The Related Group of Florida, a Miami-based developer of high-end condominiums, has backed out of a partnership that would have spearheaded a Southbank development.

Stevan Pardo, a partner in Riverwalk Hotels LLC, announced that Related Group will no longer pursue the partnership on the planned 2,000 unit mixed-use development in the San Marco Riverfront Village. 

Pardo was told that the company would wanted to "monitor market conditions" at the same time waiting for the city's response to a request for tax increment financing to pay for streets, parks and a riverwalk.

But Jacksonville Economic Development Commission Director Ron Barton said the city only received Pardo's $30 million request for the financing three days ago.

"If the Related Group pulled out, it's not going to be because of the city or any [tax increment financing] discussion," Barton said.

Marie Rose Arong

Real Estate Press