$1.1B Master Plan Proposed For Jacksonville's Northbank Riverfront
The Jacksonville developers that brought the Barnett tower back to life want the city to rally around a nearly $1.1 billion redevelopment master plan they are proposing for Downtown Jacksonville’s Northbank riverfront.
SouthEast Development Group, led by Steve Atkins and Graham White, released a series of renderings and plans Tuesday for a multi-phase residential, retail and hotel development along the riverfront.
They want the Downtown Investment Authority to invest $536 million of taxpayer money in a public-private partnership that would result in an estimated $559 million worth of private investment into 10 new hotel, multifamily residential, condominium, commercial office, retail and entertainment buildings across more than 20-acres of land, much of which is owned by the city.
“We propose a plan that coordinates and accounts for the needs of all the stakeholders in its vicinity, unlocking this portion of the Northbank’s true potential," the developers said in their proposal.
SouthEast Development Group said it conducted more than two years of research in coming up with the plan. In addition to the Barnett, they are the group behind the redevelopment of Downtown Jacksonville's Laura Street Trio.
Saying their visioning takes resilience and protection from storm surge into account, they are proposing to lead the charge to build:
- 755+ new residential units that would be a combination of condominiums and multifamily housing, such as apartments or townhomes
- 208 new hotel rooms
- 330,000 square feet of WELL Health Safety and LEED Certified commercial space
- 200,000 square feet of new retail space, including a two-story dining and entertainment destination with rotating culinary concepts called 30 North
The proposed redevelopment area stretches from the former site of the Jacksonville Landing to the former site of the old Duval County Courthouse and former City Hall Annex. That area, adjacent to the Hyatt Regency Jacksonville Riverfront hotel, has been cleared and is being marketed by DIA as The Ford on Bay.
The SouthEast Development Group’s plan also calls for a “contemporary, forward-thinking exhibition, entertainment and technology center” next to the Hyatt to “re-energize the convention-oriented Hyatt Regency Hotel.”
The plan would redevelop the old Landing site with a mix of office space, a condominium tower, hotel and public green space.
Combined, the master plan envisions bringing more than 2.3 million square feet of new real estate assets to the Downtown Northbank that would include a "signature monumental artwork" called The Bend. It would be made of teak and anchor the project's public park space. A marina and boathouse restaurant would also be a part of the project as it's currently envisioned.
The developers are proposing construction in multiple overlapping phases over the next five years, starting with public infrastructure and public park space in 2022.
SouthEast Development Group estimates the development has the potential to generate $430 million in public revenues over 10 years.
It’s too soon to say how the DIA, Mayor Lenny Curry and the City Council will respond to the proposal, but WJCT News partner the Jacksonville Daily Record reported Tuesday that Atkins said the DIA staff and Mayor Curry’s administration have seen all of SouthEast’s master plan documents.