JACKSONVILLE, Fla. – There seems to be momentum with the development in downtown Jacksonville. It doesn’t happen overnight, obviously, but through collaborations between Corner Lot and JWB Real Estate Capital, that growth is at a steady pace.
Alex Sifakis runs JWB, and Andy Allen oversees Corner Lot. They both say they are leading the cheers and leading the charge for a vibrant downtown.
On This Week in Jacksonville: Business Edition, the podcast focuses on downtown development, upcoming projects, and the obstacles the area has faced over the years.
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“We have some significant investments in downtown through some stuff we’ve done with JWB and then through a fund that we created with DLP capital called Gateway Jax, which now owns over 20 city blocks in downtown Jacksonville,” Sifakis said. “Should be breaking ground on the first phase of development and the north core this year of about $500 million, the first phase of development in downtown.”
Allen moved to Jacksonville during his middle school years. Corner Lot and JWB just announced the first residents moving into Johnson Commons in the LaVilla neighborhood, something both CEOs say they are very proud of.
“We were thinking about doing multifamily and in the beginning we pivoted over to doing townhouses. There hasn’t been very simple homeownership sales in downtown Jacksonville for just under 30 years,” Allen said. “It’s kind of crazy to think. And so Alex and I looked at this and figured the fact that brings some density into the LaVilla area with homeownership, it’s just under 100 townhouses. And there’s also a second phase as a part of our agreement with the city. And it was in partnership and coordination with the James Weldon Johnson Lift Every Voice and Sing Park right there.
Allen said the progress has “exceeded all expectations.”
“It took a little bit to get this thing kicked off due to a little event that happened in 2020,” he said. “I think that this is going to be one of many.”