Gateway Jax Acquires 22 Acres in Downtown Jacksonville for $2 Billion Mixed-Use Project

by Hayden Spiess

Jacksonville, Fla. — Gateway Jax has acquired 22 acres within Jacksonville’s downtown area to develop a $2 billion mixed-use project aimed at revitalizing the city’s urban core.

The first phase of the project is called the Pearl Street District. Plans for Pearl Street District include three buildings in the North Core area of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. The cost of phase one is expected to be approximately $500 million.

The Jacksonville Downtown Development Review Board has approved the conceptual plan for Pearl Street District, and Gateway Jax plans to break ground midway through 2024. The developer expects that construction on the full project will continue over the next decade.

At full build-out, the project will span 20 city blocks and offer public spaces, courtyards and sidewalk cafes, according to the developer. In addition to multifamily and retail space, Gateway Jax plans to include office, hotel and green corridors complementing the city’s 30-mile Emerald Trail in future phases of the project’s development.

“We plan to create thriving, walkable neighborhoods that create a sense of place, attracting residents and workers who’ll be able to find everything they need within the city’s core,” says Bryan Moll, CEO of Gateway Jax. “Jacksonville is the gateway to Florida and a key to the state’s economic future, and the city is on the cusp of an unheralded transformation.”

Gateway Jax is sponsored by JWB Real Estate Capital and DLP Capital. JWB initially acquired the majority of the downtown properties, which have since segued into the Gateway Jax portfolio. DLP Capital is providing financing for the project through its private funds.

The project sites are situated in proximity to the $400 million graduate campus that the University of Florida plans to build near downtown Jacksonville. JWB Real Estate Capital and DLP Capital are each donating $500,000 to development of the new campus.

Gateway Jax previously led the development of Water Street Tampa, a $4 billion revitalization of Tampa’s waterfront, as well as National Landing in Arlington, Virginia. National Landing is the site of Amazon HQ2, which is an expansion of Amazon’s headquarters in Seattle.

— Channing Hamilton

You may also like