Gateway Jax is set to break ground on its second major mixed-use development at 425 Beaver Street in Downtown Jacksonville. The ceremony, scheduled for May 29, marks the launch of a seven-story development, a part of the broader Pearl Square district revitalization plan.
Transforming a City Block into a Community Hub
The new development, previously known as Block N4, will rise between Union, Pearl, Beaver, and Clay streets. Plans call for 286 residential units, approximately 20,000 square feet of ground-floor retail space, and an integrated parking garage.
This project builds on momentum from Gateway Jax’s first development at Block N11, just two blocks south at 515 N. Pearl Street. That ongoing $45 million project includes 205 apartment units and more than 24,000 square feet of commercial and storage space.
Pearl Square: A Long-Term Vision for Downtown
Both buildings are part of the Pearl Square master plan development— a multi-phase redevelopment effort to bring life and density back to Jacksonville’s North Core. When fully realized, Pearl Square is expected to deliver:
More than 1,250 new residential units
Around 200,000 square feet of retail and commercial space
A 100-room boutique hotel
A curbless “festival street” for public events and markets
Multiple parks, bike trails, and public green spaces
Gateway Jax describes Pearl Square as a neighborhood designed to meet everyday needs — featuring grocery stores, fitness centers, restaurants, bodegas, salons, and more — all within walking distance.
Total private investment in the district is projected to reach $2 billion over the next decade.
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Gateway Jax Downtown Development Backed by Significant Public Incentives
In August 2024, the Jacksonville City Council approved a $98.6 million incentives package to help fund early phases of the Pearl Square development. The approved support includes Recapture Enhanced Value (REV) grants and completion grants for four blocks:
Block N4: $14.1 million REV and $6.84 million completion grant
Block N5: $2.57 million REV and $1.9 million completion grant, supporting the transformation of the former First Baptist Church lighthouse garage into a 15,000-square-foot leasable structure
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Block N8: $33.88 million REV and $25.55 million completion grant for a proposed 21-story residential high-rise with over 500 units and 30,000 square feet of retail space
Block N11: $9.06 million REV and $4.63 million completion grant
These incentives aim to jumpstart large-scale redevelopment and attract long-term private capital investment downtown.
Project Team and Construction Timeline
The 425 Beaver Street development brings together a seasoned team of designers and contractors:
Architecture: SK+I Architecture and Elks Manfredi Architects
Interior Design: Cecconi Simone
Engineering: SK&A (structural), Lighthouse (MEP), and England-Thims & Miller (civil)
General Contractor: Jacksonville-based Faver Gray
Public Spaces and Parks: Hoerr Schaudt
Gateway Jax’s founding partners — Bryan Moll, JWB Real Estate Capital, and DLP Capital — are spearheading the district’s transformation.
Following the groundbreaking at 425 Beaver Street, several additional Pearl Square projects are expected to start construction in 2025 and 2026. As the vision unfolds, Pearl Square aims to become a vibrant, walkable hub that blends urban living with culture, entertainment, and essential services.
Read also: Miami’s $2.6B Little River District Redevelopment Moves Forward Amid Resident Concerns
Gateway Jax: Pearl Square Development
425 Beaver Street Project Factsheet | May 2025
Project overview
Location: 425 Beaver Street (Block N4), Downtown Jacksonville
Groundbreaking: May 29, 2025
Developer: Gateway Jax
Size: Seven stories
Residential Units: 286
Retail Space: Approximately 20,000 sq ft (ground floor)
Site Area: Full city block between Union, Pearl, Beaver, and Clay streets
Gateway Jax Development at 425 Beaver Street: Public incentives
425 Beaver Street (Block N4) Total: $20.94 million
$14.1 million REV grant
$6.84 million completion grant
Broader Pearl Square vision
Total area masterplan for Jacksonville’s North Core district
Projected $2 billion in private investment over next decade
City Council approved $98.6 million incentives package (August 2024)
Full district development plans
1,250+ new residential units
200,000 sq ft of retail/commercial space
100-room boutique hotel
Curbless “festival street” for public events
Multiple parks, bike trails, and green spaces
Walkable neighborhood with essential services (grocery, fitness, dining)
Read also: Downtown Indianapolis to Get New Life with $600M Circle Centre Redevelopment
