Transformational Downtown project cleared to move through the next phase of City review
Jacksonville, Fla. –– December 14, 2023 –– Gateway Jax, a Jacksonville-based real estate development firm sponsored by JWB Real Estate Capital and DLP Capital, today announced the final design approval of its Pearl Street District project. The Downtown Development Review Board (DDRB), an entity of the Downtown Investment Authority (DIA), has unanimously approved the design for three blocks of the development.
The Pearl Street District, initially announced in September 2023, will serve as the first phase of development for the more than 20 city blocks acquired by Gateway Jax in the North Core district of Downtown. The first phase encompasses five blocks and will feature $500 million of mixed-use development, including over 1,000 multifamily residential units and 100,000 square feet of retail, in addition to a variety of new public spaces that encourage community interaction. The total buildout of Gateway Jax’s current Downtown pipeline is estimated at $2+ billion over the next decade.
The overall site plan for the Pearl Street District was unanimously approved by DDRB in October. Building designs for the first three blocks were presented to the DDRB for conceptual approval that same month, and to the DIA board for the project’s incentive package in November. Individual block design approval from the DDRB marks the final step in this phase of City review. Pending City Council approval of its incentive package in early 2024, the project will advance into permitting, with a planned construction start next year.
The project will impact the overall economy of the City of Jacksonville in multiple ways. According to an impact analysis report prepared by KB Advisory Group, at full build-out, the Gateway Jax redevelopment is anticipated to directly create approximately 2,700 permanent jobs and spur over $750 million in annual economic impact. When factoring in the follow-on demand induced by the catalytic nature of development at this scale, the Gateway Jax development pipeline is expected to generate over $475 million in annual tax revenues to the City of Jacksonville upon full completion.
“It is an exciting time for Downtown Jacksonville and Gateway Jax’s first phase of development along Pearl Street as we achieve this milestone in the development process,” said Bryan Moll, CEO of Gateway Jax. “We appreciate the DDRB and DIA’s enthusiasm for our team’s vision and their commitment to seeing Downtown Jacksonville reach its full potential. We know developments of this scale can be transformational for a city, based on our experience in other markets, and we look forward to the next steps as this initiative progresses.”
Gateway Jax’s redevelopment plan marks one of the largest-ever urban core revitalizations in the United States, based on geographic span, and will complement existing initiatives by the City to spur new economic vitality. Pending additional approvals from the City Council, the Pearl Street District is expected to break ground in mid-2024.
For more information on the project and Gateway Jax, visit gatewayjax.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.