The Jacksonville Transportation Authority can now engage in lease negotiations for potential apartment developments Downtown at the Rosa Parks Transit Station and on the Southbank near the Kings Avenue Parking Garage.
At its Dec. 14 meeting, the JTA board authorized staff to begin negotiations with the developers of the Gateway Jax Downtown redevelopment project for the Rosa Parks property and Corner Lot Development Group for the Kings Avenue site.
JTA documents state Gateway Jax developers are interested in using the 1.47-acre Rosa Parks site for a mixed-use project that would include 250 residential units and retail space.
Gateway Jax is seeking approvals and incentives for the first phase of its project, which encompasses five blocks in the North Core. The initial phase, known as the Pearl Street District, includes construction of three buildings with a combined 1,000-plus residential units and 100,000 square feet of retail space.
In a meeting that overlapped with the JTA board’s session, the Downtown Development Review Board gave final design approval for three Pearl Street District development blocks.
Gateway Jax LLC is a partnership led by Bryan Moll, who developed the $4 billion Water Street downtown redevelopment project in Tampa and the Amazon HQ2 National Landing development in the Washington, D.C., area.
The company is backed by DLP Capital and sponsored by JWB Real Estate Capital.
Gateway’s full plan for Downtown Jacksonville spreads across as many as 20 blocks with $2 billion in development.
In November, the Downtown Investment Authority board approved $98.58 million in incentives for the $419 million Pearl Street District projects. That package of funding is expected before the City Council for final approval in early 2024.
Gateway Jax hopes to break ground in mid-2024.
Corner Lot project
The other JTA property, a 0.75-acre lot at Manning Street and Montana Avenue just south of the Interstate 95 overpass on the Southbank, would be the site of a 136-unit residential development by Corner Lot.
The property is south of Corner Lot’s $93 million Artea apartment project, now under construction on 3.87 acres also owned by the JTA.
Corner Lot entered a 99-year lease in October 2022 with the JTA for the property and broke ground in April 2023.
The four-story, 340-unit Artea is expected to be completed in summer 2025.
The JTA will pursue 99-year leases for both the Rosa Parks and Manning Street properties.
Cleveland Ferguson, JTA executive vice president and chief administrative officer, told board members that terms would include both projects designating 10% of units as affordable housing.
The affordable units in the Montana Street property would be for residents making up to 80% of the area median income, while the Rosa Parks would be workforce housing available to residents making up to 120% of area median income.
Both projects are transit-oriented developments, a type that promotes sustainability by providing urban infill and convenient accessibility to public transit.
The Montana Street property will use the Kings Avenue parking garage and is close to the Kings Avenue Skyway and bus station.