JACKSONVILLE, Fla. – The Gateway Jax project, also known as The Pearl Street District, is getting incentives from the city to start construction in mid-2024. The entire project is estimated to cost developers nearly $2 billion.
They’ve gotten incentives from the Downtown Investment Authority (DIA) to begin a project that they say will change the area.
The project was announced this past September and started with five blocks. It has since expanded to twenty.
WATCH: This Week in Jacksonville, Business Edition, addresses city leaders about the Gateway Jax project
Gateway Jax, sponsored by DLP Capital and JWB Real Estate Capital, purchased much of the property. The CEO says they’ve secured funding and have been working with the city and the DIA to push this through.
This week, the DIA gave a thumbs up to nearly $100 million in incentives. They come in the form of tax breaks and other measures to help get the project going. It must still be approved by the council.
We asked the CEO of Gateway Jax, Bryan Moll, when we will actually see something. He replied, “So, I can say with the utmost confidence that we will have shovels in the ground. We will start construction at the middle part of next year on the first building -- on the second building toward the end of next year. And then on the third building at the beginning of 2025.”
When we asked him if he thinks the project will change downtown — Moll said, “I do. I believe it’s going to change downtown. A project of this size and scale will impact much more than what we have going on here.”
While the DIA has approved the money, the city council still has to vote on it. So far, we have not heard of any objections.