Chase Properties previously planned to redevelop the Southbank headquarters, but backed out over restraints tied to the RiversEdge Community Development District.<\/p>\n
JACKSONVILLE, Fla. \u2014 After backing out of an initial agreement<\/a> to buy the Duval County Public Schools headquarters on the Southbank, Chase Properties announced Monday that it is willing to “immediately re-engage” in the purchase and development of the property, but only if some changes are made.<\/p>\n The waterfront property on Prudential Drive was re-listed for purchase earlier this month, with an April 1, 2026, deadline for offers. Chase Properties had previously been planning to spend around $17.2 million for the property in a deal that was approved by the school board<\/a> in November 2025.\u00a0<\/p>\n Chase Properties is asking for development restraints and “structural encumbrances” tied to the RiversEdge Community Development District (CDD), under which the headquarters’ parking lot falls, to be removed or resolved in order for the firm to purchase it.<\/p>\n The purchase agreement was ended due to the CDD, which CEO Michael Balanky told First Coast News could have a $6-$18 million negative impact and severely limit how the site could be developed. The firm planned to build a\u00a0mixed-use residential and commercial space<\/a>.<\/p>\n The firm says the CDD encumbrances were not disclosed in negotiations nor in the property appraisals. The school district pointed out in February that it was mentioned in the purchase and sale agreement, and said \u201cbuyers were advised to contact the county property appraiser or the CDD for details, and due diligence materials also included CDD information.\u201d<\/p>\n Regardless, Chase Properties CEO Michael Balanky said Monday that if those issues were resolved, the firm would be open to purchasing the property at the original contract price. Alternatively, it might purchase only the unencumbered portion of the property.<\/p>\n \u201cOur firm has been actively involved in the revitalization of Jacksonville\u2019s Southbank for more than thirty years,\u201d Balanky said. \u201cWe remain encouraged by many stakeholders to stay engaged in helping bring the School Board site to life as part of the broader evolution of the Southbank district.\u201d<\/p>\n Balanky told First Coast News that the firm is in discussions with various officials in search of a solution that ends with the property’s purchase.\u00a0<\/p>\n He said RiversEdge owner Preston Hollow Capital LLC and the CDD Board would have to agree to remove the encumbrance. “We have learned that they would do so for a financial arrangement,” Balanky said, though he did not detail what that arrangement may entail.\u00a0<\/p>\n