Gateway Jax expects to begin construction of the largest of three multiuse buildings, a 22-story structure with retail space and residential units, in the Downtown North Core in the third quarter of 2024.
Construction on the other two buildings could begin in early 2025.
The $500 million Pearl Street District is the first phase of the 20-block Gateway Jax development project.
The first building will be on the block bordered by Beaver, Pearl, Ashley and Clay streets.
The Downtown Development Review Board awarded final design approval for the apartment and retail project Dec. 14.
The Downtown Investment Authority has approved $98 million in two incentive packages: a $59.628 million Recapture Enhanced Value Grant and $38.946 million in completion grants.
The deal still needs Jacksonville City Council approval.
Gateway Jax CEO Bryan Moll said he expects Council approval of DIA grants and loans by March or April.
The legislative timeline is in sync with Gateway Jax’s design progress.
“We are about midway through our design process. We’ll get to the point now where we’re starting to get into the meat of design, where we’re turning a lot of these projects into construction documents,” Moll said.
The first building will have 530 residential units, retail space on the first floor and a parking garage.
Moll said the smaller buildings should be completed about the time the tower is completed in late 2026 or early 2027.
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