JACKSONVILLE, Fla. – In the latest episode of This Week in Jacksonville: Business Edition, host Kent Justice welcomed Jake Gordon, CEO of Downtown Vision, Inc. (DVI), to discuss the 2024 State of Downtown Report. This comprehensive report details an 18-month snapshot of downtown Jacksonville’s transformation, showcasing progress, challenges, and future aspirations.
Billions in investment, exponential growth
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The report emphasizes the magnitude of investments pouring into downtown Jacksonville. Projects under construction amount to $2.24 billion, with an additional $3.46 billion under review. These figures underscore the active role both private and public sectors are playing in revitalizing the urban core.
“We’re seeing investments like never before,” Gordon said. “Downtown Jacksonville is truly being built brick by brick. When compared to just a couple of decades ago, these numbers show the significant progress we’ve made.”
The ambitious pipeline also includes $465 million in completed projects and proposals for transformative developments like the Pearl District and Gateway JAX, which aim to create vibrant mixed-use communities.
Hotels, visitors, and tourism
A key highlight is the evolving landscape of hospitality and tourism infrastructure. The luxurious Four Seasons Hotel under construction represents a new market segment for Jacksonville.
“This hotel doesn’t compete with others in Duval County,” Gordon explained. “It’s targeting a luxury market that’s currently untapped.”
Other notable projects include major renovations at the DoubleTree by Hilton on the South Bank and Marriott Jacksonville Downtown. These upgrades reflect growing confidence in Jacksonville’s potential as a destination for visitors and conventions.
“We’re proving that Jacksonville can be a destination,” Gordon added. “With these investments, we’re poised to capture more tourism dollars and attract a different caliber of visitor.”
Residential resurgence drives growth
Residential development remains central to downtown’s revitalization. The report notes over 4,600 existing housing units, with more than 2,000 currently under construction and 3,000 under review.
“Residential growth is the backbone of downtown,” Gordon said. “People living downtown create a demand for retail and restaurants, and they stay beyond office hours.”
Neighborhoods like Brooklyn and South Bank are transforming with new residential projects, including mixed-use developments that integrate retail, dining, and green spaces.
Office vacancies and adaptation
Despite positive trends, office vacancies present a significant challenge. The report highlights a 26% vacancy rate, driven largely by shifting work-from-home trends. However, Gordon sees this as an opportunity for innovation.
“Office space may need to be reimagined,” he said, pointing to the growing trend of converting office buildings into residential spaces.
He also stressed the importance of diversifying downtown’s economic reliance beyond office workers to include tourism and cultural activities.
Cultural and community engagement
The report also underscores the importance of events, art installations, and cultural programming in creating a vibrant urban core. Downtown Vision has hosted successful initiatives like Art Walk and Jax River Jams, bringing residents and visitors together.
“We need more cultural investments,” Gordon said. “Live music, theater, and sporting events are the glue that holds downtown together and attracts visitors.”
Challenges and optimism
While acknowledging the challenges, Gordon remains optimistic about the future. He credits the vision of past and present city leadership for laying the foundation for downtown’s resurgence.
“Cities are made in decades, not years,” he said. “The investments we’re making today will shape Jacksonville for generations to come.”
Tune in for more insights
For a deeper dive into downtown Jacksonville’s transformation, watch This Week in Jacksonville: Business Edition. Jake Gordon shares candid insights into the report’s findings and what lies ahead for the city.