PB Gardens firm will build on riverfront site in Jacksonville that sold for $18.6M
A municipal electric utility got $18.6 million for selling a 30-acre riverfront site in Jacksonville, where a company based in Palm Beach Gardens would build a mixed-use complex.
Jacksonville Electric Authority (JEA) sold the former site of a power plant to Elements of Jacksonville Inc., which has arranged for Palm Beach Gardens-based Kitson & Partners to build a complex with residences, retail space, office space and a hotel.
Dallas-based Preston Hollow Capital LLC provided a loan to finance the acquisition by Elements, which has an agreement to sell part of the development site to AC Marriott Hotels.
The development would include a marina with 125 boat slips, 147 hotel rooms, 950 residences, 134,000 square feet of retail space and 200,000 square feet of office space.
The Jacksonville municipal government would establish community development district that would enable the developers to obtain $30 million of debt financing to fund construction of infrastructure at the development site.
Property tax rebates within the district over a 22-year period would fund repayment of the debt.
The city also would spend as much as $26.4 million on improvements to public property at the development site.
Elements is expected to file a petition next week to establish the community development district. [Jacksonville Times-Union] – Mike Seemuth
Source: The Real Deal