Florida Breaks Ground on Major Waterfront Complex Southbank Residences: Related Group Launches $200M Project

American developer Related Group, led by billionaire Jorge Pérez, has launched and is actively developing several large-scale luxury projects simultaneously. The latest and most significant event is the official groundbreaking of a major waterfront complex in Florida.

Flagship New Project: Southbank Residences (Jacksonville)

In late May 2026, Related Group officially announced the groundbreaking of the $200 million luxury complex Southbank Residences. This marks the first construction of elite residential high-rises on the waterfront in Downtown Jacksonville in the past decade.

• Complex structure: The project includes two towers—a 25-story Icon Southbank and an 8-story Manor Southbank.
• Residential inventory: 395 luxury apartments. Rental prices range from $2,000/month for a studio to over $7,000/month for a three-bedroom unit.
• Amenities: Private 29-slip marina, a 4,500 sq ft waterfront restaurant, and a panoramic rooftop lounge.
• Architecture: Conceptual design by renowned architect Carlos Ott in collaboration with MSA Architects. Delivery scheduled for late 2028–early 2029.

Other Major Luxury Announcements from Related Group

Simultaneously, the developer is strengthening its position in the ultra-premium and branded residences segment in South Florida:

• Icon Beach Waterfront Residences (Hollywood, Florida): In late April 2026, Related Group and BH Group secured a massive $360 million construction loan. The project features two towers with 350 elite condominiums on the waterfront, featuring a private marina, spa complex, and art pieces from Jorge Pérez's personal collection.
• Ritz-Carlton Residences (North Bay Village): Official sales launch expected in 2026. A joint project with Macklowe Properties aims to create a secluded luxury enclave between Miami and Miami Beach, featuring yacht slips and five-star hotel services.
• The St. Regis Residences (Sunny Isles Beach): A two-tower project exceeding 230 meters in height is under active construction. In early 2026, the developer announced nearing full sell-out of the South Tower, where residence prices reach tens of millions of dollars.

Location and Site History

The complex is being built in the heart of the business district at 835 Museum Circle, directly on the southern bank of the St. Johns River.

• Previous use: The site was long occupied by the iconic River City Brewing Co. restaurant, which was completely demolished in July 2022 specifically for this project.
• Surroundings: The complex is being constructed adjacent to the famous Friendship Fountain light-and-music show and the Southbank Riverwalk promenade.
• City connectivity: Residents will have direct access to the city's Water Taxi network, connecting the complex to major sports venues (including EverBank Field stadium), cultural centers, and Downtown business districts.

Architectural Concept and Structure

Originally conceived in 2020–2021 as a modest 8-story, $92 million building, Related Group completely reimagined the concept after lengthy negotiations with city authorities, transforming it into an ultra-luxury "urban resort."

The complex consists of two towers united by a shared podium:

• Icon Southbank — a 25-story flagship high-rise that will become a new waterfront landmark.
• Manor Southbank — an 8-story mid-rise building.

Architects: Conceptual design by world-renowned Uruguayan architect Carlos Ott, creator of the Opéra Bastille in Paris and iconic Miami skyscrapers. MSA Architects handles detailed design, with Coastal Construction as the general contractor.

Residential Inventory and Rental Pricing

Southbank Residences will offer 395 elite residences available for long-term lease. The project targets affluent renters who value five-star service:

• Layout types: From compact studios to spacious three-bedroom apartments.
• Price range:
  • Studios: from $2,000/month.
  • 3-bedroom residences: over $7,000/month.
• All units will feature floor-to-ceiling panoramic glazing with direct views of the St. Johns River and the Downtown skyline.

"All-Inclusive" Resort-Style Amenities

Related Group President Steve Patterson emphasized that they "put everything into this project, down to the kitchen sinks." The complex features a self-contained premium ecosystem:

• For yachting enthusiasts: Private 29-slip marina for private boats and yachts, a 1,000 sq ft ship store, and equipped kayak launch.
• Dining and leisure: A 4,500 sq ft (415+ sq m) waterfront restaurant and an exclusive panoramic Sky Lounge & Bar on the 25th-floor rooftop with an open sun terrace.
• Indoor entertainment: Private 15-seat cinema, golf and sports simulators, library, cigar room/speakeasy bar, and a 24/7 premium market.
• Wellness: Large waterfront infinity pool, spa zone, and state-of-the-art fitness center.
• Parking: Spacious 9-level covered garage with 601 parking spaces.

City authorities also allocated subsidies for the developer to expand the adjacent public St. Johns River Park by 4,200 sq ft and commit to its funding and maintenance for the next 30 years.

Timeline and Public Sector Involvement

The project exemplifies a public-private partnership. The city administration, through the Downtown Investment Authority (DIA), allocated approximately $39 million in direct grants and about $19.8 million in tax incentives and rebates, recognizing the project's critical importance for revitalizing Jacksonville's downtown core.

• Construction start on site: June 2026.
• Construction timeline: 30 to 36 months.
• Planned delivery: Late 2028–early 2029.

Additional waterfront renovation projects are underway in Jacksonville, including the construction of a massive Four Seasons hotel nearby.