure that all permits and plans are complete, and will develop the overall project budget and work schedule. This includes securing bids from general contractors as well as managing any other necessary agreements and contracts on behalf of The District’s partners.