TerreMark Partners principal Craig Kaser tells GlobeSt.com that the project, designed by Atlanta-based architect Cooper Carry, will be constructed in phases. Currently under construction are two apartment buildings, with the additional apartment buildings, retail and hotel space to be constructed in future phases. The entire project is expected to be completed in 2010.

Target rents for the residential units have not yet been determined. Marketing efforts for the retail space just recently began, with the project expected to attract food and beverage establishments and fashion and accessory stores, Kaser says.

Riverside Avenue, the main street Downtown, runs along the St. Johns River. It is located in a business/financial corridor with many companies, such as the St. Joe Co., in the area. The project is expected to attract young professionals and established residents.

"Jacksonville has wanted to take back and embrace this site for a long time," says Miles Development Partners founder and CEO Daniel Miles in a prepared statement. "Our intent is to enhance the city's vision for Downtown Jacksonville, providing an appealing and active center as a gateway to the city."