Pearl Street District, the mixed-use development proposed by Gateway Jax, received final approval from the Downtown Development Review Board (DDRB) last month for three of the five blocks included in its overall project.
DDRB granted final approval of the project as a whole in October.
With this phase of city review now completed, the project will go before the city council for approval of its incentives package, as recommended by the Downtown Investment Authority (DIA) before beginning the permitting process.
Pearl Street District is phase one of the anticipated mega-development proposed by Gateway Jax, a JWB Real Estate Capital- and DLP Capital-sponsored real estate development firm, covering more than 20 blocks in Downtown Jacksonville’s North Core district. Included in designs for Pearl Street District are more than 1,000 multifamily residential units, 100,000 square feet of retail space and outdoor spaces to be enjoyed by the community at large.
This announcement of final design approval was shared in a December press release from Gateway Jax, which included statistics from a KB Advisory Group analysis report stating that the overall Gateway Jax project “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 continued.
“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 Gateway Jax CEO Bryan Moll. “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.”
Construction on the Pearl Street District project is anticipated to break ground mid-2024.
By Michele Leivas
Resident Community News
