The Downtown Investment Authority board voted 7-0 on Nov. 15 to recommend approval of almost $98.58 million in city incentives for four blocks of Gateway Jax, the mixed-use residential and retail development planned in the North Core area of Downtown Jacksonville.
The project is also known as The Pearl Street District.
North Core is north of the Duval County Courthouse and west of First Baptist Church, where the developers have been acquiring property.
Gateway Jax is a commercial real estate venture backed by DLP Capital and sponsored by JWB Real Estate Capital.
The incentives include a total of $59.628 million in Recapture Enhanced Value Grants and $38.946 million in completion grants. A REV grant is a refund on ad valorem tax revenue generated by a new development.
According to DIA documents, the total developer investment in the four blocks is $419.3 million.
When Gateway Jax announced the project in September, it said the development would begin with five blocks, called N4, N5, N8, N9 and N11. The incentives request does not include Block N9, which is shown on plans as a 21,100-square-foot building bounded by Beaver, Pearl and Ashley streets.
Gateway Jax said the full Pearl Street District project could grow to 22 acres and more than 20 blocks with a more than $2 billion investment over the next decade.
Here are the blocks and their incentives:
Block N4 is a $98.5 million new residential and retail mixed-use seven-story building that includes 381 apartments and 19,155 square feet of retail space.
The $20.949 million incentives package comprises a $14.105 million REV grant and a $6.844 million completion grant.
The property is bounded by Clay, Beaver, Union and Pearl streets.
Estimated construction would start in February 2025 with substantial completion by April 2027.
Block N5 is the $12.6 million rehabilitation of a 690-space parking garage and the addition of about 15,000 square feet of retail space.
The $4.484 million incentives package includes a $2.574 million REV grant and a $1.91 million completion grant.
The former First Baptist Church lighthouse garage is at Pearl, Union, Julia and Beaver streets.
Estimated construction would start in April 2025 with substantial completion by April 2027.
Block N8 will be a new $242 million, 22-story residential and retail building. It includes 535 apartments and 30,000 square feet of retail space.
The incentives package totals $59.445 million and comprises a $33.888 million REV grant and a $25.557 million completion grant.
Block N8 is bounded by Clay, Beaver, Pearl and Ashley streets.
Estimated construction would start in December 2024 with substantial completion by October 2027.
Block N11 is a new $66.2 million, seven-story residential and retail building with 205 apartments and 21,333 square feet of retail space.
The incentives package totals $13.7 million and comprises a $9.061 million REV grant and a $4.639 million completion grant.
Block N11 is bounded by Pearl, Ashley, Julia and Church streets.
Estimated construction would start in October 2024 with substantial completion by October 2026.
Gateway Jax has been taking steps since it was announced in September.
Gateway Jax received final approval from the Downtown Development Review Board on Oct. 12 for its Pearl Street District multiphase site plan and conceptual approval for three blocks within the development, N4, N8 and N11.
“Gateway Jax will make an impact far beyond any buildings that we’ll build, with our redevelopment initiatives adding to the vibrancy of downtown Jacksonville,” Bryan Moll, CEO of Gateway Jax, said in a news release when the project was announced.
“We plan to create thriving, walkable neighborhoods that create a sense of place, attracting residents and workers who’ll be able to find everything they need within the city’s core.
“Jacksonville is the gateway to Florida and a key to the state’s economic future, and the city is on the cusp of an unheralded transformation.”
Gateway Jax says its leadership developed Water Street Tampa, a $4 billion development revitalization of Tampa’s waterfront, and the National Landing development, the site of Amazon’s HQ2 in the Washington, D.C., area.