News Summary
Jacksonville is enhancing its cultural landscape with a new public art installation at the RiversEdge megaproject. A $2.87 million sculpture named ‘The Pearl,’ designed by Marc Fornes, will be placed in Central Park. The project is progressing after delays, with significant infrastructure funding increases and ongoing construction of residential and commercial units. Central Park is expected to offer various amenities and is set for near-completion by March 2026.
Jacksonville is set to enhance its cultural landscape with a significant public art installation at the ongoing RiversEdge megaproject, which has faced delays but is making progress four years after breaking ground.
Preston Hollow Community Capital LLC, the developer behind RiversEdge, has secured funding for a $2.87 million sculpture named “The Pearl”, designed by renowned architect Marc Fornes. The installation will be situated in Central Park, one of the four public parks incorporated within the project. The funding for this public art piece will be divided between the city of Jacksonville and Preston Hollow, with the city contributing a $1 million allocation for art development in the park.
The City Council of Jacksonville has recently increased the maximum 20-year property tax rebate for RiversEdge from $41.96 million to $97.86 million in response to rising total development costs. The overall budget for public infrastructure at RiversEdge has been set at $22.88 million, approved earlier this year. This includes not just the funding for public art, but also for essential amenities in the project.
Toll Brothers commenced vertical construction at RiversEdge last year, marking a significant milestone with the start of 40 townhome units. The overall development will feature 1,170 residential units, 200 hotel rooms, 200,000 square feet of class A office space, and 121,400 square feet of retail space, alongside a 125-slip marina.
Details on Central Park and The Pearl
Central Park is expected to provide various amenities, including a pavilion, kayak launch, and a water taxi stop, making it a vital public space in the megaproject. The park is scheduled for a complete opening in March 2026, with partial access anticipated as early as September 2025. The maintenance of the city-owned parks, including Central Park, will be the responsibility of Preston Hollow as a maintenance agreement between the developer and city officials is being finalized.
Infrastructure and Development Costs
The total infrastructure cost for RiversEdge is estimated at around $70 million. This includes a contribution of $22.88 million from the city, funded through property taxes collected in the Downtown Southbank Community Redevelopment Area, while the developer’s portion amounts to $45.91 million. Additionally, there is an allocation of $1.2 million from the city’s tree fund dedicated to tree planting initiatives within the project.
Background on RiversEdge Project
The development of RiversEdge marks a significant endeavor in Jacksonville’s urban landscape, especially at the former site of the JEA Southside Generating Plant. Multiple developers had proposed mixed-use projects for this location over the past decade, with the initial vision emerging as Healthy Town, later rebranded to “The District” in 2015. Elements Partners, the previous stakeholders, were acquired by Preston Hollow in October 2020, paving the way for the current project.
As the project moves forward, ongoing discussions between Preston Hollow and potential developers regarding the hotel site within RiversEdge are taking place. However, no deals have yet been finalized for constructing the proposed private developments. With the community and city officials closely monitoring progress, Riverside appears poised to transform Jacksonville’s Downtown Southbank into a vibrant and productive mixed-use area.
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Additional Resources
- Action News Jax: First Alert Weather – Storms and Hot Temperatures
- Wikipedia: Jacksonville
- News4Jax: Jacksonville Braces for Sweltering Week
- Google Search: Jacksonville Weather
- First Coast News: Weather Impact Alert
- Encyclopedia Britannica: Jacksonville
- Jacksonville.com: Heat Advisory Issued
- Google News: Jacksonville Development
- Hoodline: Hazardous Weather Warning
Author: STAFF HERE JACKSONVILLE WRITER
The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
