News Summary
Downtown Jacksonville is set for transformation with the Gateway Jax Pearl Square project, a $145 million development featuring residential units, short-term rentals, and commercial spaces. The proposed project is currently progressing through the city’s permitting process and aims to cater to local businesses and educational institutions. With 1,250 residential units planned, it promises to enhance the community and stimulate significant economic growth, generating an estimated $750 million annually once completed.
Jacksonville – Downtown Jacksonville is set to welcome a major new development aimed at revitalizing the area, as the Gateway Jax Pearl Square project progresses through the city’s permitting process. The estimated $145.21 million project, proposed by PCL Construction LLC, will feature a mix of short-term rentals, residential units, and a range of commercial spaces. A permit application for the project is currently under review by city officials.
The Pearl Square development is strategically positioned on Block N8, located at 440 W. Beaver St. This prime location is bordered by Beaver, Pearl, Ashley, and Clay streets and is expected to cater to a variety of tenants, specifically those in local businesses, educational institutions, and healthcare sectors. The ambitious plans include the construction of a 22-story building that will be connected to a 13-story structure and a three-story building, totaling 198,181 square feet of space.
Designed to attract individuals seeking flexible living arrangements, the development will comprise 537 rental units, including 394 apartments and 143 short-term rental units. These short-term rentals will provide furnished accommodations equipped with full kitchens and bathrooms, tailored for stays usually lasting less than 30 days. The project aims to foster partnerships with businesses, educational establishments, and major healthcare facilities to enhance its appeal.
Block N8 is conveniently located just eight blocks north of the planned University of Florida graduate campus, which is expected to offer a variety of master’s degree programs. Additionally, the site is within close proximity to Florida State College at Jacksonville Downtown Campus and approximately one mile from UF Health Jacksonville academic health care center.
The short-term rentals will be managed by an award-winning third-party operator, ensuring a high standard of customer service. Planned amenities for Block N8 also include a fitness center, four ground-floor retail spaces, a lobby, and dedicated reception areas for the rental units. A pool deck is slated for the fourth level of the lower building, and there will be two levels of parking available for residents and visitors.
Alongside the current permit application, a horizontal development application is under review, focusing on the removal of existing concrete, sidewalks, and other structural elements in preparation for construction. The Pearl Square initiative is part of a larger vision to revitalize a 22-acre area in downtown Jacksonville, with an overall capital investment of over $2 billion projected over the next decade.
The full scope of the Pearl Square development includes plans for a total of 1,250 residential units, a boutique hotel, 200,000 square feet of retail space, parks, and pedestrian-friendly public spaces. This initiative represents a significant investment in Jacksonville’s Downtown area, contributing to a series of ongoing projects across multiple blocks, such as Blocks N4 and N11.
The Jacksonville City Council previously approved a substantial $98.58 million incentive package to support the Pearl Square district in August 2024. Additionally, Gateway Jax is also involved in redeveloping the Ambassador Hotel located at 420 N. Julia St., which includes plans for a high-end restaurant, bar, conference space, and additional amenities to further enhance the neighborhood.
The involvement of major brokers, including Colliers’ Urban Division, will facilitate the leasing of retail spaces within the development, which is expected to yield significant economic benefits. Once completed, the Pearl Square development is estimated to generate an annual economic impact of $750 million, contributing to Jacksonville’s growth and operational vitality.
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Additional Resources
- Jax Daily Record: Downtown Pearl Square Construction
- Wikipedia: Jacksonville
- News4Jax: Ground Broken on Pearl Street District
- Google Search: Pearl Square Jacksonville
- First Coast News: Jacksonville Leaders Break Ground
- Google Scholar: Jacksonville Development
- Jacksonville.com: Gateway Jax Breaks Ground on First Project
- Encyclopedia Britannica: Jacksonville
