News Summary
The Jacksonville Transportation Authority has sanctioned a 99-year lease with Gateway Jax for constructing apartments and commercial spaces near the Rosa L. Parks Transit Station. The unanimous decision allows for the development of 250 residential units with 15% designated as workforce housing, alongside 5,000 square feet of commercial area. This initiative is part of Jacksonville’s broader urban redevelopment strategy aimed at enhancing community amenities and affordable housing options.
Jacksonville – The Jacksonville Transportation Authority (JTA) board has approved a significant long-term lease with Gateway Jax, enabling the construction of apartments and commercial spaces near the Rosa L. Parks Transit Station. The board’s unanimous vote of 5-0 on July 1 paves the way for a 99-year ground lease on a 1.47-acre vacant lot located at the transit hub.
As part of the agreement, Gateway Jax will pay an annual rent of $110,000 for the first year, which will increase by 2% each subsequent year. The development plan includes the construction of 250 residential units and 5,000 square feet of commercial space. Gateway Jax is required to pay a deposit of $50,000 and must start construction within 720 days of executing the lease, with completion mandated within 26 months of breaking ground.
Furthermore, the agreement stipulates that 15% of the residential units must be designated as workforce housing, contributing to affordable living options in the area. Gateway Jax, a partnership led by principal Bryan Moll along with JWB Real Estate Capital and DLP Capital LLC, is already engaged in a sprawling development project in the Downtown area that could encompass over two dozen properties with a projected total cost exceeding $2 billion.
Details of the Lease and Development
The vacant lot for this development is strategically positioned, bordered to the west by the Rosa L. Parks Transit Station, to the north by State Street, to the east by Laura Street, and to the south by Union Street. The development is part of a broader initiative aimed at revitalizing the urban landscape of Downtown Jacksonville, with other ongoing improvements in the vicinity.
In addition to residential and commercial spaces, the project includes plans for a grocery store and additional retail outlets, intended to enhance community services. A separate proposal has been submitted to recommend incentives for establishing a premier grocery store that would offer essential services, including fresh produce, meats, and pharmacy options, under prescribed operational guidelines.
Broader Redevelopment Initiatives
The Gateway Jax partnership has recently acquired the former First Baptist Church auditorium, now branded as the NoCo Center, which will undergo transformation into a 16-story apartment building integrated with retail spaces, aligning with the greater development ambition in Downtown Jacksonville.
This development reflects Jacksonville’s ongoing commitment to urban redevelopment, focusing on enhancing local infrastructure and community facilities, particularly in locations with high transit accessibility. As construction begins, the anticipated improvements will not only provide more housing but also stimulate economic growth and offer diversified amenities catering to the needs of residents and visitors alike.
In summary, the JTA’s approval of the ground lease to Gateway Jax marks a critical step toward enhancing the Downtown Jacksonville landscape. With affordable housing initiatives, commercial spaces, and essential services planned, this development aims to create a vibrant community hub while contributing to the city’s revitalization efforts.
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Additional Resources
- JTA Board Approves Lease Agreement with Gateway Jax
- Autonomous Vehicle Service Launch in Jacksonville
- Wednesday’s Daily Pulse – Florida Trend
- Wikipedia: Jacksonville
- Gateway Jax Plans for Former First Baptist Auditorium
- Google Search: Jacksonville Transportation Authority
