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Chase Properties CEO Michael Balanky recently discussed the $17.2 million acquisition and future plans for the building with First Coast News.
JACKSONVILLE, Fla. — Major transformations are on the horizon for Jacksonville’s Southbank, the current home of the Duval County Public Schools’ headquarters.
On Tuesday evening, the school board gave the green light to sell the 4.87-acre riverfront site to Chase Properties for $17.2 million.
The area is set to welcome luxury condominiums, alongside new restaurants and retail outlets, reshaping the local skyline.
In a conversation with First Coast News, Chase Properties CEO Michael Balanky shared that he has been pursuing this property since 2006.
“We’ve been deeply involved with the Southbank. It’s a dream come true for me. I’ve always considered this one of the last prime pieces of real estate,” he stated.
After nearly two decades of pursuit, Balanky is finally buying the company’s dream site at 1701 Prudential Drive.
“I think it’s gonna be just a masterpiece for Jacksonville,” he said.
The school board also approved the purchase of a property at Prominence Parkway, in the Baymeadows area, for its new headquarters.
“This will continue to amplify the progress we made Downtown and it coincides with plans for the future,” said City Councilman Joe Carlucci at Tuesday’s Board meeting.
The school district plans to relocate to its new headquarters by the start of the 2027-2028 school year. Staff will receive detailed timelines, equipment transfer plans, and facility layouts to ensure a smooth transition.
School Board meetings will continue at the Southbank location until further notice.
As a new development begins to make way along the Southbank, Balanky, a Jacksonville native, said the timing is right with Downtown development accelerating.
“It’s an exciting time to be in Jacksonville, with the Jaguars doing the new stadium of the future and four seasons coming. MOSH moving over to the Northbank, everything. It’s gonna be pretty dynamic,” he said.
As for next steps for Chase Properties, Michael Balanky tells First Coast News they will be completing a 90-day inspection period, which is required before closing.
