Years in the making, dirt is moving along the Southbank for Miami-based Related Group's first project in Jacksonville.
The $202 million Southbank Residences will deliver 395 residences across two towers, an 8-story mid-rise luxury rental condo and an ultra luxury 25-story tower, as well as approximately 4,500 square feet of ground floor retail.
A groundbreaking ceremony was held on May 20 to mark the occasion on the Southbank, which Ron Melendez, vice president of Related Group, said is " both the economic and social backbone for the downtown."
Construction is slated to begin in the next 30 days and the work will take 30 to 36 months with a completion targeted for late 2028 to early 2029.
The ground floor retail concepts will include a riverfront restaurant and a speakeasy, while building amenities will include a resort-style pool and rooftop resident lounge.
"We are excited about what's happening on this site. We know that this is going to serve as a catalyst for the economic engine of downtown Jacksonville," Melendez said exclusively to the Business Journal. "What's most important to us is that we're the first ones to have a belief that this city can thrive on projects of this magnitude and scale, that it can thrive on true luxury living along the river."
Related Group's partners in the development include world-renowned Uruguayan architect Carlos Ott as concept designer, MSA Architects as architect of record, interior design from ID & Design International and general contractor Coastal Construction.
Southbank Residences will mark a first project in Jacksonville for Coastal Construction, a longtime partner of Related Group. In addition to entering the market, Coastal Construction will open a location in Jacksonville to continue to work in Northeast Florida.
"We believe in the growth of the Jacksonville region and really look forward to establishing a business unit and an office in the region to support the to support the growth of Jacksonville," CJ Britt, regional vice president at Coastal Construction, said to the Business Journal.
In addition to Melendez, who served as master of ceremonies, other speakers in included Steve Patterson, president and CEO of related Development, Jorge Pérez, founding executive chairman of Related Group, Mayor Donna Deegan and Councilmember Joe Carlucci.
The city approved civil plans for the development on Jan. 15.
"There has been nobody that I have been more excited to bring into this city than Jorge Pérez and the Related Group," Deegan said. "Their reputation precedes them, they're amazing. "I just thought, if we can just entice them into Jacksonville with what they do, they'll never leave."
Pérez, who founded Related Group in the late-1970s, was an early mover in Miami's downtown and has since spread across the state. Related Group has finished or is building 5,000 units of housing Tampa and Jacksonville is the next stop for the developer which builds across the residential spectrum, from affordable to ultra luxury housing.
"We are so proud that we have changed neighborhoods, that we have changed cities, that we have made them inclusive," Pérez said. "That's part of our DNA."
Pérez also said that Related Group never does just one project in an area.
"We should be doing a lot more here in Jacksonville, which I hope we do," he said.
By Leah ForemanJacksonville Business Journal