The effort to reshape Downtown Jacksonville took another step forward as Gateway Jax announced a new incentive package, approved by the Downtown Investment Authority on Dec. 17, for Pearl Square’s N7 block.
The package includes a $21.41 million Recapture Enhanced Value (REV) Grant and a $28.25 million Completion Grant, both of which will be disbursed upon the building’s completion.
“The N7 development represents a monumental step forward in the revitalization of our urban core,” said DIA CEO Colin Tarbert. “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.”
The N7 block of Pearl Square will feature a 15-story high rise with 259 multifamily units, 37,000 square feet of ground-floor retail space, and 450 parking spaces. A 32,000-square-foot Publix grocery store will anchor the retail portion of N7, which Gateway Jax CEO Bryan Moll said is critical to driving foot traffic, attracting retailers and ensuring the district’s success.
“It all creates a spin wheel effect, whereby new retail brings in new investment and residential, and then that new investment and new residential base brings in additional retail and amenities,” said Moll. “It’s a virtuous cycle that has been proven in other markets to be attributed to larger-scale, grocery-anchored projects.”
The N7 development is expected to break ground this year. This approved incentives package is the latest in a series of developments as this transformational project continues to take shape.
In November, construction crews broke ground on a parking garage that will serve the emerging Pearl Square neighborhood. The structure is adjacent to the historic Ambassador Hotel, which is scheduled for restoration work in early 2026.
Bounded by Duval, Union, Clay and Laura streets, Pearl Square is envisioned as a dense, walkable district that blends housing, retail, offices and public space. Gateway Jax says the long-term plan represents more than $2 billion in investment over the next decade.
Renderings reflect the vision for the N7 Block which features a 15-story high rise and a ground floor, Publix-anchored retail experience.
“Pearl Square will be Jacksonville’s first true urban, walkable neighborhood,” said Moll. “A place where someone can live, work, shop, dine, exercise, relax and do just about anything else, all within a 15-minute walk or bike ride from the heart of the neighborhood.”
The garage groundbreaking follows a series of milestones across the site. At 515 Pearl Street, crews recently “topped out” the 205-unit building, meaning construction reached its highest point. Windows and roofing are now in place, sealing the structure from the elements. The project is scheduled for completion in the third quarter of 2026.
At 425 Beaver Street, foundation work has finished, and vertical construction is underway. The building will eventually house 286 units and 17,000 square feet of retail and restaurant space, with estimated completion in late 2027.
Meanwhile, site clearing has begun at 440 Beaver Street, with plans for 537 units (including 143 apartment hotel units) and 49,000 square feet of retail and restaurants to be completed by early 2028.
At full buildout, Pearl Square is expected to include more than 1,250 residential units, 200,000 square feet of retail and restaurants, a 110-key hotel, 100,000 square feet of office space, more than 3,000 parking spaces, and new parks and open areas. A curbless festival street is planned to accommodate outdoor dining and community events.
Gateway Jax has not yet announced additional tenants beyond Publix, but Moll said more announcements are expected in the months ahead. For now, he is focused on advancing construction across multiple parcels, with completion dates stretching from 2026 through 2028.
“The local enthusiasm for Pearl Square is mirrored in the conversations we’re having with prospective partners and tenants across the country,” Moll shared in a press release.
The development represents one of the most significant urban revitalization efforts in Jacksonville’s history, aiming to transform Downtown into a destination for living, working and leisure.