Located on a prominent 30-acre parcel along the Southbank of the St. Johns River, the RiversEdge project represents a significant investment opportunity in the rapidly evolving landscape of Duval County. With a strategic position east of the Duval County Public Schools headquarters, this development aims to create a vibrant community that integrates residential, commercial, and recreational spaces.

The RiversEdge project has been in the works since 2014, initially put forward by Elements Development. Although progress faced delays due to financial challenges, the project regained momentum in 2020 when Preston Hollow Community Capital stepped in to oversee its advancement. Originally estimated at a $535 million investment, RiversEdge promises a diverse mix of residential and commercial elements that cater to the needs of modern lifestyles.

RiversEdge has an impressive array of planned amenities that will enhance the appeal of the development:

- Residential Units: The project anticipates the construction of 950 residential units, providing ample housing options.

- Marina: A 125-slip marina is designed to boost riverfront access and recreational opportunities, fostering an active lifestyle for residents and visitors.

- Commercial Space: The design includes 200,000 square feet of office space and 134,000 square feet of retail space, positioning RiversEdge as a regional business hub.

- Hospitality: The project will also feature 147 hotel rooms, catering to both tourists and business travelers.

- Parks and Recreation: New park space along the riverfront is in development, with efforts to enhance the marsh-front area and improve riverwalks, promoting outdoor activities and community engagement.

City Incentives

Recognizing the potential of the RiversEdge project, the City of Jacksonville has extended significant incentives to stimulate its development:

- A total of $82 million in city incentives was granted in 2018, laying a solid foundation for the project.

- In May 2023, the Downtown Investment Authority approved an increased property tax rebate of $97.98 million, underscoring the city’s commitment to the project.

- The project has also received extensions regarding deadlines for infrastructure improvements, allowing for a more strategic approach to development.

Timeline

Key milestones paint a clear picture of the project's evolution:

- 2014: Development plan introduced.

- 2018: Initial city incentives granted.

- 2020: Preston Hollow Community Capital takes over.

- May 2023: Increased property tax rebate approved.

- June 2023: Marina application submitted to the St. Johns River Water Management District.

- August 2024: Revised plans submitted and approved.

- December 31, 2024: Deadline for Community Redevelopment Area infrastructure improvements.

- April 5, 2025: Extended deadline for Community Development District infrastructure enhancements.

As of today, the various components of RiversEdge are coming together, with operational progress indicating a promising outlook. The involvement of Toll Brothers in developing townhome units exemplifies significant advances in the overall construction efforts. With delivery anticipated in 2025, RiversEdge is poised to make a substantial impact on the local market and represents a dynamic opportunity for investors looking to capitalize on an innovative and multifaceted development in an attractive location.

RiversEdge stands out as more than just a real estate project; it is an investment in the future of urban living along the picturesque St. Johns River. With its diverse offerings and strong city support, RiversEdge is set to become a hallmark of community and economic growth in Duval County.