The Downtown Development Review Board awarded final design approval Dec. 14 for Gateway Jax’s three-block Pearl Street District mixed-use project in the North Core.
The vote was 8-0. New member Ennis Davis abstained on advice of the city general counsel because he has worked with the petitioners.
The Pearl Street District is the first phase of apartments, retail, restaurant, parking and outdoor space for Gateway Jax, which intends to develop more than 20 blocks Downtown.
This first phase will see a private and public investment totaling $500 million that includes 1,000 multifamily residential units and 100,000 square feet of retail. Over the next 10 years, Gateway Jax said the project investment could exceed $2 billion.
The portions approved at the meeting are Pearl Street District blocks N-11, Ashley, Julia, Church and Pearl streets; N-8, Beaver, Pearl, Ashley and Clay streets; and N-4, Union, Clay, Beaver and Pearl streets.
When completed, Gateway Jax said it will create 2,700 permanent jobs and have an annual economic impact of $750 million, according to a report by the KB Advisory Group. It is expected to provide $473 million in annual tax dollars to the city.
The Downtown Investment Authority board voted 7-0 on Nov. 15 to recommend approval of almost $98.58 million in city incentives for the Pearl Street District.
The incentives include $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.
“We appreciate the DDRB and DIA’s enthusiasm for our team’s vision and their commitment to seeing Downtown Jacksonville reach its full potential,” Gateway Jax CEO Bryan Moll said in a news release.
“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.”
JWB Real Estate Capital and DLP Capital are financing the development.
The project advances to the City Council for action in early 2024. Upon Council approval and permitting, Gateway Jax expects to break ground in mid-2024.
JTA Autonomous Innovation Center
The DDRB granted final design approval for the Jacksonville Transportation Authority Autonomous Innovation Center in LaVilla.
The 1.11-acre site comprises the block bounded by Jefferson, Broad, Bay and Water streets.
The JTA Autonomous Innovation Center will serve as the operations center for the Ultimate Urban Circulator, also known as U2C, which will use driverless vehicles to replace the Downtown Skyway monorail.
The initial route will be a 3.2-mile stretch on Bay Street from JTA’s Jacksonville Regional Transportation Center to the Jacksonville Jaguars football stadium.
The vote was 8-0 with Davis abstaining because of remarks he made before joining DDRB that were detrimental to the project.
