Developers Of District Close On $18.6 Million Land Purchase From JEA

Jul 13, 2018

Almost four years after Elements of Jacksonville Inc. submitted the winning proposal to purchase the old Southside Generating Station land, the company finally closed the deal by paying $18.6 million to JEA for the riverfront site that city leaders hope will change the downtown skyline by adding residential, office and hotel high-rises.

“The path from being awarded the RFP by JEA to today’s closing has been a planning, regulatory and detailed approval process that we are glad is behind us as we look forward with great anticipation to begin the real work of actual development,” said Peter Rummell, who heads Elements of Jacksonville along with Michael Munz. “The hardest thing to do is start, and we look forward to starting now and being part of the great upturn in Jacksonville’s future that is taking place — for both downtown and all of the City.”

Our Florida Times-Union news partner reports Elements said Preston Hollow Capital LLC of Dallas provided the financing for the purchase, which faced a Monday deadline by JEA.

“We embrace this opportunity to be part of this important and transformational project for the city of Jacksonville,” said Ramiro Albarran, managing director of Preston Hollow Capital, in a statement released by Elements. “The city’s visionary support and the strong sponsorship of The District’s partners were essential elements for us.”

You can read a longer version of this story on jacksonville.com that includes a look at the twists and turns of the path to the closing table.