Preston Hollow Capital has started work on a project that will add restaurants, hotels and apartments to the Southbank of the St. John’s River, most recently the site of a demolished power plant. RiversEdge is expected to have about 1,130 residential units, 147 hotel rooms, 200,000 square feet of office space, 120,000 square feet of retail space and a marina.
Besides the structures, RiversEdge will have four parks, including three on the riverfront connected by 1,900 feet of riverwalk, transitioning into trails and a bicycle track. The plans also call for a kayak launch and a 125-slip marina. The park-related projects will be ready at the end of 2024.
Preston Hollow expects to invest $700 million in the venture. A property tax rebate received by the developer increased from $56 million to $97.9 million last month.