Jacksonville Approves Incentives for $148M Mixed-Use Development in Downtown
Jacksonville’s Downtown Investment Authority has approved a public-private partnership supporting a major new development in the heart of the city. The initiative paves the way for the N7 block of Pearl Square, a $148 million high-rise project spearheaded by Gateway Jax.
Located at 119 Beaver Street, the development will feature a 15-story multifamily building with 259 residential units, approximately 450 parking spaces, and 37,000 square feet of ground-floor retail space. The retail component will be anchored by a 32,000-square-foot full-service Publix grocery store—marking a significant boost in essential services for Downtown Jacksonville residents.
In addition to enhancing livability in the urban core, the project is projected to contribute $2 million annually in property tax revenue to the City of Jacksonville once completed. To support the endeavor, the Downtown Investment Authority has approved an incentive package that includes grants allowing Gateway Jax to potentially recapture nearly $50 million upon project completion.
The N7 block marks a key phase in the broader Pearl Square development, which is expected to include approximately 1,250 multifamily units and house an estimated 2,000 new residents at full buildout.
Construction is anticipated to begin in 2026, with completion projected for 2029.
