Preston Hollow Capital Provides Update on RiversEdge Development in Jacksonville, FL (Courtesy of the Financial Buzz) — Preston Hollow Capital , an independent specialty municipal finance company that supports local communities through creative, flexible and dependable infrastructure financing, today provided an update for RiversEdge, a 32-acre riverfront development in Jacksonville, FL. Activity at the 32-acre Southbank tract of riverfront land now includes construction of new bulkheads, a new seawall and a riverwalk extension. The balance of the site work, which will include parks, pedestrian friendly sidewalk areas, and bike paths, is expected to commence in September of this year. All of the site infrastructure and amenities are expected to be complete in 2022. Contemporaneous with the infrastructure work, Preston Hollow is readying land for sale to vertical developers for construction of 950 residences along with retail, office and hotel space.
Last year, Preston Hollow assumed responsibility for developing and completing the project after initially financing the land acquisition and purchasing the bonds that allowed the project to move forward. Designed for sustainability and a healthy lifestyle, RiversEdge will bring apartments, townhouses, condominiums, hotel rooms, office space, and ground-floor retail space, plus a waterfront park open to the community. Its location provides scenic views of the St. Johns River and the Downtown Jacksonville skyline and access to over 3.5-acres of public park space, boat slips, a kayak launch site, and the Southbank Riverwalk.
“I am thrilled to be a part of this transformative project – it has been a long time coming,” said Lori Boyer, CEO of the Downtown Investment Authority. “We are very excited to finally break ground and see the bulkhead work start. 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 – an approach Preston Hollow and the DIA have in common,” Boyer said.
“Preston Hollow understands the importance of RiversEdge to the downtown Jacksonville community,” added Preston Hollow Managing Director Ramiro Albarran. “We’re proud to begin the work to make this long-awaited dream a reality and laser-focused on ensuring that RiversEdge provides meaningful benefits to Jacksonville, its residents and visitors.”
Rendering courtesy of Businesswire