There is a new backer to the project at 220 Riverside, the massive mixed-use development that is going to open soon in the heart of the Brooklyn neighborhood, nestled just between Riverside and downtown Jacksonville. The project has caught a lot of attention locally, as well as around the country, with celebrity chefs and local businesses signing on for a parcel in the complex. While the project has been slightly delayed due to various reasons, there is currently a lot of momentum behind the development of 220 Riverside. This is thanks to a new partner who has just signed on to support the project.
220 Riverside has been the talk of the town for over a year now, and for good reason. Once it opens, it is expected to be a staple in the Riverside, Avondale, San Marco and downtown communities. The area that is known for its historic charm has given up a lot of convenience in the name of preservation, and this new development will provide a large touch of refreshment and entertainment; another place for locals to gather and appreciate the culture that comes with the downtown area. Hallmark Partners Inc. has been the primary backer on the construction of this project, but has recently joined hands with the Memphis, Tennessee based MAA brand will now be a partner in the completion of 220 Riverside. MAA owns more than 50,000 apartment buildings across the country, including 12 developments within Jacksonville. Their expertise in the development and management of apartment complexes gives 220 Riverside an advantage as it moves into its post-construction phase.
Managing a mixed-purpose complex is no easy feat, and it is to Hallmark Partners’ advantage to partner up with a company who has so much experience in this area. 220 Riverside is highly anticipated and the apartments are expected to be luxurious, with top-notch amenities. This means putting together a comprehensive action plan that will ensure everyone is getting the most out of the deal.
MAA is up to the challenge. They have come into the partnership expecting to do their fair share, which includes up to $39.5 million in construction costs as the project moves into its final phases. Once construction is complete, this funding is supposed to help get the complex up and running and provide funding for staffing and support, helping to make 220 Riverside as successful as it is anticipated to be.