Jacksonville, via The Downtown Investment Authority, has approved a public-private partnership package that advances plans for the N7 block of Pearl Square, being developed by Gateway Jax. The package supports the creation of a $148 million high-rise project, located at 119 Beaver Street, that will deliver a full-service Publix grocery store and an apartment complex to Downtown Jacksonville. The project is expected to add $2 million in annual property tax revenue to the City of Jacksonville. The incentive package includes grants that could allow Gateway Jax to recapture nearly $50 million, once the project is completed.
The N7 block comprises a 15-story, 259-unit multifamily building featuring 450 parking spaces and 37,000 square feet of ground-floor retail, anchored by a 32,000-square-foot Publix grocery store.
With the addition of the N7 block, Pearl Square will reach its planned buildout of approximately 1,250 multifamily units, translating to an estimated 2,000 new residents…