News Summary
Jacksonville has officially begun the development of a new residential and retail project in downtown, featuring 286 multifamily units and 20,000 square feet of retail space in the Pearl Square neighborhood. The groundbreaking ceremony, attended by city officials, highlights the significance of this initiative. A total of 500 residential units and 40,000 square feet of retail space are planned, with an overall investment of $2 billion. This development is set to foster a vibrant community and is projected for completion by 2027.
Jacksonville has officially kicked off the development of a new residential and retail project in its downtown area with a groundbreaking ceremony held on Thursday. This marks the start of construction for a second building in the Pearl Square neighborhood, an initiative from Gateway Jax.
The ceremony saw the participation of various city officials, including Mayor Donna Deegan, City Council President-elect Kevin Carrico, and City Councilman Raul Arias. Their presence underscored the significance of the project, which aims to contribute to the revitalization of downtown Jacksonville.
Located at 425 Beaver Street, the new building will feature 286 multifamily units, providing much-needed housing in the area. Additionally, it will include on-site parking and nearly 20,000 square feet of retail space, making it a hub for both living and shopping.
Upon completion, the Pearl Square development will encompass a total of 500 residential units and 40,000 square feet of retail space, creating a vibrant, walkable neighborhood where residents can live, dine, and shop conveniently.
The entire Gateway Jax development project is projected to be finished by 2027 and encompasses nine city blocks of a larger 25-block area acquired for this initiative. With an estimated total investment of $2 billion, the development seeks to foster a dynamic community atmosphere.
To support this venture, City Council has approved a $14.1 million Recapture Enhanced Value Grant specifically for the 425 Beaver Street site, along with additional grants for other blocks involved in the project. City officials have noted the importance of building a strong community as Jacksonville looks toward a vibrant future.
The site for this new building was officially designated as Block N4 prior to the commencement of the project. The developer behind Gateway Jax is a partnership between Bryan Moll, JWB Real Estate Capital, and DLP Capital LLC, all of whom are committed to transforming this area into a thriving part of the city.
Further plans for the Pearl Square include the development of Block N8, located immediately south of the current site, slated to begin construction in fall 2025. This future project is set to feature a 21-story building that will house at least 508 residential units and approximately 30,000 square feet of retail space, continuing the trend of urban expansion in the downtown area.
In addition to residential and retail spaces, Gateway Jax intends to renovate two historical buildings: the Ambassador Hotel and the Central National Bank. These renovations will also be designed to accommodate mixed-use purposes, further enhancing the neighborhood’s appeal and usability.
Pearl Square will not only serve as a residential and commercial hub but will also include parks dedicated to community events and activities, promoting interaction and engagement among residents. As the first building within Pearl Square is currently under construction at the intersection of Pearl and Church streets, it is expected to be completed by mid-2026.
The Groundbreaking Ceremony signifies an important milestone in the city’s ongoing efforts to revitalize downtown Jacksonville and create a more accessible urban environment for its residents.
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Additional Resources
- WOKV: Gateway Jax Breaks Ground
- Wikipedia: Downtown Jacksonville
- Jax Daily Record: Gateway Jax Groundbreaking
- Encyclopedia Britannica: Jacksonville, Florida
- Multifamily Dive: Gateway Jax Projects
- Google Search: Gateway Jax development
