Downtown Vision, Inc. (DVI) released its 2023 State of Downtown Report in October. This annual report encompasses an 18-month timeframe from January 2022 to June 30, 2023, and analyzes Downtown Jacksonville’s “performance in key indicators of urban revitalization, such as development and investment, residential demand, office market and employment base, transportation enhancement and tourism health” to track its growth.
Additionally, it breaks down development incentive programs created by the Downtown Investment Authority (DIA), tracks various trends across different categories – from downtown visits (both from tourism and Jacksonville residents coming into downtown) to office occupancy – and details development highlights.
“I think the big takeaway, honestly, is exponential growth,” said DVI CEO Jake Gordon.
According to the report, which Gordon explained is an “agnostic” reflection of the numbers and projects that are in the pipeline and moving through various stages of the approval or construction processes, there is $8 billion “in the project pipeline” for developments across different categories (mixed use, residential, office, retail, etc.) throughout downtown. Compare that to the $5 billion from last year’s report.
“That’s a huge increase compared to what’s actually been invested in downtown over the last two decades or so,” he said. “We really think there’s a lot of progress thanks to the last mayor, now being continued by this mayor. Between 2000 and 2020, there was about $3 billion in projects. So, if we’re at $8 billion in progress right now, that is just kind of – via the numbers – kind of showing that we’re in for a huge change in downtown as all these projects get finalized.”
The Resident News reached out to the following experts for their thoughts on the data presented in the 2023 State of Downtown report and what it means for the future of Downtown Jacksonville: Michael Balanky, Chase Properties founder, president and CEO; Matt Marshall, Senior Vice President of Development at RISE: A Real Estate Co.; Stephen Crosby, DVI board member and former CEO for InvestJax; and Oliver Barakat, DIA founding member and inaugural chairman and current DVI board member.
Read the full story at Resident News.