Redevelopment of 721 N. Pearl Street to transform long-standing garage into activated retail destination | Gateway Jax, a Jacksonville-based commercial real estate development firm, today announced it has broken ground on 721 N. Pearl Street. The project will convert an existing parking structure into a retail-oriented anchor, serving as a cornerstone for a new pedestrian shopping corridor along Beaver Street within the Pearl Square neighborhood.
The redevelopment of the site, formerly known as the N5 block of Pearl Square, is set to reactivate the long-dormant shopping experience in Downtown Jacksonville, dramatically transforming the streetscape along Beaver Street. This initiative will convert the existing parking garage into a vibrant, multi-use structure, featuring 16,000 square feet of activated ground-floor retail and restaurant spaces oriented toward a new, pedestrian-friendly shopping corridor.
In collaboration with the City of Jacksonville and the Florida Department of Transportation, Gateway Jax is also progressing with plans to upgrade the Beaver Street streetscape. This improvement project includes adding bike lanes, new sidewalks, enhanced materials and upgraded landscaping. These enhancements will create a direct link from the project to the 20,000 square feet of retail currently under construction at 425 Beaver Street to the west and the future Publix to the east.
This project serves as a key piece of a multi-billion dollar initiative to create a new neighborhood in the heart of Downtown, complete with housing, retail, a full-service grocer and public spaces. This catalytic project transforms a previously underutilized structure, and establishes a truly walkable, urban street-level experience for the city. Aligning with the City of Jacksonville’s Downtown mobility goals, the redevelopment of the garage will enhance walkability and bikeability, reviving the vibrancy of Downtown’s core while generating significant economic impact and bringing new jobs to the newly established retail corridor.“Reviving the shopping experience in Downtown Jacksonville is a key part of the Pearl Square neighborhood. This project, a true public-private partnership, would not have been possible without the support of the City of Jacksonville and its residents,” said Bryan Moll, CEO of Gateway Jax. “Redeveloping this iconic garage will create true value for the City, with a positive return on investment through additional property and sales taxes, and bring a vibrant, mixed-use community to life in the heart of Downtown Jacksonville: one that balances the pedestrian experience with one-stop parking convenience. ”
The existing structure, bordered by Union, Julia, Beaver and Pearl Streets, will be modernized to serve as a convenient, centralized parking amenity for the Pearl Square neighborhood. Its upper floors will be maintained, retaining 693 parking spaces, and will receive contemporary upgrades, including new lighting and an exterior elevator. Delivery of the project is anticipated in early 2027.
This marks the fifth groundbreaking in the Pearl Square neighborhood, a transformational mixed-use urban development comprising nine city blocks in the core of Downtown Jacksonville. Upon completion, Pearl Square will deliver more than 1,250 new residential units; approximately 200,000 square feet of retail space; a 100 key boutique hotel; vibrant new public spaces, including widened and shaded sidewalks; lush public park spaces; and a signature curbless festival street with abundant outdoor dining possibilities. The full buildout of Gateway Jax’s holdings will total an estimated $2 billion in capital investment over the next decade.
The 721 N. Beaver Street project proudly features an entirely Jacksonville-based design and construction team. This includes Boldline Design (Architect of Record), ETM (Civil Engineer and Landscape Architect), Atlantic Engineering (Structural Engineer), Shaffer Engineering LLC (Electrical Engineer), and Gregory Engineering (Mechanical and Plumbing Engineer). Furthermore, the project will be constructed by the Jacksonville-based, JSEB-certified general contractor, Shaycore.
For more information on Gateway Jax and the Pearl Square project, including retail tenant opportunities, visit pearlsquare.com.
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About Gateway Jax
Gateway Jax is a Jacksonville-based investment and development firm, created and sponsored by JWB Real Estate Capital and DLP Capital. Founded in 2022, its leadership brings decades of experience in urban real estate development across North America, focusing on developing dynamic, interconnected, and vibrant projects in walkable, mixed-use environments.
Gateway Jax is committed to working in collaboration with residents and communities to build future-forward ways of working, living and playing. Learn more at gatewayjax.com.