Gateway Jax debuts $2 billion downtown development project with over 1,000 housing units
A $500 million project in one downtown corridor could lead to a $2 billion buildout in the next decade, Gateway Jax developers announced Wednesday.
The initial phase includes over 1,000 multi-family housing units, at least one grocery store, dining, retail and greenspace in what developers call the “Pearl Street District” between East Church and West Union streets. The goal is to eventually expand to cover over 20 city blocks.
Bryan Moll, chief executive officer of Gateway Jax, hosted an event to announce the plans and lead a walking tour to show virtual renderings of the new district with his development partners and city leadership.
“We’ll continue revitalizing the city’s core with mixed-use development that creates 18 hour-a-day vibrancy so residents can find everything they need to work, live and play all within one interconnected community,” Moll said Wednesday.
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As the push to revitalize and bring residents downtown continues, elected leadership in attendance, including the mayor and City Council members, praised the development plan – saying it pushed against Jacksonville’s reputation as a “city of renderings.”
What is 'the Pearl Street District?'
Gateway Jax started as a partnership between Florida development firms and is now backed by DLP Capital and JWB Real Estate Capital. JWB has been buying buildings downtown since 2020, co-founder Alex Sifakis said Wednesday, and saw the partnership as a natural expansion.
Moll, CEO of Gateway Jax, brought experience in large-scale projects to the team after previously working on a multi-billion project in downtown Tampa and the Amazon headquarters project in Washington, D.C.
The first phase of the projects includes five blocks along Pearl Street between Union and Church Streets, east of LaVilla School of the Arts, north of the Duval County Courthouse and west of First Baptist Church.
The area now is quiet and consists primarily of half-empty parking lots.
The developed space will feature outdoor attractions, both paved with a fountain and an area for open greenspace. Moll said the firm has not settled on an agreement with any particular grocery store yet, but has received interest “ranging in size from full service grocers, all the way down to specialty.”
“Pearl Square” will be primarily to serve pedestrians and bicyclists, but Moll assured attendees there would still be parking in the former First Baptist Church parking garage that JWB now owns.
The 1,000 units will include some “workforce housing,” Moll said, but he did not specify how many units or how affordable they will be. As the development expands, he said the project will come to include “affordable housing” options for people with lower incomes, but he did not say at what phase or how many units would be included.
What’s next?
The Downtown Development Review Board already gave conceptual approval last week for the site plan unanimously among the members present and without voting conflicts.
Gateway Jax is currently working with the Downtown Investment Authority to reach an agreement on an investment package that could cover as much of 29% of the project’s cost between tax breaks and a completion grant, The Jacksonville Daily Record first reported.
Gateway Jax would then return to the Downtown Development Review Board for approval of the design of the buildings.
Lori Boyer, CEO of the DIA, called the project “absolutely essential” to the downtown vision.
“I want to give you an assurance that we are going to work very hard to make sure that the investment is well spent, and you see the return that you envision on that,” Boyer said of the company. “It's a team effort. We've worked really well with the Gateway team and JWB, and we see this as a really catalytic development in this part of downtown.”
Boyer told the Times-Union after the event that she and the Gateway team have worked together for months to iron out the agreement and she is waiting to receive the developer’s final performance schedule before bringing it to the full board for a vote as early as October.
Mayor Donna Deegan also supported the project while continuing her push for city investment in infrastructure of the area, touting her first budget’s investments in resiliency, roads and downtown parks. City Council will bring the budget to a final vote Tuesday.
She stressed the importance of private-public partnerships in creating a thriving downtown environment moving forward.
“These investments also mean that developers can focus on building construction instead of amenities or infrastructure, so we [the city] have to play a big role there,” Deegan said. “I am so excited about where downtown is going. We have a lot of work to do, and I know downtown is going to reach its vast potential with all of us working together.”
This article originally appeared on Florida Times-Union: Gateway Jax debuts $500M Downtown Pearl Street District
