The District adds marketing partner
San Marco developers Peter Rummell and Michael Munz have engaged Jones Lang LaSalle Incorporated (JLL), a global commercial real estate services firm with an office on the Southbank, to manage the joint venture partner and/or buyer process for the vertical construction of the 30-acre Southbank riverfront development, The District – Life Well Lived.
“It has always been the strategy of The District to venture with other developers or sell pads outright. The selection of these partners is our critical next step to bringing The District to life,” said Rummell, who shares ownership of Elements of Jacksonville, a development company, with Munz. “JLL has a proven track record in successfully executing on mixed-use development projects. They also understand and embrace the unique aspects of this project and its importance to Jacksonville’s downtown redevelopment.”
As The District moves into the next phase of its development program, following the formation and first meeting of the Community Development District (CDD), JLL has been hired to market the sale of commercial and residential pads. JLL will work with Elements and Kitson & Partners, a private residential and commercial real estate development company hired in early 2018 as the master developer responsible for executing the horizontal development plan. Kitson will work closely with Elements as it reviews proposals secured by JLL, including evaluating proposal details so Elements can select the partners most appropriate for the size and scope of the project.
“We are excited to represent Peter and Michael on this world-class project that will have a transformational impact on Jacksonville,” said Jubeen Vaghefi, international director of JLL Capital Markets Group. “We believe the market is going to respond well to the overall project vision that has been created.”
The CDD is expected to begin the bond validation and debt assessment process following the upcoming CDD board meeting. Currently, the CDD is continuing pre-construction due diligence for horizontal development, including timelines and other details as well as managing the permitting process for its 125-slip marina.
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