News Summary
A groundbreaking ceremony in Jacksonville marked a key milestone in the Pearl Square development. The project will encompass nine properties with an investment of $750 million, aiming to provide over 1,250 new residential units and 200,000 square feet of retail space. City officials, including Mayor Donna Deegan, highlighted its significance in community development, reminiscent of Tampa’s Water Street. Financial incentives have been approved to support the construction, which is set to enhance the downtown area significantly.
Jacksonville – A groundbreaking ceremony on May 29 marked a significant milestone for the Pearl Square development in downtown Jacksonville, which is set to expand to nine properties with an overall investment of $750 million. The project, initiated by Gateway Jax, signifies an ambitious plan to renovate and enhance the area, aiming to deliver more than 1,250 new residential units and approximately 200,000 square feet of retail space.
The Pearl Square initiative initially included five properties and was projected to cost $419 million. However, as plans evolved, two additional projects emerged, bringing the total investment to $750 million. Construction is currently underway on a $110 million mixed-use project located at 425 Beaver St., alongside another project at 515 Pearl St., which is also set to include extensive residential and retail components.
Upon its completion, the Pearl Square development will feature a boutique hotel with 100 rooms, various public spaces, and broader sidewalks designed to foster outdoor dining experiences. The design of the area will include lush park spaces and a unique, curbless festival street, contributing to a vibrant atmosphere. Residents and visitors can look forward to a full-service grocery store, a high-end fitness club, and a variety of shops and restaurants that will provide daily service options.
City Council member Kevin Carrico expressed enthusiasm about the Pearl Square project, comparing its potential impact to that of Tampa’s Water Street. Recently, the City Council approved several financial incentives to support the development: a $14.1 million Recapture Enhanced Value Grant and a $6.84 million completion grant for the 425 Beaver St. project, along with a $9.06 million REV grant and a $4.63 million completion grant for the 515 Pearl St. project. When combined, these two projects will contribute approximately 500 residential units and 40,000 square feet of retail space.
The groundbreaking event attracted notable attendance, including Jacksonville’s Mayor Donna Deegan and multiple city council members. Mayor Deegan remarked on the importance of the project as a symbol of community building and progress in Jacksonville.
The overall Pearl Square development spans nine blocks, a part of a more extensive 25-block acquisition for the Gateway Jax development, which is a collaboration between Bryan Moll, JWB Real Estate Capital, and DLP Capital LLC. The master plan for Gateway Jax encompasses an estimated total investment of $2 billion across 32 acres.
Looking ahead, the project has plans for Block N8, which will aim to construct a minimum 21-story building with at least 508 residential units and approximately 30,000 square feet of retail space, slated to begin construction in fall 2025. Additionally, the site designated as Block N5 is set to accommodate retail and parking facilities.
One of the notable upcoming projects is the NoCo Center at 712 N. Hogan St., which will be redeveloped into a 16-story building, featuring 250 multifamily units and a structured parking garage. The plans for this location also include transforming the former First Baptist Church’s auditorium into a building that will house a full-service grocery store.
Other developments are in the pipeline, such as a 60,000-square-foot office building at 655 Pearl St. and various residential projects at locations including N4 (425 Beaver St.) and N8, all featuring unique retail spaces. The anticipated cost for the proposed 22-story building at N8 is around $145.21 million, ensuring a substantial addition to Jacksonville’s skyline.
The city expects the momentum of construction to continue leading up to the full completion of the Pearl Square project, which is projected to conclude between late 2027 and early 2028.
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Additional Resources
- Jacksonville Daily Record: Pearl Square Evolves
- Wikipedia: Jacksonville
- News4Jax: Gateway Jax Breaking Ground
- Google Search: Pearl Square Jacksonville
- First Coast News: Jacksonville Leaders Break Ground
- Google Scholar: Jacksonville Development
- Jacksonville.com: Gateway Jax Breaks Ground
- Encyclopedia Britannica: Jacksonville
- Rebusiness Online: Gateway Jax Breaks Ground
- Google News: Jacksonville Real Estate
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