It all started with scooter tours…
Our President, Alex Sifakis, had an idea to take friends, investors, and developers on scooter tours of downtown Jacksonville. He wanted them to experience the city’s potential first-hand and see the vast opportunities for development. The goal was to spark a new sense of excitement and investment in downtown.
And it worked.
We are thrilled to bring you some exciting news that’s been brewing behind the scenes for a while now. Our partnership with DLP Capital, as part of Gateway Jax, is setting out on a transformative journey to reshape the landscape of downtown Jacksonville, where the full project will span more than 20 blocks. The first phase, ‘The Pearl Street District,’ will focus on 5 blocks and will mark one of the largest-ever urban-core revitalizations in the US (in terms of its geographic span), and will complement already-existing initiatives by the city to spur on new decades of economic vitality, and will be an estimated investment of $500 million.
The Pearl Street District is more than just a collection of new residential projects. It’s a vision for the future of downtown Jacksonville – one that will bring in new residents, businesses, and attractions to create a vibrant, bustling city center.
For those familiar with downtown Jacksonville, you’re aware of the area’s potential that’s been begging to be unlocked. The time for that is now. With the cooperation of our partners, city leadership, and the Downtown Development Review Board, we’re setting the stage for a vibrant, mixed-use development that will breathe life into the city’s core, making it a bustling hub for work, living, and play.
Our plans encompass five blocks along Pearl Street between Union and Church Streets. It’s a quiet area with half-empty parking lots – but not for much longer. The future vision? A dynamic district teeming with outdoor attractions, a pedestrian- and cyclist-friendly ‘Pearl Square’, and a blend of residential units. All this is geared towards creating an inclusive community where everyone calls downtown ‘home.’ And yes, parking won’t be disregarded; the existing First Baptist Church parking garage is here to stay.
There will be plenty of space for grocers, retail, and restaurants, too. While we’re still in talks with some of the city’s finest grocery stores, we can’t wait to reveal who will join us at The Pearl Street District. We assure you it’s going to be worth the wait!
A Catalyst for Downtown Jacksonville
The Gateway Jax CEO, Bryan Moll, was right when he said ‘The Pearl Street District’ will be catalytic.
In terms of the next steps, we’re working closely with the Downtown Investment Authority to secure an investment package that will support the realization of this vision. Once approved, we’ll return before the Downtown Development Review Board to finalize the building designs.
This project is a testament to our ongoing commitment to Jacksonville’s growth. We’re not just building buildings; we’re building a community, a lifestyle, and a future. And the most exciting part is that you get to be a part of this journey. Let’s put Jacksonville on the map, together!
What does this mean for investors in Jacksonville?
Investing in a real estate market with a booming downtown presents a tremendous opportunity. Just like the success stories of Nashville, Tampa, Denver, and Austin, investors can take advantage of the growth by purchasing workforce housing as rental properties within a 15-mile radius of downtown. This strategy offers risk mitigation and significant growth potential.
With workforce housing, investors can enjoy positive cash flow each month without the need for substantial capital investment. As downtown areas attract more amenities and people, employers follow suit, bringing higher-paying jobs and increasing median incomes. This, in turn, drives up rents and home prices in the surrounding neighborhoods.
The best part is that even with rising rents and home prices, affordability remains intact due to the rising median incomes. This is the perfect time to invest in Jacksonville with JWB, as you can enter the market before the full impact of downtown Jacksonville’s revitalization is felt. Earn better risk-adjusted returns compared to other asset classes like stocks and bonds while benefiting from JWB’s vertically integrated real estate portfolio support.
Stay tuned for more updates as we move forward with this exciting project!