Jacksonville Business News | Commercial Real Estate | September 12, 2026
Quick Answer
Downtown Jacksonville’s commercial growth is being driven by four anchor projects: Gateway Jax’s Pearl Square (roughly $1 billion, Phase 1), RiversEdge on the Southbank ($693 million), the city’s Riverfront Plaza and Main Street Bridge connection, and the Sports and Entertainment District, headlined by the $1.4 billion EverBank Stadium overhaul and Four Seasons Hotel.
Downtown Jacksonville Development Pipeline at a Glance
| Project | Developer / Sponsor | Scale | Capital | Target Completion |
|---|---|---|---|---|
| Pearl Square Phase 1 (Gateway Jax) | Gateway Jax (JWB Real Estate Capital, DLP Capital) | 9 blocks; 1,250 units; 200,000 sf retail; 100,000 sf office; 109-room hotel | ~$1 billion (up to $2B at full buildout) | Vandeveer 2026; Phase 1 largely by end of 2028 |
| RiversEdge (Southbank) | Preston Hollow Community Capital / City of Jacksonville | 120,000+ sf retail; townhomes; Class A multifamily; office; 4 public parks | $693 million (mixed-use); $35 million (parks) | Parks opened Nov. 2025; amphitheater and private phases ongoing |
| Riverfront Plaza Phase 1 & 2 | City of Jacksonville / Haskell / Perkins & Will | 7–9 acres; playground pavilion; event lawn; beer garden; bridge ramp | $38 million (Phase 1) | Phase 1 open Dec. 2025; Phase 2 mid-2027 |
| Main Street Bridge Nub Removal | City of Jacksonville Public Works / Haskell | Pedestrian/bike ramp to Riverfront Plaza | Included in Phase 2 | Jan. 30, 2027 |
| EverBank “Stadium of the Future” | Jacksonville Jaguars / City of Jacksonville | 63,000 seats (expandable to 70,000); canopy; expanded concourse | $1.4 billion | 2028 NFL season |
| Four Seasons Hotel & Residences + One Shipyards Place | Iguana Investments (Shad Khan) | 170 rooms; 26 residences; 6-story office HQ; 78-slip marina | ~$260 million (vertical construction) | Targeted 2026 |
Figures compiled from City of Jacksonville, Downtown Investment Authority, developer statements and local reporting through September 2026. Timelines are subject to change.
Why This Pipeline Matters to Commercial Investors
For nearly two decades, Downtown Jacksonville was a story of stalled plans and vacant lots. As of September 2026, that narrative has flipped. Cranes are active on both banks of the St. Johns River, roughly $4 billion in committed capital is in motion, and the projects are timed to open in an overlapping window between late 2026 and 2028.
That clustering is intentional. Gateway Jax CEO Bryan Moll has said publicly that Pearl Square only works if it opens at scale, all at once, because the neighborhood currently lacks the foot traffic to support piecemeal retail. The same logic applies across the urban core: the parks, the stadium, the hotel and the residential towers are being sequenced to reinforce one another.
Gateway Jax: Pearl Square Phase 1
Pearl Square is the largest private mixed-use development in Downtown Jacksonville’s history. Located in the NorthCore district, the nine-block project is backed by JWB Real Estate Capital and DLP Capital and led by Gateway Jax.
Key numbers
- Total Phase 1 investment: approximately $1 billion, up from an original $750 million estimate after Gateway acquired 220 Beaver St. earlier in 2026 for a for-sale condominium and retail building
- Full buildout: an estimated $2 billion across 25 city blocks over the next decade
- Program: 1,250 residential units, ~200,000 sf retail, 100,000 sf office, a 109-key boutique hotel, 2,500 parking spaces and roughly an acre of public park space
- Grocery anchor: a Publix is planned within the district
Buildings in motion
- The Vandeveer (515 N. Pearl St.) — 205 units, seven stories, ~22,000 sf retail. Broke ground October 2024; residential leasing was slated for late summer 2026 with retail opening by year-end. First tenants include a coffee house/bistro/wine bar concept and a Japanese restaurant from Indigo Road’s Steve Palmer. The City Council approved a $9.06 million Recapture Enhanced Value Grant and a $4.63 million completion grant for the building.
