JACKSONVILLE, Fla. — A proposed two-billion-dollar project for Downtown Jacksonville is being called one of the largest urban core revitalizations in the entire country. It could cost over $2 billion.
The first phase of the development has been approved by the Downtown Development Review Board.
Wednesday, the city of Jacksonville announced Florida development team Gateway Jax bought 20 blocks of property.
The company's short-term plans include remodeling three buildings on Pearl Street. The plan for these buildings includes 1000 multi-family units, a grocery store and a "variety of new public spaces," according to a release from Gateway Jax.
Longterm plans include creating "interconnected, walkable neighborhoods."
"It’s going to be like something no one expected to see in Jacksonville and yet should have been in Jacksonville all along," district councilmember, Jimmy Peluso, said.
“It's revitalization which is good for Jacksonville it does need to be revitalized and I think that’s going to be good for the city," Brittney Scott, who lives near the proposed development, said.
Scott is also worried about the potential impact it could have on her.
“I am extremely worried about being priced out our building is extremely affordable and everything else I’ve looked at in this area is way overpriced," Scott said.
Peluso added affordable housing should be included in the project.
Gateway Jax hopes to break ground in 2024.
Renderings of the project can be seen below.
Jacksonville Downtown development renderings
