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On September 20th, Gateway Jax unveiled plans for a groundbreaking $500 million mixed-use development in the North Core area of Jacksonville. This visionary endeavor encompasses an array of components, including residential apartments, a fully stocked grocery store, and vibrant retail spaces. Serving as the inaugural phase of a more extensive initiative, this project holds the potential to expand across 22 acres and attract over $2 billion in investments over the next decade.
DLP Capital, a key contributor to the development, announced its commitment to finance the majority of the mixed-use development in the North Core area of Jacksonville. Drawing from its private evergreen funds designed to foster thriving communities.
Construction work start date on this mixed-use development
The developer plans to start construction work on first phase in in mid-2024. The first phase, named the Pearl Street District, spans five blocks but envisions an astonishing expansion across more than 20 city blocks. This visionary revitalization initiative ranks among the most extensive urban-core regeneration efforts ever undertaken in the United States. It seamlessly aligns with the city’s ongoing endeavors to invigorate economic vitality, particularly in terms of mixed-use development in Jacksonville.
Gateway’s ownership extends over nearly two dozen acres throughout the urban core, encompassing North Core, LaVilla, and Cathedral Hill. DLP Capital’s substantial equity investment in Gateway, amounting to approximately two-thirds, also encompasses a considerable 80% of the debt financing for this monumental mixed-use development in Jacksonville.
Bryan Moll, CEO of Gateway Jax, expressed the broader vision, stating, “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 and the North Core area. 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, especially in terms of mixed-use development in the North Core area of Jacksonville. 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.”
This visionary mixed-use development in the North Core area of Jacksonville has been in the making for several years, and with its unveiling, Gateway now sets its sights on navigating the necessary approvals from various city agencies. The site plan for the Pearl Street project has already received approval from the Downtown Development Review Board, with final authorization anticipated in the coming month. As Gateway Jax prepares to embark on this monumental journey, Jacksonville stands at the brink of a transformative era, embracing a brighter future infused with vitality and growth, particularly in the North Core area of Jacksonville. |