- 425 Beaver St. — 286 apartments and nearly 20,000 sf retail; broke ground May 2025.
- Block N8 (440 W. Beaver St.) — permitted April 2026 at $145.2 million; a 22-story tower connected to 13-story and 3-story structures totaling 198,181 sf, with 537 rentals including 143 short-term units, a fitness center and four ground-floor retail bays. PCL Construction is the contractor.
- 721 N. Pearl St. — the fifth groundbreaking (January 2026), converting a parking structure into 16,000 sf of retail fronting a new pedestrian shopping corridor along Beaver Street.
- Ambassador Hotel — a 110-room redevelopment, now under a Marriott agreement.
- 655 Pearl — the only office component in Phase 1: a six-story, 100,000 sf trophy office building with 25,000 sf ground-floor retail, designed by Morris Adjmi Architects and BDG Architects. JLL (Michael Loftin, Jesse Shimp, Mack Keasler) leads leasing; groundbreaking is planned for 2027 with delivery in 2028.
Gateway’s stated goal is to have nearly all Phase 1 residential and retail delivered by the end of 2028.
RiversEdge: The Southbank’s $693 Million Waterfront District
RiversEdge occupies the former JEA Southside Generating Station site on the Southbank. Preston Hollow Community Capital is the owner and developer, working in partnership with the Downtown Investment Authority.
Public infrastructure first
The city opened four connected public parks and a Southbank Riverwalk extension at RiversEdge on November 24, 2025. The $35 million, 4.1-acre park system includes a marsh boardwalk, outdoor gym, yoga lawn and an interactive playground with art installations by Barcelona artist Anaisa Franco. Haskell was the Riverwalk contractor.
As of August 2026, the city is building a covered outdoor amphitheater with restroom facilities in RiversEdge’s Central Park. A further Southbank Riverwalk extension connecting Baptist Medical Center to the Fuller Warren Bridge shared-use path is in permitting review.
Private development program
- 120,000+ sf of retail space along the Riverwalk
- Luxury townhomes with rooftop terraces and two-car garages
- Class A multifamily units
- Commercial and office parcels available for joint venture or pre-lease
Spillover has already begun: Pier 95, a 58-townhome project on 3.92 acres just south of RiversEdge, went before the Downtown Development Review Board for conceptual approval in June 2026.
Riverfront Plaza and the Main Street Bridge Connection
Riverfront Plaza sits on the former Jacksonville Landing site at 2 W. Independent Drive, the midpoint of the two-mile Northbank Riverwalk.
Phase 1 ($38 million) held a soft opening November 29, 2025 and a grand opening December 5, 2025. It delivered a rebuilt bulkhead and Riverwalk segment, a pavilion building with a “destination playground” on its roof, a large event lawn and shell space for a future café. Haskell built it; Perkins & Will designed it.
Phase 2 adds a permanent beer garden, native rain gardens for stormwater management and, most importantly for connectivity, a bike and pedestrian ramp linking the Main Street Bridge directly to the park. The city targets mid-2027 completion.
The Main Street Bridge Nub Removal Project began August 24, 2026. Southbound lanes toward Riverplace Boulevard are reduced to one lane and the southbound walkway is closed through January 30, 2027. This is the first step toward the permanent bridge-to-plaza connection.
What comes after: FDOT plans a full six-month closure of the 85-year-old Main Street Bridge for a $100 million renovation beginning after July 1, 2027, replacing the lift mechanisms, converting the steel grate deck to a solid surface and repainting. Businesses on both banks should plan around that window now.
The Sports and Entertainment District
The eastern end of Downtown is the single largest concentration of capital in the pipeline.
- EverBank Stadium “Stadium of the Future” — a $1.4 billion public-private renovation designed by HOK. Capacity is reduced to 42,507 for the 2026 season with the entire 400 level closed; the Jaguars relocate to Camping World Stadium in Orlando for 2027; the rebuilt stadium opens for the 2028 season with 63,000 seats, expandable to 70,000. The largest single permit issued to date was $532.14 million. Daily’s Place amphitheater closes for roughly two years during construction.
- Four Seasons Hotel and Private Residences — 170 rooms and 26 residences in a 10-story riverfront tower, Jacksonville’s first five-star hotel, developed by Shad Khan’s Iguana Investments with design by HKS, ODA and Pininfarina. Targeted for 2026 completion.
