Vertical construction is expected to begin soon at the RiversEdge: Life on the St. Johns development on the Downtown Southbank after a builder closed a deal on land where it plans to build several dozen town houses.
Toll Southeast LP Co. Inc., an arm of Pennsylvania-based Toll Brothers construction, paid $4.095 million for a 2.76-acre parcel within the 32.21-acre RiversEdge property, according to Duval County records.
The seller was Elements Development of Jacksonville LLC, which is controlled by RiversEdge site developer Preston Hollow Community Capital LLC of Dallas.
Preston Hollow is not serving as RiversEdge’s vertical developer, but rather is marketing individual property parcels to developers.
Lori Boyer, CEO of the Downtown Investment Authority, told members of the DIA Finance and Budget Committee on April 12 that the deal had closed and that Toll Brothers was nearing the start of vertical construction.
That step has been years in the making at the RiversEdge property, once called The District and before that “Healthy Town.”
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