The District partners going separate, yet amicable ways
Developer Peter Rummell of San Marco has parted ways with his partner and fellow developer, Michael Balanky, of the Southbank. The duo, who had jointly founded the company Elements Development of Jacksonville LLC, had planned together to develop The District – Life Well Lived, until Rummell decided to go it alone. The Southbank healthy living community, is slated to be built on 30 acres of land, which was formerly the site of the Southside Generating Station, adjacent to the Duval County School Board Building.
In a May 12 news release, Rummell announced he had purchased Balanky’s interest in Elements Development of Jacksonville LLC, which the pair had owned 50-50, and now owns 100 percent of the company. No financial terms were disclosed.
“As we started this process – bringing the ideas and vision of The District to life, Mike has been a valuable participant. His energy and enthusiasm for this unique project, in an urban setting along the banks of the St. Johns River, has been tremendously helpful. The new and exciting opportunities that Mike has before him will require all of his time and attention,” Rummell said in the press release.
In a meeting, Balanky said Rummell had been “great to work with,” and their split was amicable. “The stars aligned for both of us, and this makes sense,” Balanky said, adding he is happy to turn his attention to more than one development project in North Florida, including an active adult community in St. Augustine and a townhome project on Amelia Island.
“The whole Healthy Town concept was his to begin with so it makes a lot of sense for him to take it in the direction he wants to go and have 100 percent ownership of it,” Balanky said.
Rummell’s company is under contract to buy the JEA-owned property, and the press release said his development will break ground “later this year,” with a closing deadline of Dec. 31.
By Marcia Hodgson
Resident Community News
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