Gateway Jax has received approval to begin work on the first of five blocks for its Pearl Street District development. This highly anticipated project, with an estimated cost of $419 million, will bring 1,000 residential units and a significant amount of retail space to the area. The city has granted a permit for the initial phase known as Block 11.
The construction company Avant Construction has been chosen to lead this $45 million project which will feature a seven-story building housing 205 residential units and approximately 24,086 square feet of retail space. Gateway Jax is being developed by a joint venture between two prominent companies in the real estate industry – JWB Real Estate and DLP Capital.
In addition to Block 11, future plans have been approved by the Downtown Development Review Board for an impressive mixed-use building that will stand at twenty-two stories tall. This structure is expected to include around 530 units with about four hundred designated as multifamily residences while one hundred forty are planned as short-term stays. The ground floor and second level will be dedicated solely towards providing approximately sixty-two thousand square feet of retail space while parking facilities can be found on both floors two and three.
To further support this exciting new development in Jacksonville’s downtown area, City Council members have also approved an incentive package totaling nearly $98.58 million specifically geared towards assisting with costs associated with creating this district.
