Jacksonville, Fla. — Gateway Jax has received approval from the Jacksonville City Council for the development of Pearl Street District, a $2 billion mixed-use project set to span 25 blocks in downtown Jacksonville.
Plans for the development include 1,000 residential units; more than 100,000 square feet of retail space; public gathering spaces, including parks surrounding the historic Porter House mansion; widened and shaded sidewalks; and a curbless “festival street” with outdoor dining. Gateway Jax bought the site last year.
Anticipated tenants for the retail portion of the project include a full-service grocery store, high-end fitness club, restaurants and daily service providers, like salons and shops.
Gateway Jax plans to break ground in October, pending receipt of city permits, and develop the project in phases over the next decade. The project is expected to create 2,700 permanent jobs and spur over $750 million in annual economic impact and full build-out, according to the developer. Partners include the Downtown Investment Authority and the City of Jacksonville.
Gateway Jax is a Jacksonville-based commercial real estate development firm sponsored by JWB Real Estate Capital and DLP Capital.
— Katie Sloan