Gateway Jax, a Jacksonville-based real estate development firm sponsored by JWB Real Estate Capital and DLP Capital, recently received 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 in 2024.
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.
For more information on the project and Gateway Jax, visit gatewayjax.com.
