Groundbreaking is scheduled for the second project in the Gateway Jax development in Downtown Jacksonville.
The Gateway Jax partnership announced May 15 that work would begin May 29 on 425 Beaver Street, a mixed-use building that will include 286 multifamily units, nearly 20,000 square feet of retail space and a parking garage.
The property, previously called Block N4, is bounded by Union, Pearl, Beaver and Clay streets. Plans submitted to the city for Block N4 include a seven-story building with residential units and leasable retail and commercial space, plus the parking structure.
It is two blocks north and one block west of the Block N11 building under construction at 515 N. Pearl St. That $45 million, seven-story mixed-use development will include 205 apartment units and 24,086 square feet of retail, commercial and storage space.
A news release from Gateway Jax said several additional buildings in Pearl Square are expected to start later in 2025 and 2026.
The release said that the fully built Pearl Square development would include more than 1,250 new residential units, about 200,000 square feet of retail space, a 100-key boutique hotel and a curbless festival street
“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,” the release read. “The full buildout of Gateway Jax’s holdings will total an estimated $2 billion in capital investment over the next decade.”
Bryan Moll, principal of the Gateway Jax partnership, said in the release that “Downtown is the key to taking our city to the next level.”
“It brings together history, culture, sports, entertainment, the waterfront – everything that makes our home so special,” he said. “We’re proud to see Pearl Square continue to move forward and play an important role in creating the world-class downtown that we all desire.”
Gateway Jax comprises Moll, JWB Real Estate Capital and DLP Capital.
The release said entities in the 425 Beaver Street project include SK+I Architecture, Elks Manfredi Architects, Ltd.; Cecconi Simone interior designs; SK&A Structural Engineers; Lighthouse mechanical, electrical and plumbing engineers; and England-Thims & Miller (ETM) civil engineers.
Jacksonville-based Faver Gray will serve as the general contractor. Public spaces and parks will be designed by Hoerr Schaudt.
In August 2024, the Jacksonville City Council approved a $98.58 million incentive package for the Pearl Square district, which at the time comprised:
Block N4: A $14.1 million Recapture Enhanced Value Grant and $6.84 million completion grant.
Block N5: A $2.57 million REV grant and $1.9 million completion grant for redesign and redevelopment of the 800-space former First Baptist Church lighthouse garage at 721 N. Pearl St., bounded by Union, Julia, Beaver and Pearl streets. The repurposed garage would include 15,000 square feet of leasable space. The developers submitted civil engineering plans for the project to the city in January 2025 after receiving design approval from the Downtown Development Review Board in November 2024.
Block N8: 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.
Block N11: A $9.06 million REV grant and $4.63 million completion grant. The block is bounded by Ashley, Pearl and Church streets and the Porter Mansion property.
