JACKSONVILLE, Fla. — The Downtown Development Review Board is scheduled to discuss the conceptual plan for the Pearl Street District.
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The district, which is better known as Gateway Jax, is a multiphase site plan proposed to comprise five blocks along Pearl Street between Union and Church streets. The development is expected to hold 1,160 apartments, office and retail spaces, the lighthouse parking garage previously owned by First Coast Baptist Church and other spaces that would provide a “gateway visa” into Jacksonville’s core.
Records from May show that the project could cost up to $464.4 million, which would be one of the largest deals ever struck on the Northbank if approved.
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The site plan outlines blocks N4, N5, N8, N9 and N11, which are bisected by Pearl Street. According to site plans, Pearl Street would be used as a festival street between Beaver and Ashley streets.
The DDRB supports the conceptual review application with a few conditions, which will be discussed in Wednesday’s meeting.
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There is also a preliminary “Pearl Street Incentives Summary” spreadsheet published Mar. 23 by Gateway Jax showing taxpayer incentives. These incentives are set to cover $135.64 million, which is 29% of the overall project cost.
The city’s return on the investment is estimated at $1.04 for every million invested.
The DDRB meeting is set to start today at 2 p.m. You can watch it on Zoom HERE.
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