Gateway Jax, a Jacksonville-based commercial real estate development firm sponsored by JWB Real Estate Capital and DLP Capital, broke ground Oct. 29 on Pearl Square, its inaugural project in Jacksonville.
Joined by Jacksonville Mayor Donna Deegan, Jacksonville City Council President Randy White, investors and downtown stakeholders, Gateway Jax leaders celebrated the start of construction on the project’s first building located at 515 Pearl St., and bound by Pearl, Church, Ashley and Julia streets. The ceremony marked the official beginning of an unprecedented mixed-use development in the urban core, which will total an estimated $2 billion in capital investment over the next decade. “Transformation takes experience, financial resources and relentless support. Thankfully, our project has benefited from all three over the past two years,” said Bryan Moll, CEO of Gateway Jax. “From city support to neighborhood backing, public-private partnerships are a key ingredient in making projects like this possible. We know downtown — and Jacksonville as a whole — is ready for this type of development, and we, along with our investors and sponsors, are honored to be among its most determined champions.”
“A vibrant downtown is a hallmark of a thriving city,” said Deegan. “Breaking ground on Pearl Square is another important step toward the revitalized downtown we all want to see. We believe in the vision that Gateway Jax has for activating the urban core and its surrounding areas. This project can and will spark even more growth — both downtown and across our city.”
The project was announced in September 2023 and subsequently received unanimous approval by the Downtown Development Review Board and incentive packages authorized by the Downtown Investment Authority that garnered unanimous approval from the Jacksonville City Council.
The approved legislation included approval of an incentive package totaling $98.5 million, comprising $59.6 million in Recapture Enhanced Value grants over 17 years and $38.9 million in completion grants, which are not paid until the projects are complete and on the city’s tax rolls. “Projects like Pearl Square can completely reshape a city,” said White. “Gateway Jax’s leadership team brings experience with similar scale developments across the country. That previous work, combined with their passion for Jacksonville’s future, reinforces their ability to bring this to fruition and create exciting new spaces within our city.”
Pearl Square will deliver more than 1,250 new residential units; approximately 200,000 square feet of retail space; vibrant new public spaces, including widened and shaded sidewalks; lush public park spaces; and a signature curbless festival street with abundant outdoor dining possibilities. The development will include everything an individual may need on a daily basis, including retail tenants like a full-service grocer, a high-end fitness club, grab-and-go bodegas, restaurants and other daily service providers like salons and shops. The walkable urban neighborhood will be a destination for Jacksonville residents to live, work and play.
The project designer of 515 Pearl is SK+I Architecture, with interiors by Streetsense. Jacksonville-based FaverGray is the general contractor, with civil engineering provided by England-Thims & Miller (ETM). Leasing of the project’s retail spaces will be led by Colliers’ Urban Division. The new parks and public spaces will be designed by Hoerr Schaudt.
This project represents the first phase of a broad-scale development vision. To date, Gateway Jax has acquired holdings that span 28 city blocks in downtown Jacksonville. At full build-out, the redevelopment is expected to create approximately 2,700 permanent jobs and spur more than $750 million in annual economic impact.
“We are proud to be one of the sponsors of this incredible project that will spark a true metamorphosis in downtown Jacksonville,” said Alex Sifakis, founding partner of JWB Real Estate Capital. “Bryan and his team have developed a once-in-a-generation project here in the core of our city. Today is a vital step in the process of reimagining the future of Jacksonville.”
“Pearl Square represents more than just a new development — it's a bold step forward in reshaping the future of downtown Jacksonville,” said Don Wenner, founder and CEO of DLP Capital. “At DLP, we are committed to investing in projects that create lasting impact, and Gateway Jax is the perfect partner in this transformational journey. Together, we are building not just buildings but opportunities for people to thrive, work and live in a vibrant, interconnected community.”
For more information on Gateway Jax and the Pearl Square project, go to pearlsquare.com.
