The City of Jacksonville has approved an incentive package for Gateway Jax’s N7 block, a 15-story development that will bring 259 multifamily units, 450 parking spaces, and 37,000 square feet of ground-floor retail to the Pearl Square area. The project will be anchored by a 32,000-square-foot Publix grocery store.
This approval is part of the Downtown Investment Authority’s (DIA) plan to increase housing in Downtown Jacksonville and secure a full-service grocer for the area. The new grocery store aims to address concerns about food deserts in the urban core and nearby neighborhoods such as Springfield.
The N7 block is the first development to be approved under DIA’s standard High Rise Incentive program without any requests for special considerations or deviations. The City of Jacksonville will monitor the project’s financial performance and share in its gains through a new partnership model designed to align public and private interests.
“Gateway Jax is proud to partner with the City of Jacksonville and the DIA on this truly transformative development,” said Bryan Moll, CEO of Gateway Jax. “This block is much more than a collection of apartments and retail; it is a catalyst for economic growth, a significant step forward in food security for the area and a testament to the power of public-private collaboration toward shared goals. We are delivering the housing and full-service grocer that Downtown has needed for decades, utilizing a standardized, fiscally sound incentive program to make it happen.”
By developing this property, Gateway Jax will convert land that previously did not generate tax revenue into an asset expected to produce at least $2 million annually for the city. When completed, Pearl Square will have around 1,250 multifamily units and an estimated 2,000 new residents—a population size seen as necessary to support a full-service grocery store downtown.
The incentive package includes both Recapture Enhanced Value (REV) Grant and Completion Grant components. These grants are only distributed after construction finishes and when the property begins generating tax revenue. Each grant follows different terms set by city policy.
Projections indicate that over twenty years, Jacksonville expects at least a 1.1 times return on investment from this project based on underwriting by city officials.
“The truly exciting piece of this project is that the City of Jacksonville shares in the project’s success: if we exceed expectations, so does the City,” stated Moll. “Importantly, our investors will not receive any incentives until the property is complete and officially added to the tax rolls.”
“The N7 development represents a monumental step forward in the revitalization of our urban core,” said Colin Tarbert, CEO of DIA. “This project will bring hundreds of new residents to Downtown and deliver a transformative retail amenity with the inclusion of a full-service grocer at the heart of Downtown — something the community has long needed. Through our partnership with Gateway Jax, Pearl Square will play a critical role in strengthening Downtown’s livability, walkability, and long-term economic vitality.”
Construction on N7 is scheduled to begin in 2026 with completion expected by 2029. More information about leasing opportunities can be found at pearlsquare.com.
About Gateway Jax: Founded in 2022 by JWB Real Estate Capital and DLP Capital, Gateway Jax focuses on developing mixed-use environments throughout North America from its base in Jacksonville.
