Jacksonville, Florida, January 6, 2026
Jacksonville’s Downtown Investment Authority has approved a $49.66 million incentive package for the Pearl Square project. This initiative will support a mixed-use tower featuring residential units and a grocery store, expected to enhance downtown’s urban landscape and contribute significant tax revenue to the city.
Jacksonville Approves $49.66 Million Incentive Package for Gateway Jax’s Pearl Square Project
Jacksonville, Florida – On December 17, 2025, the Downtown Investment Authority (DIA) board unanimously approved a $49.66 million incentive package for Gateway Jax’s Pearl Square development. This package supports the N7 block project, a 14-story mixed-use tower at 119 W. Beaver St., featuring 259 residential units, 450 parking spaces, and a 32,000-square-foot Publix grocery store. The project is expected to add approximately $2 million in annual property tax revenue to the city.
Details of the Incentive Package
The approved incentive package comprises two main components:
- Recapture Enhanced Value (REV) Grant: A 75% rebate on incremental property taxes over 17 years, totaling up to $21.41 million. This grant is paid after the developer settles the annual property tax bill, allowing the city to retain 25% of the incremental tax revenue.
- Completion Grant: A $28.25 million grant disbursed upon the project’s completion, contingent on the successful establishment of the residential units and the Publix store.
Project Overview
The N7 block is part of Gateway Jax’s broader Pearl Square initiative, a $750 million development in Jacksonville’s NorthCore area. The project aims to revitalize downtown by introducing a full-service grocery store and increasing residential density. The development is projected to break ground in 2026 and be completed by 2029.
Background Context
Gateway Jax, a Jacksonville-based commercial real estate development firm, has been actively involved in transforming downtown Jacksonville. The Pearl Square project is a significant part of this effort, encompassing multiple blocks and aiming to enhance the city’s urban landscape. The inclusion of a full-service Publix grocery store addresses the long-standing need for such amenities in the downtown area.
Key Features of the Pearl Square Project
| Feature | Description |
|---|---|
| Location | 119 W. Beaver St., Jacksonville, Florida |
| Project Type | 14-story mixed-use tower |
| Residential Units | 259 units |
| Parking Spaces | 450 spaces |
| Retail Space | 32,000-square-foot Publix grocery store |
| Total Incentive Package | $49.66 million |
| Projected Groundbreaking | 2026 |
| Projected Completion | 2029 |
| Estimated Annual Property Tax Revenue | $2 million |
Frequently Asked Questions (FAQ)
What is the Pearl Square project?
The Pearl Square project is a $750 million development in Jacksonville’s NorthCore area, aiming to revitalize downtown by introducing a full-service Publix grocery store and increasing residential density. The N7 block, a 14-story mixed-use tower at 119 W. Beaver St., is a key component of this initiative.
What does the approved incentive package include?
The approved incentive package includes a Recapture Enhanced Value (REV) Grant of up to $21.41 million and a Completion Grant of $28.25 million, totaling $49.66 million. These grants are designed to support the development and completion of the N7 block project.
When is the project expected to break ground and be completed?
The N7 block project is projected to break ground in 2026 and be completed by 2029.
How will the project impact Jacksonville’s downtown area?
The project aims to revitalize downtown Jacksonville by introducing a full-service grocery store and increasing residential density, addressing the long-standing need for such amenities in the area.
Who is behind the Pearl Square project?
Gateway Jax, a Jacksonville-based commercial real estate development firm, is leading the Pearl Square project. The firm is committed to transforming downtown Jacksonville through various development initiatives.
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Author: STAFF HERE JACKSONVILLE WRITER
The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
