THIS PRESS RELEASE WAS PREPARED BY HILLWOOD.
Hillwood announced today that it has completed an agreement with the City of Jacksonville, Florida to serve as Master Developer of 4,474 acres at Cecil Commerce Center, which is a portion of the former Naval Air Station Cecil Field, and will bring its premier Alliance brand to the East Coast. Hillwood will work with the City's Jacksonville Economic Development Commission to direct redevelopment and rebrand the property as AllianceFlorida at Cecil Commerce Center. Hillwood brings its private capital, development expertise and marketing relationships to attract first-class companies to Jacksonville.
'Jacksonville is pleased to welcome Hillwood as Master Developer of Cecil Commerce Center,' said Jacksonville Mayor John Peyton. 'With Hillwood's expertise and capital investment, we expect Cecil to realize its full potential for creating jobs and expanding the tax base.'
Hillwood will attract companies that will create jobs and promote economic development for the City of Jacksonville. During the term of the Master Developer Agreement, the development is projected to add at least $425 million to the City's tax base — and potentially more than $648 million as economic conditions improve. The expanded tax base could generate $50 million to $88 million in new tax revenue for the City of Jacksonville over the 25-year term of the Master Development Agreement.
'The successful development of AllianceFlorida is important for Jacksonville's economic growth and long-term success, and Hillwood will work tirelessly to achieve that goal,' said T. Preston Herold, Vice President of Hillwood Investment Properties.
'We believe Jacksonville, by virtue of its central demographic location in the Southeast region, holds an enormous amount of economic potential. The investment of Hillwood's capital, development experience, and marketing relationships into this terrific project will allow the City and its businesses and residents to benefit for years to come.'
Herold will lead development activities at AllianceFlorida at Cecil Commerce Center.
Engaging Hillwood as Master Developer means the City will transfer the capital burden associated with developing the property to Hillwood yet benefit from accelerated job growth and an expanded tax base. The cost to develop the 2,800 developable acres is estimated at more than $1.3 billion.
The City of Jacksonville, through the Jacksonville Economic Development Commission, selected Hillwood after soliciting proposals from 184 local and national developers. Hillwood's development and investment track record in Texas, California, Hawaii, Wyoming, Mississippi, Pennsylvania, Georgia and Florida gave the City of Jacksonville confidence in the company's ability to make the property a success.
Hillwood will establish an office and marketing center on the property and is already actively marketing the development to prospective companies.
AllianceFlorida will be the second expansion of the Alliance brand. Hillwood reserves the Alliance brand for large scale, long term, public-private projects, and Hillwood's customers recognize Alliance projects as well-located, multimodal, first-class developments where value is maximized. The internationally renowned AllianceTexas, established in 1988, was the first Alliance development and anchored the growth of Hillwood into other investment and development opportunities and markets.
AllianceTexas has had a $36.4 billion overall economic impact for North Texas, attracting 230 companies, creating 28,000 jobs for the area, and $731 million in tax revenue since 1990. AllianceCalifornia, a redevelopment of the former Norton Air Force Base, has had an overall $1.1 billion economic impact for the City of San Bernardino, drawing 11 companies to the area and creating over 4,000 jobs since 2002.
About Hillwood
Hillwood, a Perot company, is ranked as one of the top commercial real estate investors and developers in the country and the top residential developer in Dallas-Fort Worth. The company's developments currently house facilities for 65 companies listed on the Fortune 500, Global 500 or Forbes List of Top Private firms. For additional information about the company, please visit www.hillwood.com.