July 10, 2025

Gateway Jax Acquires Nine Downtown Jacksonville Properties

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News Summary

Gateway Jax has successfully acquired nine properties in Downtown Jacksonville for $7.5 million as part of a larger plan to enhance the area through residential and retail development. The purchase, financed by $8.64 million in mortgages, aims to revitalize the downtown neighborhood by improving pedestrian and cyclist experiences. Current plans include creating over 1,250 residential units and significant retail space, representing a total investment of $2 billion.

Jacksonville

Gateway Jax has acquired nine properties in Downtown Jacksonville for $7.5 million as part of a planned multiblock residential and retail development project. This acquisition, completed on July 2, includes a total of 1.8 acres of land that will contribute to a larger initiative aimed at revitalizing the downtown area.

The properties were sold by Jim and Ellen Wiss of Atlantic Beach, who purchased them over the course of 2020 and 2021. The transaction involved the sale of eight properties through their company, EJPC LLC, for $5.475 million, as well as one property sold through AWP331 LLC for $2.025 million. Both companies are based in Kansas City, Missouri.

The buyer, North Core 904 LLC, financed the purchase with two mortgages totaling $8.64 million from DLP Lending Fund LLC, an investor in the Gateway Jax development. This funding will support various phases of property acquisition and development for the project.

The properties included in the acquisition encompass several key locations, enhancing Gateway Jax’s strategic development plans. The sold properties consist of:

Three adjoining parking lots (0.51 acre) at West Beaver Street and North Hogan Street, adjacent to the Gateway parking garage at 712 Hogan St.
A former First Baptist Church office building (15,987 sq. ft., 0.12 acre) at 604 N. Hogan St., built in 1947.
A second former First Baptist Church office building (21,888 sq. ft., 0.14 acre) at 211 W. Ashley St., built in 1954.
A 0.16-acre parking lot at 124 W. Ashley St.
A 0.11-acre vacant lot at 225 W. Ashley St.
A 0.28-acre parking lot at 241 W. Ashley St.
A 0.48-acre parking lot at 331 W. Ashley St., sold through AWP331 LLC.

During their ownership, the Wisses acquired the nine properties for a total of $1.95 million. The previous plans for these properties in 2022 included a $55 million investment aimed at building apartments, retail, and office space at the former church sites.

CEO Bryan Moll of Gateway Jax emphasized the importance of these properties, referred to as Block N10, in improving pedestrian and cyclist experiences within the area. He also indicated that controlling these properties is critical for planning the project’s overall connectivity and functionality.

The deal was notably protracted, taking three years to reach finalization after an introductory meeting between Moll and the Wisses facilitated by a mutual contact. This indicates the level of thoroughness and deliberate planning involved in the acquisition process.

The Wisses previously owned the Federal Reserve Bank Building at 424 N. Hogan St., which they sold in August 2020 for $1.75 million. That building is currently undergoing renovations to become a private club known as The June Social Club.

Gateway Jax is also developing the Pearl Square neighborhood, a diversified mixed-use project projected to feature 286 multifamily units, with completion expected by 2027. This project is part of a larger vision for the downtown area, which aims to create over 1,250 residential units and 200,000 square feet of retail space within a 9-acre site.

Overall, Gateway Jax’s operations are focused on creating a walkable downtown neighborhood, in line with the needs of a rapidly growing population in Jacksonville. With a total planned investment of $2 billion covering a 32-acre area surrounding the acquired properties, the Gateway Jax project intends to foster a vibrant urban environment in Downtown Jacksonville.