Major Development Planned for Downtown Jacksonville
Jacksonville, FL – A pivotal shift in Downtown Jacksonville’s landscape is set to unfold as plans are unveiled to replace the former First Baptist Church auditorium, now known as the NoCo Center, with a 16-story apartment building that will feature a full-service grocery store. This project is part of the broader Gateway Jax development initiative, which aims to transform multiple blocks in the city into vibrant mixed-use spaces.
Who is Behind the Project?
The development team, composed of Corner Lot and JWB Real Estate Capital, is spearheading this ambitious project on behalf of Gateway Jax. The team has already made significant investments in Downtown Jacksonville, breaking ground on the $45 million Block N11 building located at 515 N. Pearl St. on October 29, 2022. The proposed grocery store will be part of Block N7, specifically located at 119 W. Beaver St..
What are the Main Features of the Development?
Plans for the new site include the construction of 250 multifamily apartments, a structured parking garage capable of holding around 400 vehicles, and approximately 38,000 square feet of retail space, dominated by a 31,500-square-foot full-service grocery store. This grocery store is expected to provide essential services to the community, offering fresh produce, meats, a deli, bakery items, and other staples typically found in grocery stores.
Why is Financial Support Needed?
The Gateway Jax development team is seeking over $2 million in city incentives to assist with the grocery store build-out. A resolution to consider these incentives is scheduled for December 12, when the Downtown Investment Authority Retail Enhancement and Property Disposition Committee will evaluate the need for a Retail Enhancement Program grant of $1.26 million alongside a Recapture Enhanced Value grant of $841,000.
The project represents a significant investment opportunity, with the potential to bring in $2 billion into Downtown Jacksonville across more than 22 acres if fully developed.
When Will Construction Begin?
Construction on the grocery store is contingent upon successfully securing a tenant. According to the resolution, the selected grocery store must operate as a full-service grocery with a pharmacy component, adhering to set operational hours and providing a wide variety of products. A build-out capital investment of at least $5 million is required, incentivizing grocers to commit to this venture.
Where Will This All Take Place?
The site for the new grocery store and apartment building will be situated close to existing developments, specifically between the Rosa L. Parks Transit Station and the current NoCo Center. This location underscores the emphasis on creating a connected urban environment, enhancing access to residential and retail options within Downtown.
What’s Next for Gateway Jax?
The Gateway Jax development is poised to reshape the Downtown area significantly. With plans already laid out for five blocks, including N11, N4, N5, N8, and N9, the initiative emphasizes the importance of creating spaces that cater to the growing demands of the city’s residents. As the community awaits the Downtown Investment Authority’s decision on the proposed incentives, the future of Downtown Jacksonville looks vibrant and promising.
