JACKSONVILLE, FL (December 22, 2020) – The District Community Development District (CDD) closed on a $35.6 million bond issue today, paving the way for construction of infrastructure improvements to begin on-schedule early next year. In addition, The Elements Development of Jacksonville, LLC, an entity managed by Preston Hollow Capital, will convey approximately four acres of waterfront property to the City of Jacksonville to be used for public park space and a substantial Riverwalk extension. The public park space will tell the story of health, wellness and Jacksonville’s extraordinary medical facilities through art, exercise, gardens and interactive features.
“We make it our mission to partner with municipalities across the country to help them with projects that achieve transformative community impact,” said Ramiro Albarran, Managing Director at Preston Hollow Capital. “The District is just such a project. We have enjoyed working with Lori Boyer, her staff, and the many City employees who have worked countless hours to help make the District a reality. I am personally excited about the energy and vitality that this development will bring to the City of Jacksonville.”
To prepare for vertical construction, the CDD will use the bond proceeds to install public utilities and stormwater management facilities for both the public space and roads; provide new school board parking, marina/riverfront parking and public use parking areas; and construct roads to facilitate private development of individual parcels. On behalf of the City and Downtown Investment Authority (DIA) – acting as the Southside Community Development Agency – the CDD will also make bulkhead improvements, extend the Riverwalk, install an overland trail and construct a boardwalk over the natural marsh area. With a budget of $23 million, the DIA project constructed by the CDD will also develop three riverfront parks, construct floating docks, add a water taxi stop and kayak launch and provide park access via the extension of Prudential Drive, Broadcast Place and new roadways.
The District 30-acre development is located on the Southbank at the former site of JEA’s Southside Generating Station. A Redevelopment Agreement, approved by the City Council in 2018 and administered by the DIA, anticipates a private capital investment of $280 million. With scenic views of both the river and the Downtown skyline, this unique setting will be a place that empowers residents and visitors to pursue and achieve wellness in their everyday lives.
About the Downtown Investment Authority
The Downtown Investment Authority was established by the City of Jacksonville to revitalize Jacksonville’s urban core by utilizing Community Redevelopment Area (CRA) resources and is guided by a nine-member board of directors. The DIA seeks to attract investment, facilitate job creation and increase residential density through capital investments, planning, marketing and public-private partnerships including the provision of incentives for the general community and Downtown stakeholders. For more information, visit
https://dia.coj.net/ and
https://investdtjax.com/.
About Preston Hollow Capital
Preston Hollow Capital (
www.phcllc.com) is the leading solution provider in municipal finance. Headquartered in Dallas, Preston Hollow Capital (PHC) is an independent municipal finance company with over $1.5 billion in permanent equity capital and over $3 billion in investment capacity from a diverse investor base comprised of founding management, institutional investors including funds managed by Stone Point Capital LLC and HarbourVest Partners, and several prominent family offices. Since being founded by Chairman & CEO Jim Thompson in 2014, PHC has closed over $2 billion in transactions across a variety of sectors of the municipal bond market including real estate, senior living, K-12 and higher education, healthcare, infrastructure, general government and economic development. PHC differentiates itself with its ability to deliver capital with speed, certainty and flexibility.
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