Gateway Jax - $500 million for Downtown Project?

[Jax_Developer]

I get that they don't need to build parking, but it seems that even incentives for this project will keep it from being economical for some time. I believe that's Vic's observation as well. I don't really understand how this is going to be done but perhaps they are getting everything ready for a better market. The current pipeline beyond '25 is fairly dry.

[Zac T]

The site plan received conceptual approval. This quote stood out and hopefully turns out to be true

Trimmer said Gateway Jax intends to return to the review board in October for final site plan approval and for conceptual approval for three of the buildings.

“This project is well capitalized. Everyone’s raring to go. Hopefully you’re going to see this one moving at a pace that we’re not used to getting to have,” Trimmer said.

If they can get this project going quickly, hopefully it will provide the confidence for some of the current stalled projects (in much better parts of DT) to receive the necessary financing to move forward

https://www.jaxdailyrecord.com/news/2023/sep/14/ddrb-advances-plans-for-pearl-street-district-shipyards-marina-building/

[thelakelander]

^They have an ambitious development schedule. It will be exciting to see if they can accomplish what they want to do within their desired development timeframe.

[fsu813]

"Board members complimented Gateway Jax on exceeding city Downtown design codes for shade and tree planting requirements and for having 16- to 20-foot pedestrian zones and sidewalks to make the dense development walkable."

It's nice to have a developer exceed the minimum standards. Not enough of that in Jax. Good to see.

[Jax_Developer]

If this goes, UF should go right next door.

[tufsu1]

^They have an ambitious development schedule. It will be exciting to see if they can accomplish what they want to do within their desired development timeframe.

if they can do this in TWICE the time it took Phase 1 of Water Street in Tampa, I will be very impressed!

[thelakelander]

How long did it take Phase I of Water Street in Tampa, from start to finish? These buildings are much smaller.

[Skybox111]

Phase one started in 2017 and finished this year and phase two to be completed 2027 which might be much later.

[marcuscnelson]

Huge 4-part curtain raise on this project in the Daily Record this morning.

https://www.jaxdailyrecord.com/news/2023/sep/20/gateway-jax-launches-plans-for-downtown-development-that-could-reach-2-billion/

https://www.jaxdailyrecord.com/news/2023/sep/20/sifakis-northbank-scooter-tours-origin-of-20-million-local-investment-in-pearl-street-district/

https://www.jaxdailyrecord.com/news/2023/sep/20/gateway-jax-ceo-drawn-to-the-next-best-place-in-florida/

https://www.jaxdailyrecord.com/news/2023/sep/20/dlp-capital-founder-started-working-on-deal-2-year-ago/

[thelakelander]

Nice to see the release. I've known the details of this one for a while but could not reveal much info publicly. Headed over to the site soon for the release. A good example of the 3Cs at play.

[acme54321]

Sifakis said the investment team is aware of the physical barrier that busy State and Union streets present in creating a safe connection to the development to Springfield and nearby Florida State College at Jacksonville.

Gateway Jax is working with the Jacksonville Transportation Authority, the Florida Department of Transportation and the city to determine solutions.

Cut and Cover tunnels to carry State and Union through traffic through downtown. 

Or just reduce the travel lanes, add traffic calming features and force the traffic around on the MLK.

[jaxlongtimer]

Reading today about these plans makes me think JWB has taken over DIA's job!  JWB has a master plan, are making street level activity and aesthetics front and center, building in greenscaping, recruiting developers and money backers, etc. 

DIA should be taking notes as this is what they should be organizing for all of the urban core but can't seem to get their act together over the decades.  Meanwhile, JWB pulls this together in 1 to 3 years or so, depending on how you measure their efforts.

To add, this quote is interesting:

....The news release said JWB Real Estate Capital and DLP Capital each are donating $500,000 toward development of the proposed $400 million University of Florida graduate campus planned in or near Downtown.

Wenner hopes the campus site is within or near the Pearl Street District, but that has not been decided.

“UF will be a big part of this,” Wenner said.

That means apartments and amenities for students, residents and staff.

https://www.jaxdailyrecord.com/news/2023/sep/20/dlp-capital-founder-started-working-on-deal-2-year-ago/

[marcuscnelson]

And unlike Southeast with the Trio, they actually seem to have the money for this. Seems unfortunate they're still looking to ask for $135 million from the city but the bang-for-buck doesn't seem too unreasonable.

[iMarvin]

Do they have all the funding? Sounds like a great project but I don't wanna get too excited. If they're able to actually get started on construction next year, wow.

[thelakelander]

This article answers the funding question. Very different from Southeast's situation. However, incentives will still be needed. DT Jax simply isn't there for a lot of things people want to see from a market rate perspective.  If successful, this is the type of project that can get us there. Not gas stations and suburban low density projects we generally see proposed for downtown:

https://www.jaxdailyrecord.com/news/2023/sep/20/sifakis-northbank-scooter-tours-origin-of-20-million-local-investment-in-pearl-street-district/