Downtown Investment Authority CEO Lori Boyer said the bond closing is scheduled to occur on Tuesday.
After the happens, Elements Development of Jacksonville, which owns the land, will convey a portion of the riverfront property to the city for the planned park and river walk extension.
Boyer said that before the end of February, “all permits must be in hand, and we are on track for that.” She said construction would start by the end of March.
The development deal approved by City Council in 2018 also authorized up to $56 million in property tax rebates. Those rebates would take place over about 20 years on 75 percent of new city property taxes generated by the value of new construction on the site.
The financing plan for the bonds issued by The District Community Development District anticipates that the property tax rebates will be enough to pay off the debt, provided the project is fully developed.
In addition to the 950 residential units, The District also would have 147 hotel rooms, 134,000 square feet of retail space, 200,000 square feet of office space and a 125-slip marina.
The city approved the development deal with land-owner Elements Development of Jacksonville, which purchased the property from JEA after the city-owned utility demolished an electric generating station that had stood on it.
Elements Development secured a $20 million loan from Preston Hollow Capital in July 2018. Preston Hollow Capital later increased the loan amount to $23 million that is secured by a lien on the property, according to Duval County court records.