- One Shipyards Place — a six-story office building serving as the Jaguars’ new headquarters, dried in by September 2025 with completion expected in early 2026. Combined vertical construction cost for the office and hotel is approximately $254.3 million, nearing $260 million with the marina services building.
- Shipyards Marina — a $2 million city-funded rebuild delivering 78 slips for vessels from 30 to 400 feet plus two water-taxi slips.
- Metropolitan Park and Shipyards West Park — part of the city’s six-park riverfront program.
Brian’s Take
By Brian French, Publisher, Florida Authority Network
Having watched Florida downtowns cycle through boom-and-bust promises for decades, I look for one thing before I believe a redevelopment story: is the money already in the ground? On that test, Downtown Jacksonville finally passes. Permits are issued, grants are approved, and the Vandeveer is leasing. This is no longer a rendering exercise.
Three things stand out for investors and site selectors.
First, the timing risk is real but manageable. The 2027 window is congested: Jaguars out of town, Main Street Bridge fully closed for six months, Daily’s Place dark. Retailers signing leases for 2027 openings should underwrite a soft first year. The payoff is the 2028 convergence, when the stadium reopens, Pearl Square Phase 1 lands and the bridge connection is live.
Second, Pearl Square’s office component is the bellwether. 655 Pearl is only 100,000 sf, but it is the first speculative trophy office in the urban core in a generation. If JLL can pre-lease it at rents that justify new construction, it signals that Downtown can compete with the Southside office corridor. If it stalls, expect Gateway to lean further into residential.
Third, the Southbank has quietly become the value play. RiversEdge’s parks are already open, Baptist Health anchors the neighborhood and the Riverwalk extensions will tie it to San Marco. Land here is priced before the amenities fully mature. That is usually where the returns are.
The larger point is that Jacksonville is doing what few mid-sized Florida cities have managed: it is building the public realm (parks, Riverwalk, bridge access) in parallel with private density, rather than hoping one follows the other.
Frequently Asked Questions
What is the largest downtown Jacksonville development project?
By total capital, the $1.4 billion EverBank Stadium renovation is the largest single project. Gateway Jax’s Pearl Square is the largest private mixed-use development at roughly $1 billion for Phase 1, with up to $2 billion projected at full buildout.
When will Pearl Square open?
The first building, the Vandeveer, was scheduled to begin residential leasing in late summer 2026 with retail opening by year-end. Gateway Jax aims to complete nearly all Phase 1 residential and retail by the end of 2028.
Who owns RiversEdge Jacksonville?
Preston Hollow Community Capital is the owner and developer of the $693 million RiversEdge mixed-use project, working in partnership with the Downtown Investment Authority. The public parks and Riverwalk are city-owned.
How long will the Main Street Bridge be affected?
The current lane and walkway reductions run August 24, 2026 through January 30, 2027. A separate full six-month FDOT closure for a $100 million renovation is planned to begin after July 1, 2027.
Where will the Jaguars play in 2027?
The Jaguars will play their 2027 home games at Camping World Stadium in Orlando while the most disruptive stadium construction occurs. The renovated EverBank Stadium is scheduled to reopen for the 2028 NFL season.
Is there office space available in Downtown Jacksonville’s new developments?
Yes. 655 Pearl in Pearl Square offers 100,000 sf of Class A office and 25,000 sf of retail, with JLL handling leasing ahead of a 2028 delivery. RiversEdge also markets commercial and office parcels on the Southbank.
