Commercial real estate company to redevelop and integrate historic hotel building into Pearl Square
JACKSONVILLE, Fla. –– March 18, 2025 –– Gateway Jax, a Jacksonville-based commercial real estate development firm, today announced preliminary plans for the historic Ambassador Hotel property at 420 North Julia Street. The company will restore the hotel to its original glory, bringing upscale hospitality amenities to the Downtown Jacksonville landscape with the partnership of The Indigo Road Hospitality Group (IRHG).
The Georgian Revival structure opened in Jacksonville in 1924, and was added to the National Register of Historic Places in 1983. Gateway Jax plans to redevelop the iconic hotel into a minimum of a 100-key concept with a high-end restaurant and bar, conference space and other amenities to attract both business and leisure travelers. The acquisition included an adjacent land parcel where a 487-space parking garage will be constructed to serve the hotel, neighborhood retail and adjoining buildings. Several other parcels, including the historic 404 North Julia Street building, were also included in the transaction and will be developed in the future.
Gateway Jax will partner with IRHG, a leading hospitality group that specializes in restaurant and hotel concepts lauded by guests and industry experts alike. The company and its founder, Steve Palmer, are established operators with successful concepts around the Southeast. Touting accolades from notable organizations, including multiple honors from The James Beard Foundation, recognition from Travel + Leisure, Conde Nast Traveler, The Washington Post, The Wall Street Journal and The New York Times, Indigo Road has a proven track record of excellence in the lodging and culinary industries.
“We have a unique opportunity to continue strengthening the fabric of Downtown with this important, historic structure. The Ambassador Hotel will be one of the cornerstones of Pearl Square, a world-class development,” said Bryan Moll, CEO of Gateway Jax. “We truly believe in the limitless potential within the Urban Core of Jacksonville, and know that partnering with likeminded organizations with a mutual desire to see Downtown continue to thrive can make our dreams into reality. Indigo Road brings decades of experience in bespoke hospitality concepts to our expertise in urban development. Together, we can redevelop this iconic piece of Jacksonville architecture that will honor the city’s past and contribute meaningfully to its very bright future.”
Steve Palmer, IRHG founder and chief vision officer, has played an active role in bringing elevated hospitality concepts to Downtown revitalization efforts in major markets across the region. Among others, The Indigo Road operates in markets including Charlotte, Nashville, Atlanta and Raleigh –– all cities that have undergone major redevelopments in their respective city centers. The company currently owns and operates O-Ku in Jacksonville Beach, and recently announced plans to open Oak Steakhouse in the historic Greenleaf Building in Downtown. Palmer and his team will provide technical services and guide the development of a high-end restaurant and bar for the Ambassador Hotel.
“We are incredibly excited about the opportunity in Downtown Jacksonville,” said Palmer. “In the next two to three years, this neighborhood will see a revitalization similar to what has happened in many other markets where we operate. We can’t wait to share our brand of hospitality with even more of our friends and neighbors in the Downtown area through our partnership with Gateway Jax.”
The Ambassador Hotel site will be integrated into Gateway Jax’s inaugural project, Pearl Square. The eight-block, multi-use development will also include 1,250 new residential units; approximately 200,000 square feet of grocery-anchored retail space; vibrant new public spaces, including widened and shaded sidewalks; lush public park spaces; and a signature curbless festival street with abundant outdoor dining opportunities. The project’s first building, located at 515 Pearl Street, broke ground in October 2024 and is on track to deliver in 2026. Several other projects within Pearl Square will begin construction in 2025.
Gateway Jax, sponsored by DLP Capital and JWB Real Estate Capital, manages a private equity fund focused exclusively on Downtown Jacksonville development. Pearl Square, an unprecedented mixed-use development in the Urban Core, represents an estimated $2 billion capital investment over the next decade. Folding in the Ambassador Hotel into the project reinforces the company’s focus on transforming the city in which they live, work and play.
“We are excited to be part of the revitalization of Downtown Jacksonville and these sites are a critical component to this vision,” said Don Wenner, CEO of DLP Capital. “All successes start with people and bringing additional residents and hotel guests to our city while helping to preserve its architectural legacy is something that we are incredibly proud of to help drive forward.”
For more information on Gateway Jax and the Pearl Square project, visit gatewayjax.com.
###
About Gateway Jax
Gateway Jax is a Jacksonville-based investment and development firm, created and sponsored by JWB Real Estate Capital and DLP Capital. Founded in 2022, its leadership brings decades of experience in urban real estate development across North America, focusing on developing dynamic, interconnected, and vibrant projects in walkable, mixed-use environments.
Gateway Jax is committed to working in collaboration with residents and communities to build future-forward ways of working, living and playing. Learn more at gatewayjax.com.
About The Indigo Road Hospitality Group
Founded in 2009 by Steve Palmer, The Indigo Road Hospitality Group (IRHG) owns, operates, and manages restaurants and boutique hotels throughout the country. Based in the Southeast, IRHG is founded upon the core principle of serving with love and creating memorable experiences for all. In 2019, IRHG marked its tenth anniversary by being named a Forbes Small Giant and appearing on the Inc. 5000 Fastest Growing Companies list, and in 2020 announced its new venture into lodging with a focus on food & beverage-driven boutique hotels. Indigo Road’s dedication to excellence in food & beverage was recognized in multiple years (’18,’19,’20, and ‘24) by Palmer being named a semifinalist by the James Beard Foundation’s award for Outstanding Restaurateur. For more information on the portfolio, team, core values and services, visit theindigoroad.com.
About DLP Capital
DLP Capital is a private, diversified real estate investment firm. The firm’s core focus is on investing in, developing, and financing attainable housing for America’s workforces, including multifamily and single-family rental homes, along with related investments including RV resorts, among other live-work-play communities aimed at enhancing the lives of working Americans. The firm’s portfolio is capitalized via a series of evergreen investment funds for accredited investors, each of which has provided superior year-over-year consistent returns since inception. With more than $5 billion of assets under management, DLP Capital has been on the Inc. 5000 list of “Fastest Growing Private Companies in America” for 11 consecutive years. Through its exclusive membership platforms focused on wealth legacy and business scaling—including its proprietary Elite Execution System—DLP Capital empowers its clients and impacts lives while fulfilling a core mission of the firm: Doing well while doing good. DLP Capital is headquartered in St. Augustine, FL, with offices in Allentown, PA and Asheville, NC. Visit DLPCapital.com.
About JWB Real Estate Capital
JWB Real Estate Capital was founded in 2006 in Jacksonville and has grown into one of the premier development companies in Northeast Florida. Its core business is providing passive real estate investments for its clients across the globe, and JWB currently has over $1.3 billion of assets under management for those clients. JWB is a leader in the affordable housing space, building hundreds of affordable rental homes every year and is currently developing over 2,300 single family lots and 1,300 multifamily units. With over 5,400 units under management, affiliated company JWB Property Management is the largest single-family property management company in Jacksonville. JWB is very proud that over 90% of the rental units it manages are affordable to households making 80% or less of the Average Median Income (AMI). JWB has been named to the Inc. 5000 list 11 times, named a Best Places to Work eight times, and in 2022 was named a Florida EY Entrepreneur of the Year award winner. For more information visit www.JWBRealEstateCapital.com.