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 Jacksonville Downtown Development Review Board has approved the conceptual plan for the $500 million first phase of the project, which is called Pearl Street District. Phase one include three buildings in the North Core district of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. Gateway Jax plans to break ground midway through 2024
At full build-out, the project will span 20 city blocks and revitalize the area with 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.
Gateway Jax is sponsored by JWB Real Estate Capital and DLP Capital. JWB Real Estate 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 evergreen funds.