A $400 to $500 million development in Jacksonville’s South Bank area will begin to take shape next summer, the developers say.
Equity Resources LLC has plans for two five-story apartments as part of a much larger initiative on the former JEA Southside Generating Station site.
Jacksonville partners Peter Rummell Mike Balanky and Michael Munz. reportedly are purchasing the 30 acre site for about $17 million.
The overall project will include a hotel, office space, retail and restaurants, and more apartments.
Munz told the Florida Times-Union that his group is talking to other developers and tenants, but the two apartment buildings are the first specific announcements.
Both of the five story buildings will have 276 units, above a parking garage and 46,000 sq. ft. of retail.
Equity described the apartments as luxury units ranging from efficiencies to two bedrooms, from 642 to 1,073 sq. ft.
Munz said in mid-December that prices have not been determined, but that they would be comparable to other buildings such as The Strand, a few hundred yards west on the Southbank, or 220 Riverside, newly opened on Riverside Ave.
When completed, The District is scheduled to have 1,170 apartments and condos, 288,500 sq. ft. of retail and restaurants, 200,000 sq. ft. of office space and 200 hotel rooms.
The total price for the overall project, The District – Life Well Lived, is estimated at $400 million to $500 million.