Preston Hollow Community Capital Completes Parcel Sale to Toll Brothers for 40 Luxury Townhomes at RiversEdge in Jacksonville

Rhea-AI Summary

Preston Hollow Community Capital (PHCC) and Toll Brothers announced the sale of 2.75 acres at RiversEdge in Jacksonville for the development of 40 luxury townhomes. Construction will begin immediately, with sales starting in fall 2024. The townhomes will feature two four-story designs, the Atlantic and the Elder, offering 2 to 4 bedrooms, 3 baths, and 1,844 to 2,085+ square feet. Located on the St. Johns River, the RiversEdge development will include various amenities such as parks, trails, and a marina. The project supports Jacksonville’s vision for a vibrant riverfront community.

Positive

• Toll Brothers purchased 2.75 acres for 40 luxury townhomes at RiversEdge.
• Construction is set to begin immediately, with sales starting in fall 2024.
• The townhomes will feature luxury amenities and contemporary design.
• RiversEdge development includes parks, trails, and a marina, enhancing community appeal.
• The project aligns with Jacksonville’s vision for a vibrant riverfront community.
• PHCC has invested over $5 billion since its inception in various sectors.

Negative

• The press release does not mention the cost of the 2.75-acre land purchase.
• Details about potential financial risks or challenges are absent.
• No information on the projected sales prices or market demand for the townhomes.

DALLAS--(BUSINESS WIRE)-- Preston Hollow Community Capital (“PHCC”) and Toll Brothers, Inc. (“Toll Brothers”) recently announced Toll Brothers' purchase of 2.75 acres at PHCC's RiversEdge development in Jacksonville for the development of 40 luxury townhomes. Construction is slated to begin immediately, with sales expected to open in the fall of 2024.

Rendering of Toll Brothers’ four-story townhome product to be featured at RiversEdge. (Photo: Business Wire)

Toll Brothers at RiversEdge will offer home buyers the perfect blend of luxury, low-maintenance living and urban convenience. This community will feature two contemporary four-story home designs, the Atlantic and the Elder, with 2 to 4 bedrooms, 3 baths, and 1,844 to 2,085+ square feet of luxury living space. The homes will also include spectacular rooftop terraces ideal for outdoor living, optional elevators, and an array of designer-appointed features.

“Situated on the Southbank Riverwalk Extension on the St. Johns River and within five minutes of the historic and timeless San Marco neighborhood, this highly anticipated new home community will offer an exclusive opportunity for home buyers looking for new construction, contemporary home designs, and the appeal of urban living,” said Greg Netro, Group President of Toll Brothers in Jacksonville.

Located directly on the St. Johns River in Jacksonville’s Southbank District, the RiversEdge mixed-use development plan includes a riverfront walking/biking trail linked to the City’s Southbank Riverwalk, approximately five acres of City parks, a kayak launch, and extensive pedestrian and bicycle trails. Plans for the development include up to 1,170 residential units, 200 hotel rooms, 200,000 square feet of office space, 288,500 square feet of commercial/retail, and a 125-slip marina.

Councilman Joe Carlucci of Jacksonville's District 5 expressed enthusiasm about the project: “I am very excited to see this project make its way out of the ground! The RiversEdge community is going to be one of the most desirable places to shop, dine, and live in Jacksonville!”

Ramiro Albarran, Co-Head of Originations at Preston Hollow Community Capital, shared his optimism about the partnership: "We are excited to enter this partnership with Toll Brothers, the City of Jacksonville, and the DIA. With the construction of public parks progressing in tandem, we believe Toll Brothers' luxury townhome community will beautifully inaugurate the vertical development at RiversEdge. This project marks a significant step towards fulfilling the City's vision for a unique riverfront experience on the St. Johns."

PRESTON HOLLOW COMMUNITY CAPITAL OVERVIEW

Preston Hollow Community Capital is a market leader in providing specialized impact finance solutions for projects of significant social and economic importance to local communities in the United States. The Company originates, owns, and manages a diversified portfolio of bespoke municipal finance transactions. PHCC has invested over $5.0 billion since its inception across various sectors of the municipal bond market, including real estate, K-12 and higher education, healthcare, infrastructure, hospitality, general government, and economic development.

Since its inception, PHCC has raised $1.6 billion in committed, permanent equity capital from premier sponsors and investors like Stone Point Capital, HarbourVest Partners, and TIAA. The Company has received long-term BBB (Stable) and short-term K2 (Stable) ratings from Kroll Bond Rating Agency. Visit www.phccap.com for more information.

TOLL BROTHERS OVERVIEW

Toll Brothers, an award-winning Fortune 500 company founded in 1967, is the nation's leading builder of luxury homes. Embracing an unwavering commitment to quality and customer service, Toll Brothers currently builds in 24 states nationwide, and is a publicly owned company with its common stock listed on the New York Stock Exchange (NYSE: TOL). In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World's Most Admired Companies™ list. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240514677854/en/

Greg May

Preston Hollow Community Capital

214.389.0835

gmay@phccap.com

Source: Preston Hollow Community Capital

FAQ

What did Toll Brothers announce regarding RiversEdge in Jacksonville?

Toll Brothers announced the purchase of 2.75 acres at RiversEdge in Jacksonville for the development of 40 luxury townhomes.

When will construction begin for Toll Brothers townhomes at RiversEdge?

Construction for Toll Brothers townhomes at RiversEdge is set to begin immediately.

When will sales start for Toll Brothers townhomes at RiversEdge?

Sales for Toll Brothers townhomes at RiversEdge are expected to open in the fall of 2024.

What types of homes will Toll Brothers offer at RiversEdge?

Toll Brothers will offer two contemporary four-story home designs, the Atlantic and the Elder, with 2 to 4 bedrooms and 3 baths.

What amenities are planned for the RiversEdge development in Jacksonville?

The RiversEdge development will include parks, trails, a marina, and a riverfront walking/biking trail.

How many square feet will the Toll Brothers townhomes at RiversEdge have?

The Toll Brothers townhomes at RiversEdge will have between 1,844 and 2,085+ square feet of living space.