Construction Starts For Jacksonville $750M Mixed-Use Project
This marks the firm's first project in downtown Jacksonville.
Gateway Jax has broken the ground for its mixed-use project that will cost $750 million, according to a report from The Florida Times-Union.
Known as Pearl Square, the development stands to feature 1,250 residences, 200,000 square feet of retail, 150 hotel rooms, and some open space.
The project aims to serve as a community for consumers, where they can get coffee, grab food, or socialize in the park. Some other amenities include a gym, fountains, open lawns, and greenspaces. In total, Pearl Square will take up 1.5 million square feet. The first building that will be constructed for the project is 24,000 square feet of retail space, and 205 residential units.
SK+I Architecture, Streetsense, Hoerr Schaudt are handling the design. FaverGray is serving as the general contractor, while Colliers’ urban segment will be leading the retail leasing efforts.
Gateway Jax forecasts that the project will contribute $750 million in yearly economic impact.
“It’s all part of this momentum,” Bryan Moll, CEO of the firm said, according to the Times-Union.
“There will be continuous momentum as we get all these buildings going every few months. There’s been, by large, a feeling that downtown has been waiting for a big moment [and an investment] like this.”
Pearl Square marks the first project under construction in downtown Jacksonville for Gateway, which is sponsored by DLP Capital, and JWB Real Estate Capital. The company manages a $2 billion development pipeline.
As of late, there’s been some action for other mixed-use projects in Florida. This includes Related Group and partners planning a massive $2 billion mixed-use development in Fort Lauderdale. The project at the Bahia Mar marina is set to consist of condo towers, hotels, and 88,000 square feet of waterfront commercial space. And Juan Carlos Mas, chairman of Mas Group of Companies has proposed a $500 million development in Miami Dade County, according to the Commerical Observer. The county’s commission is scheduled to hear the proposal on November 6.
Pearl Square is set to be delivered in 2026.