Dallas-based Preston Hollow Capital LLC is assuming control of The District, the $600 million, mixed-use project on the Downtown Southbank.
WJCT News partner the Jacksonville Daily Record reports Michael Munz, co-lead of Elements Development of Jacksonville LLC, which led the proposed development since 2014, said in a statement Sept. 4 that Preston Hollow will assume the rights and responsibilities for The District under Elements’ redevelopment agreement with the city and Downtown Investment Authority.
The announcement comes as Elements approached an Oct. 1 deadline set by DIA CEO Lori Boyer and city attorneys to close on revenue bonds needed to break ground on the project and meet the progress benchmarks in its development agreement.
The statement said Preston Hollow will follow the construction timeline outlined in the deal with the city and close on the revenue bonds.
Read the rest of this story at JaxDailyRecord.