As the Pearl Square development in Downtown Jacksonville comes out of the ground, it’s also growing in acreage and size of investment.
Gateway Jax, which held a groundbreaking May 29 for its second Pearl Square building, reports that the development has grown to nine properties and a cost of $750 million. The original plan was for five properties and a $419 million investment.
As construction begins on Gateway’s $110 million mixed-use project at 425 Beaver St., the properties now involved in Pearl Square also include:
“Upon completion, Pearl Square will deliver more than 1,250 new residential units; approximately 200,000 square feet of retail space; a 100 key boutique hotel; vibrant new public spaces, including widened and shaded sidewalks; lush public park spaces; and a signature curbless festival street with abundant outdoor dining possibilities,” Gateway Jax announced in a May 15 release.
“The development will include everything an individual may need on a daily basis, including retail tenants like a full-service grocer, a high-end fitness club, grab-and-go bodegas, restaurants and other daily service providers like salons and shops.”
Groundbreaking II
Jacksonville City Council member Kevin Carrico says that in talking with people about the Gateway Jax development Downtown, they would often ask if he had been to Water Street in Tampa.
It was a logical question given that Bryan Moll, principal of Gateway Jax, had led the Tampa development.
For years, Carrico’s answer was no. That changed when he made a visit over Memorial Day weekend.
“I took that walk, right around the bend in front of the water and then up Water Street, and saw all this mixed-use, all this retail, all these people, all this energy,” he said.
“And it just felt amazing. Five years ago, I would have made that walk and I would have been jealous. But that wasn’t my state of mind when I took that walk. It was, ‘We are getting something like this in Jacksonville. And I’m so happy and excited that it’s coming here.’”
Carrico, who was chosen Council president-elect May 27, described his experience during the groundbreaking for 425 Beaver St.
Plans for that project call for 286 multifamily units, nearly 20,000 square feet of retail space and on-site parking, according to the developer.
Previously known as Block N4, the site is bordered by Beaver, Clay, Pearl and Union streets.
It is northwest of 515 Pearl St., which is bordered by Pearl, Ashley and Church streets and the Porter Mansion property.
City Council approved a $14.1 million Recapture Enhanced Value Grant and a $6.84 million completion grant for 425 Beaver St. and a $9.06 million REV grant and $4.63 million completion grant for 515 Pearl St.
Gateway Jax said that together, the two projects would include about 500 residential units and 40,000 square feet of retail space.
The groundbreaking drew Mayor Donna Deegan, Carrico, Council President Randy White and Council members Raul Arias, Ken Amaro, Rahman Johnson and Chris Miller. DIA board members and CEO Lori Boyer also were on hand, along with other top city government administrators.
“This moment represents far more than the construction of a single building,” Deegan said. “It’s about building momentum, and that is what we have right now. It’s about building community. And most importantly it’s about building a future for our city that reflects the bold, inclusive and vibrant Jacksonville that we all want to see.”
The nine blocks that make up Pearl Square are a portion of the 25 total that have been acquired for the Gateway Jax development.
Gateway Jax
Gateway Jax is a partnership between Moll, JWB Real Estate Capital and DLP Capital LLC. The partners’ land holdings for the project span 32 acres, which if fully built-out would be a $2 billion investment.
During an interview, Moll said plans call for construction to begin in fall 2025 on a vacant lot that is known as Block N8, immediately south of 425 Beaver St.
For that part of the development, Council approved a $33.88 million REV grant and $25.55 million completion grant for a minimum 21-story building with at least 508 residential units and about 30,000 square feet of ground-floor leasable retail space. The block is bounded by Beaver, Pearl, Ashley and Clay streets.
Moll said that a September 2025 construction start is planned for a parking garage on the block of the former Ambassador Hotel and Central National Bank buildings, which Gateway purchased in March 2025.
That 1.48-acre block is bordered by Duval, Julia, Church and Pearl streets.
At the time of the purchase, Moll said the Gateway partners planned to renovate the Ambassador back into a hotel and would resurrect the Central National Bank building with residential and commercial space.