Sources and Further Reading
- Jacksonville Today — “Gateway Jax: For Pearl Square to work, it has to be done ‘all at once'” (May 22, 2026): https://jaxtoday.org/2026/05/22/gateway-jax-pearl-square-tour/
- Action News Jax / WOKV — “Gateway Jax gives major updates on Pearl Square developments” (May 19, 2026): https://www.wokv.com/news/local/gateway-jax-gives-major-updates-pearl-square-developments-other-downtown-projects/ZB6JUG43SFGS7GIM7PSX4MJBM4/
- Jax Daily Record — “Gateway Jax’s Block N8 cleared for $145 million construction Downtown” (April 15, 2026): https://www.jaxdailyrecord.com/news/2026/apr/15/gateway-jaxs-block-n8-cleared-for-145-million-construction-downtown/
- Jax Daily Record — “Gateway Jax on the rise” (April 9, 2026): https://www.jaxdailyrecord.com/news/2026/apr/09/gateway-jax-on-the-rise/
- REBusinessOnline — “Gateway Jax Plans Office Building at Pearl Square, Taps JLL to Lead Leasing” (April 7, 2026): https://rebusinessonline.com/gateway-jax-plans-office-building-at-pearl-square-in-downtown-jacksonville-taps-jll-to-lead-leasing/
- The Jaxson — “Gateway Jax breaks ground on 721 N. Pearl Street” (January 26, 2026): https://www.thejaxsonmag.com/article/gateway-jax-breaks-ground-on-721-n-pearl-street/
- Downtown Investment Authority — Gateway Jax second Pearl Square groundbreaking: https://dia.jacksonville.gov/news/downtown-jacksonville-transformation-continues-as-gateway-jax-to-break-ground-soon-on-second-pearl-s
- RiversEdge Jacksonville official site: https://riversedgejax.com/
- Jax Daily Record — “Southbank Riverwalk extension in permitting review” (January 9, 2026): https://www.jaxdailyrecord.com/news/2026/jan/09/southbank-riverwalk-extension-in-permitting-review/
- Jax Daily Record — “Downtown Development Update Part II: Public projects” (March 16, 2026): https://www.jaxdailyrecord.com/news/2026/mar/16/downtown-development-update-part-ii-public-projects/
- News4JAX — “What’s coming next to RiversEdge? New renderings show an amphitheater” (August 3, 2026): https://www.news4jax.com/community/2026/08/03/whats-coming-next-to-riversedge-new-renderings-show-an-amphitheater/
- First Coast News — “RiversEdge Park opens on Jacksonville’s Southbank” (November 24, 2025): https://www.firstcoastnews.com/article/news/local/riversedge-park-opens-jacksonville-southbank-riverwalk/77-6dd3b23d-9531-40bd-ae2c-2ff64f46b687
- Jax Daily Record — “Pier 95 town homes planned on Southbank near RiversEdge” (June 4, 2026): https://www.jaxdailyrecord.com/news/2026/jun/04/pier-95-town-homes-planned-on-southbank-near-riversedge/
- Haskell — “Riverfront Plaza Brings a Resilient New Era in Downtown Jacksonville” (February 2026): https://www.haskell.com/insights/riverfront-plaza-brings-a-resilient-new-era-in-downtown-jacksonville/
- City of Jacksonville — “Main Street Bridge Pedestrian Walkway and Vehicular Lane Closure to Begin August 24” (August 7, 2026): https://www.jacksonville.gov/welcome/featured-news/main-street-bridge-pedestrian-walkway-and-vehicular-lane-closure
- Jax Daily Record — “Main Street Bridge to close one southbound lane, walkway beginning Aug. 24” (August 7, 2026): https://www.jaxdailyrecord.com/news/2026/aug/07/main-street-bridge-to-close-one-southbound-lane-walkway-beginning-aug-24/
- City of Jacksonville — I Dig Jax riverfront parks initiative: https://www.jacksonville.gov/mayor/initiatives/i-dig-jax
- Jacksonville Jaguars — “Stadium, Ticket Updates for 2026 and Beyond” (February 25, 2026): https://www.jaguars.com/news/k000589-stadium-ticket-updates-for-2026-and-beyond-coming-to-life
- Construction Equipment Guide — “Construction Ramps Up On Jaguars $1.4B Stadium Renovation” (April 8, 2026): https://www.constructionequipmentguide.com/construction-ramps-up-on-jaguars-14b-stadium-renovation/71027
- Downtown Investment Authority — “Downtown Development Update Part I: The Four Seasons rises, NAVI rolls out”: https://dia.jacksonville.gov/news/downtown-development-update-part-i-the-four-seasons-rises,-navi-rolls-out
- Jax Daily Record — “Despite potential cost overruns, ‘Stadium of the Future’ on schedule” (January 9, 2026): https://www.jaxdailyrecord.com/news/2026/jan/09/despite-potential-cost-overruns-stadium-of-the-future-on-schedule/
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