There is $4.69 billion in Downtown projects under construction, in review or proposed for Downtown Jacksonville, according to the 2022 State of Downtown Report released Oct. 3 by Downtown Vision Inc.
The Downtown Investment Authority and DVI produced the report.
The report said 539,000 square feet of office space, 117,000 square feet of retail space, 806 residential units and 200 hotel rooms are under construction.
Projects under construction include the $535 million RiversEdge mixed-use development on the Southbank; the $187 million Wolfson Children’s Hospital Critical Care Tower on the Southbank; the $145 million Fidelity National Information Services Inc. headquarters in Brooklyn on the Northbank; the $120 million Miller Electric Performance Center near TIAA Bank Field; and the $72.2 million JEA headquarters near City Hall.
Projects in review include the $166.6 million American Lions residential high-rise at the former Jacksonville Landing; the $150 million The Hardwick at Ford on Bay apartments and retail space; the $370 million The Shipyards Four Seasons hotel; and the $85 million RD River City Brewery Apartments on the Southbank.
“Together, our city is reshaping the face of Downtown, including upgrading our riverfront, improving public space, restoring historic buildings and creating world-class amenities for our community,” DVI CEO Jake Gordon said in news release.
Downtown residential
The report said there are 4,499 multifamily residential units, up from 4,314 a year ago.
Rents averaged $1.89 a square foot with occupancy at 98%
The report said Downtown has a clear path to 10,000 multifamily residential units and 16,500 residents.
It said 806 units are under construction, 3,925 are in review and 684 are proposed.
Apartments under construction include The Doro near 121 Financial Ballpark, 247 units; One Riverside Phase 1 in Brooklyn, 271 units; the Independent Life Insurance Building in the North Core, 140 units; and Ashley Square Apartments senior housing in the Cathedral District, 120 units.
Downtown residents
The report said there were 7,495 residents, up from 6,830 a year ago.
According to a resident survey, 87.4% love or like living Downtown, 42.8% have an annual household income of more than $100,000 and 69.1% have a four-year degree or higher.
Entertainment and events, culture and restaurants was the best elements about living Downtown, while the worst were panhandling, the loitering/transient population and feeling unsafe.
Office market
The report said there is 7.57 million square feet of office space Downtown. By comparison, Orlando has 8.06 million square feet.
The report found vacant office space on the increase.
Downtown vacancy rates were 26.1% in the second quarter of 2022, up from 25.7% in the fourth quarter of 2021.
By comparison, suburban vacancy rates were 19.9% for both periods.
Lease rates in the second quarter of 2022 were $22.96, up from $22.89 in the fourth quarter of 2021.
The report said 539,000 square feet of office space is under construction and near completion and 356,000 square feet in city review.
That includes the FIS and JEA headquarters buildings.
Visitors and hotels
In the first two quarters 2022, there were 48,000 daily visitors on average Downtown, up from 41,000 in 2021. In 2019, before the pandemic, there were 62,000.
The report said there were 16.4 million Downtown visitors in 2021. By comparison, there were 21.3 million in 2019.
The report found hotel occupancy from January to June is 66.6%, up from 64.6% in 2021. In 2019, before the pandemic, occupancy was 70.9%.
The report said 200 hotel rooms are under construction at two hotels, the Ambassador Hotel TRYP by Wyndham and the Home2 Suites by Hilton.
Retail
The report said 117,000 square feet of retail space is under construction.
It listed Alder & Oak, Hardwicks Bar, Maritime 618, and Whole Foods Market as announced retail, among others.