During the interview, Moll said the next project in line for construction after the Ambassador/CNB parking garage was Block N5, which will renovate and add restaurant and retail space to the “lighthouse” garage bounded by Union, Julia, Beaver and Pearl streets. That garage draws its unofficial name for the decorative tower feature on its northwest corner.
In April, the Daily Record reported that the city was reviewing a permit application for Avant Construction Group of Jacksonville to work on retail shell space on the ground floor of the five-story garage at an estimated project cost of $10.52 million.
Other Pearl Square properties include Block N9, the warehouse immediately north of 515 Pearl St., which will be demolished to make way for an office and retail building, and the NoCo Center at 712 N. Hogan St.
According to DIA documents, Gateway plans to redevelop that property into a 16-story building including 250 multifamily units, a structured parking garage with about 400 spaces, and 38,000 square feet of retail space.
The retail space would include 31,500 square feet for “a leading, full-service grocery store.”
Moll said May 29 that an announcement on the grocer was forthcoming, possibly in as little as a week.
The property is the former First Baptist Church’s main auditorium. As the NoCo Center, it was the venue for “Beyond Van Gogh” and other exhibits.
Gateway Jax says its Downtown Jacksonville development project has expanded to nine properties and a cost of $750 million. The original plan was for five properties and a $419 million investment.
N4: 425 Beaver St.
The seven-story mixed-use building at 425 Beaver St. will include 286 multifamily units, nearly 20,000 square feet of retail space and on-site parking. Gateway Jax broke ground May 29 on the building.
N5, N6: Pearl & Hogan garages retail and parking
The five-story lighthouse garage is at 721 N. Pearl St. Plans for what was called N5 show 15,277 square feet of commercial space on the ground floor facing Beaver Street to the south. The city is reviewing a permit application for work on retail shell space on the ground floor at an estimated project cost of $10.52 million. The lighthouse structure remains but the spire will be removed, a new lighthouse light will be provided and the exterior will be painted.
Next door is N6 at 712 N. Hogan St. Gateway Jax says it will have more than 1,400 parking spaces.
N7: 712 N. Hogan St.
The former First Baptist Church main auditorium, now called NoCo Center and the venue for “Beyond Van Gogh” and other exhibits, would be replaced by a 16-story apartment building with a full-service grocery store.
N9: 655 Pearl St.
A 60,000-square-foot “boutique” office building is planned at 655 Pearl St. with more than 15,000 square feet of ground-floor retail space. Gateway Jax says the space will be “designed for creative companies seeking flexibility, visibility, and walkability in the heart of Pearl Square.”
N8: 440 Beaver St.
Plans for N8 specify a 22-story building connected with what appears to be a 13-story building and a three-story structure, totaling 198,181 square feet of space. The 544 rentals comprise 394 apartments and 150 furnished short-term units. It will feature a pool deck, full-service gym and ground-floor shops and restaurants. The city is reviewing a permit application for the estimated $145.21 million project.
N11: 515 Pearl St.
The seven-story building at 515 N. Pearl St. will comprise 205 apartment units and 24,086 square feet of retail, commercial and storage space. The city issued a construction permit in October 2025 project cost of $45 million.
A: Ambassador Hotel
Gateway Jax bought the block that comprises the vacant historic Ambassador Hotel and Central National Bank building in March for $14 million. It is partnering with The Indigo Road Hospitality Group to redevelop the hotel at 420 N. Julia St. Plans are to remodel the structure with a minimum of 100 guest rooms. It will have a high-end restaurant and bar, conference space and other amenities.
M: Porter House Mansion
The historic mansion is flanked by public spaces including a garden, lawn and Klutho’s Alley. Henry J. Klutho was the architect for the mansion, built in 1902 by Thomas V. Porter, a businessman in wholesale groceries and a developer.
K: Klutho’s Alley
The public space is named after Henry J. Klutho, the architect who helped rebuild Jacksonville after the Great Fire in 1901.
P: Pearl Square
Pearl Square is the public space at the center of the development.