DCPS Loses $250K After Headquarters Purchase Falls Through

The district had to forfeit a deposit after a deal to sell its current headquarters was cancelled.

Published on Feb. 22, 2026

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Duval County Public Schools (DCPS) has lost $250,000 after cancelling the purchase of a new headquarters property in Jacksonville's Baymeadows area. The district had planned to move to the new location but had to back out of the deal after the sale of its current Southbank headquarters fell through.

Why it matters

The loss of the $250,000 deposit is a significant financial setback for DCPS, which is already facing budget constraints. The failed headquarters deal also highlights the challenges the district faces in finding an appropriate new location and securing a buyer for its current property.

The details

DCPS had a $250,000 deposit on the new Baymeadows property, but had to forfeit that money when the purchase agreement was terminated. The district had planned to sell its current Southbank headquarters to Chase Properties for around $17.2 million, but that deal fell through after Chase learned the property was part of a Community Development District (CDD), which created hurdles for redevelopment.

  • The school board approved the sale of the Southbank headquarters to Chase Properties in November 2025.
  • Chase Properties announced it was backing out of the deal in early 2026.

The players

Duval County Public Schools (DCPS)

The public school district serving Jacksonville, Florida and surrounding areas.

Chase Properties

A real estate development company that had planned to purchase DCPS's Southbank headquarters for around $17.2 million.

Michael Balanky

The CEO of Chase Properties.

Joe Carlucci

A Jacksonville City Councilman representing the Southbank area.

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What they’re saying

“When someone buys it, they cannot just build whatever they want. And if they do build what is agreed upon by RiversEdge, it's still going to carry a certain level of CDD fees.”

— Joe Carlucci, Jacksonville City Councilman (First Coast News)

What’s next

DCPS will need to find a new location for its headquarters and determine how to recoup the $250,000 deposit it lost on the failed Baymeadows property purchase.

The takeaway

The failed headquarters deal highlights the financial and logistical challenges DCPS faces in finding an appropriate new location, as well as the complexities involved in redeveloping properties that are part of Community Development Districts.