June 1, 2021 concept (SouthEast Development Group)
A major change has been made to an unsolicited proposal to orchestrate $1.1 billion in new development along the Downtown Jacksonville Northbank riverfront. The SouthEast Development Group has now proposed the addition of 300 multifamily units in the form of a new tower on the site of the former Jacksonville Landing’s East Lot. To date, the Downtown Investment Authority and City of Jacksonville have not publicly announced an intention or desire to partner to see this potential proposal through fruition. Along with a new rendering, a press release was shared with The Jaxson to explain what led to the conceptual change:
Revised vision for the former Jacksonville Landing’s East Lot (SouthEast Development Group)
July 13, 2021 — Jacksonville, Fla. — SouthEast Development Group today announced an update to its Riverfront Jacksonville master plan to include 300 additional multifamily units.
Buildings Four and Five of the master plan have been redesigned to include 255 market-rate multifamily apartments, along with 45 condominium units for sale. The buildings will also feature a combined 17,250 square feet of ground-level retail, creating more programmed activities in and around the 15 acres of public park and plaza spaces with resiliency infrastructure outlined in the plan.
With this change, the total number of multifamily units in the Riverfront Jacksonville increases to 1,005 — providing residential lifestyle opportunities to the full spectrum of the Downtown market, from workforce apartments to luxury condominium products.
“Since we debuted the Riverfront Jacksonville vision plan on June 1, we have received overwhelmingly positive feedback from the community, as well as our peers in the commercial real estate and development industries,” said Steve Atkins, Principal and Managing Director of SouthEast Development Group. “As a result of many conversations with our financial team and prospective partners within the multifamily real estate sector, we are confident that increasing the number of housing units is the right decision to bring much-needed density to Downtown Jacksonville.”
SouthEast Development Group will continue to collaborate with the Riverfront Jacksonville project team, Goldman Sachs, Piper Sandler & Co., the City of Jacksonville and the Downtown Investment Authority in preparation for a formal proposal presentation later this summer. The transformative development will serve the community as a comprehensive master planned program that includes expansive public park spaces, new housing and hospitality products, entertainment, restaurant and retail activities at the most critical location in Downtown Jacksonville.
To learn more about the Riverfront Jacksonville project, visit jaxriverfront.com.
Source: SouthEast Development Group press release
Development update by Ennis Davis, AICP. Contact Ennis at edavis@moderncities.com