JACKSONVILLE, Fla. – A new project slated for completion within the next two years in downtown Jacksonville took a major step on Tuesday, providing further evidence of the city’s priority to develop the area.
Around 10 a.m., Gateway Jax, a Jacksonville-based commercial real estate development firm, officially broke ground on “Pearl Square,” a project originally announced in Sept. 2023 that is expected to bring around $2 billion of capital investment to downtown Jacksonville over the next decade.
RELATED: Six-story One Shipyards Place will be the future headquarters of the Jacksonville Jaguars
Ground was broken at 515 Pearl Street near Church, Ashley, and Julia Streets.
“Transformation takes experience, financial resources and relentless support,” said Bryan Moll, CEO of Gateway Jax. “Thankfully, our project has benefited from all three over the past two years.”
Moll was joined at the groundbreaking by various city officials, including Mayor Donna Deegan and City Council President Randy White.
“A vibrant downtown is a hallmark of a thriving city,” Deegan said. “Breaking ground on Pearl Square is another important step toward the revitalized downtown we all want to see.”
The mayor added that she believes a “catalytic project” like this could lead to more development for Jacksonville’s downtown area and would like to put an end to comments referring to Jacksonville as a “city of renderings.”
“Can we officially put an end to the ‘city of renderings’ comments? Can we do that?” Deegan joked.
Pearl Square is just the project’s first phase, and once it is completed, will contain a residential unit, retail store, restaurants, and two parks.
The overall project, which will eventually span more than 20 blocks, is expected to be complete within the next two years and will include 1,200 residential units, a lifestyle hotel, retail stores, a grocery store, a pharmacy, and a full-service health club.
Gateway Jax is backed by DLP Capital, which is providing most of the project’s funding, and sponsored by Jacksonville-based JWB Real Estate Capital.