Developer to bring a 15-story tower, including a full-service Publix and multifamily housing to Downtown
JACKSONVILLE, FL – December 17, 2025 –– Gateway Jax, a Jacksonville-based commercial real estate development firm, today announced the Downtown Investment Authority (DIA) Board has approved a public-private partnership package that advances plans for the N7 block of Pearl Square. The package supports the creation of a $148 million high-rise project, located at 119 Beaver Street, that will deliver a full-service Publix grocery store and significant residential density to Downtown Jacksonville. The project is expected to add $2 million in annual property tax revenue to the City of Jacksonville.
The N7 block comprises a 15-story, 259-unit multifamily building featuring 450 parking spaces and 37,000 square feet of ground-floor retail, anchored by a 32,000-square-foot Publix grocery store. This approval directly aligns with the DIA’s Downtown Business Investment District (BID) plan goals to increase Downtown housing and secure a full-service grocer, addressing food desert concerns in the urban core and adjacent neighborhoods, like Springfield.
The approved package fully complies with the DIA’s standard High Rise Incentive program, and marks the first development to be approved through the program without any requests for deviation or special considerations to move forward. The City of Jacksonville will participate in the long-term financial performance of the N7 block once it delivers, through an innovative, first-of-its-kind partnership in which the City will monitor the project’s performance and share in financial gains, which further aligns the public and private interests in the project.
"Gateway Jax is proud to partner with the City of Jacksonville and the DIA on this truly transformative development," said Bryan Moll, CEO of Gateway Jax. "This block is much more than a collection of apartments and retail; it is a catalyst for economic growth, a significant step forward in food security for the area and a testament to the power of public-private collaboration toward shared goals. We are delivering the housing and full-service grocer that Downtown has needed for decades, utilizing a standardized, fiscally sound incentive program to make it happen.”
By undertaking this project, Gateway Jax will transform a previously non-tax-paying property into a significant asset, producing at least $2 million in annual tax revenue for the City. With the addition of the N7 block, Pearl Square will reach its planned buildout of approximately 1,250 multifamily units, translating to an estimated 2,000 new residents. This population threshold provides the critical mass needed to support a full-service grocery store—an amenity Downtown Jacksonville has long lacked.
The incentive package, which is typical for a development of this size, includes both a Recapture Enhanced Value (REV) Grant and a Completion Grant. These grants are only disbursed after a project is finished and begins contributing to the City's tax rolls. Each grant operates under different terms.
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The REV Grant: This $21.41 million grant is paid as a rebate of 75% of the incremental property taxes generated by the parcel over 17 years. Crucially, the rebate is only paid after the developer pays the year’s property tax bill; the City benefits from tax income prior to paying the grant. The City retains the remaining 25% of the incremental tax, ensuring a net positive tax revenue gain compared to the current, vacant site.
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The Completion Grant: This $28.25 million grant is paid after the developer successfully completes the multifamily units and Publix is open for business.
The city is projected to fully recoup its investment in the project and yield a surplus. Over a 20-year period, the City is anticipated to achieve a minimum return on investment (ROI) of 1.1x, based on City underwriting.
“The truly exciting piece of this project is that the City of Jacksonville shares in the project's success: if we exceed expectations, so does the City,” stated Moll. “Importantly, our investors will not receive any incentives until the property is complete and officially added to the tax rolls.”
"The N7 development represents a monumental step forward in the revitalization of our urban core,” said Colin Tarbert, CEO of DIA. “This project will bring hundreds of new residents to Downtown and deliver a transformative retail amenity with the inclusion of a full-service grocer at the heart of Downtown — something the community has long needed. Through our partnership with Gateway Jax, Pearl Square will play a critical role in strengthening Downtown’s livability, walkability, and long-term economic vitality.”
The project is expected to break ground in 2026 and deliver in 2029. For more information on Gateway Jax and the Pearl Square project, including leasing opportunities, visit pearlsquare.com.
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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 Downtown Investment Authority (DIA)
The Downtown Investment Authority (DIA) serves as the City of Jacksonville’s community redevelopment agency and economic development arm for Downtown. Through stewardship and collaboration, the DIA drives investment, facilitates growth, and fosters community to create a vibrant Downtown for all. Guided by a nine-member board, the DIA advances its mission through strategic capital investments, planning, marketing, and public-private partnerships. Learn more at https://dia.jacksonville.gov/.