Emerald Investment Holdings, LLC owns approximately 1,561 acres surrounding all four quadrants at the intersection of Interstate 95 at St. Johns Heritage Parkway. The master Development Agreement (DA) serves as a legally binding instrument outlining the responsibilities and commitments of the both the Developer/Owner and the City relating to the development project known as "Emerald Lakes".  

In 2018, Council approved a concept plan providing for a maximum of 3,760 residential dwelling units (570.7 acres) and 2,820,000 square feet of non-residential/commercial uses (447.4 acres) for a Regional Activity Center (RAC) known as "Emerald Lakes". The RAC designation provides for mixed-use development which will include, but not be limited to commercial, industrial, retail and a variety of residential uses.

Subsequently in 2018, City Council approved a petition for the creation of Emerald Lakes Community Development District (CDD), which is responsible for maintaining community development services and facilities, such as roads, lighting and landscaping. 

In 2019, City Council approved the Final Development Plan and Preliminary Plat for Emerald Lakes West Phase I authoring the Developer to construct on-site master infrastructure for acreage west I-95 to the north and south of St. Johns Heritage Parkway.

In 2020, Council approved the Final Development Plan and Preliminary Plat for Emerald Lakes West Phase II, authorizing the Developer to construct a mixed-use "town center" totaling 961,000 square feet of commercial and office; 370 hotel rooms; and 1,348 multi-family units surrounding a 9+ acre Crystal Lagoon; a “workplace” totaling 507,300 square feet of commercial and office; 120 hotel rooms; and 525 multi-family units; an “urban living" environment totaling 233 single-family and 75 multi-family townhome units; and 56 acres of open space consisting of neighborhood parks, dog parks, nature trails, nature center and 237 acres in conservation of the natural environment including the northern Cypress Slough, wetlands, and scrub jay habitat.

The DA is effective for a period of 20 years and provides for development standards and obligations relating to infrastructure and public improvements, to include roads/transportation,  stormwater and utilities as well as public facilities such as parks and public safety (police and fire rescue).