An 8.3-acre fully assembled, entitled, and income-producing urban district in America's fastest-growing city.
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Executive Summary
PHXJAX is a fully assembled, entitled, income-producing 8.3-acre urban district in Jacksonville's fastest-growing corridor. The heavy lift is complete — land control, entitlements, incentives, and early activation — creating a clear, de-risked path to monetization.
Investor Economics
Key Facts
The Market
Top-10 U.S. growth market with powerful institutional tailwinds.
Final entry before repricing.
About the Sponsor
60+ years of combined executive experience in transformative district-scale development across Florida.
Future of Cities is a real estate investment and development platform with over 60 years of combined executive experience, specializing in transformative neighborhood-scale and master-planned developments in Florida.
Founded by Tony Cho — an early catalyst in emerging districts and founding board member of the Wynwood BID — the firm has led investments in Wynwood Arts District and Magic City Innovation District. Future of Cities pairs strong financial performance with place-based impact.
As seen in
Road to Utopia
Now streaming on Gaia
New book by Tony Cho
Generation Regeneration
Codesigning the Future of Cities Through Regenerative Placemaking
Friends of PHXJAX · a 501(c)3 Nonprofit
The district Jacksonville has been waiting for.
Small Business Incubation
Arts + Cultural Activation
Youth + Education
A Fully Controlled, Entitled District
5+ years of assemblage work completed. The risk is already taken.
Land + Control ✓ Completed
Entitlements + Incentives ✓ Completed
Allowed Uses
A 10× gain in effective land value — already achieved
Path of Progress
PHXJAX sits at the center of the largest wave of investment in Jacksonville's history.
The PHXJAX Playbook
District Site Layout
Six distinct development parcels, each with its own vertical program and exit strategy.
Adaptive Reuse Activation
116,000 SF of income-producing buildings actively de-risking the land while the vertical development pipeline executes. Click any building to view its leasing brochure.
18K SF
$20–30 PSF NNN
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21K SF
$12 PSF Warehouse
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12K SF
$7 PSF Warehouse
18K SF
$20–30 PSF NNN
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33K SF
$5.5M Valuation
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14K SF
$2.5M Valuation
View BrochureVertical Development Pipeline
Investors participate across all development sites.
280 units · 2.1 ac
Largest site. Emerald Trail runs through.
Target: 2027
220 units + retail · 1.2 ac
High-visibility entrance parcel.
Target: 2028
80 units (<60% AMI) · 0.8 ac
JV with Blue Sky. $2.16M valuation. $7/SF → $70/SF.
Target: Q1 2027
150-key lifestyle · 0.4 ac
Emerald Trail adjacency. Hospitality-ready site.
Target: 2029
250 units · 0.5 ac
Direct Emerald Trail frontage.
Target: 2029
The Phoenix Arts & Innovation District · Jacksonville, FL
A proven urban corridor — buildings delivered, land titled, entitlements complete.
Income-producing buildings live. Leases signed. Incentives secured. NOI generating.
This final raise completes the platform and unlocks ~$500M of vertical development upside.
Already worth 4.7× the equity invested — before this raise.
Investor Returns
For a $1,000,000 investment
| 2026 | 2027 | 2028 | 2029 | 2030 | |
|---|---|---|---|---|---|
| Net Distributions | — | $0.52M | $0.68M | $0.19M | $0.26M |
| Cumulative Cash Returned | $0 | $0.52M | $1.19M ✓ | $1.38M | $1.64M |
Model your projected returns based on investment amount
Projections based on 6% preferred return with 27% target net IRR. Actual returns may vary. This is not a guarantee of performance.
Diversified monetization across land, buildings, and recurring cash flow
Why PHXJAX. Why Now.
5+ years of assemblage, entitlement, and activation work already complete. Investors step in at the monetization phase.
116,000 SF of adaptive reuse buildings delivering NOI now, de-risking the land while vertical development executes.
$8B+ of nearby projects, Fortune 500 HQs, a stadium, and a Four Seasons validate the urban core investment thesis.
Future of Cities has delivered 40%+ historic IRR across prior district-scale investments in Florida.
Qualified Opportunity Fund structure offers significant capital gains tax deferral and potential elimination benefits.
Jacksonville land is repricing. This raise is the last entry before institutional capital locks in the valuation.
Minimum investment: $500,000. Limited to accredited investors.
Important Disclosures
This Executive Summary is neither an offer to sell nor a solicitation to purchase securities. It is intended solely for informational purposes and for accredited investors who have a prior substantive relationship with Future of Cities or its affiliates.
All financial projections, including but not limited to IRR, equity multiple, cash flow distributions, and net asset value estimates, are forward-looking statements based on assumptions that may not prove accurate. Actual results may differ materially. Past performance of prior investments is not indicative of future results.
Investing in real estate, private placements, and Qualified Opportunity Funds involves significant risk, including the potential loss of the entire investment. Prospective investors should carefully review all offering documents, including the Private Placement Memorandum (PPM), Operating Agreement, and Subscription Agreement, and consult with their own legal, tax, and financial advisors before making any investment decision.
Tax benefits associated with Qualified Opportunity Fund investments are subject to IRS regulations and may change. Investors should consult a qualified tax advisor regarding their individual circumstances.
Legal Counsel: Hoyt Hill · hoyt@salmonlegal.com · © 2026 Future of Cities / PHXJAX. All rights reserved.