Preston Hollow's $700M Mixed-Use Project Transforming St. John's Riverfront

Preston Hollow Capital is spearheading a transformative initiative on Jacksonville’s Southbank, investing $700 million in the RiversEdge project. This ambitious venture aims to breathe new life into the St. John’s River waterfront, once occupied by a dismantled power plant. The development will encompass a diverse array of amenities, including restaurants, hotels, apartments, and recreational spaces.

 

What to Expect when Revitalizing the Riverfront

RiversEdge is set to redefine Jacksonville's skyline, featuring 1,130 residential units, 147 hotel rooms, 200,000 square feet of office space, and 120,000 square feet of retail space. The project doesn't stop at structures; it envisions a dynamic environment with four parks, connected by a 1,900-foot riverwalk. These green spaces will seamlessly transition into trails and a bicycle track, fostering a vibrant community atmosphere. Additionally, plans include a kayak launch and a 125-slip marina, enhancing the recreational appeal of the area.

 

A Comprehensive Vision on Parks, Riverwalks, and Marinas

At the heart of RiversEdge are the meticulously planned parks. Three riverfront parks, adorned with lush greenery, will be seamlessly connected by a riverwalk, providing a scenic backdrop for residents and visitors alike. The project also promises a kayak launch and an extensive marina with 125 slips. Anticipated to be completed by the end of 2024, these recreational elements are poised to make RiversEdge a coveted destination.

 

Financial Commitment and Growth

Preston Hollow Capital is committed to a substantial investment in the RiversEdge project. With an infusion of $700 million, the developer is set to reshape Jacksonville's landscape. The recent uptick in the property tax rebate, from $56 million to $97.9 million, underscores the increasing momentum behind this ambitious undertaking. As work progresses, the city anticipates a significant economic boost and a renewed vibrancy along the St. John’s River.

 

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