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Chase Properties CEO Michael Balanky recently discussed with First Coast News his company’s future plans for a recently acquired building, following a significant $17.2 million transaction.
JACKSONVILLE, Fla. — Exciting transformations are on the horizon for Jacksonville’s Southbank as the current headquarters of Duval County Public Schools prepares for new developments.
On Tuesday evening, the school board officially approved the sale of the 4.87-acre riverfront site to Chase Properties for $17.2 million.
The area is set to be revitalized with the addition of luxury condominiums that will redefine the skyline. The development project will also feature new restaurants and retail spaces in the vicinity, offering a fresh experience for residents and visitors alike.
In an interview with First Coast News, Michael Balanky, CEO of Chase Properties, shared his long-standing interest in the property, which he has been pursuing since 2006.
“We’ve just been really engaged on the Southbank. It’s kind of a dream come true. I’ve always felt like that was one of the last best pieces of property.”
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.
