Jake Gordon, CEO, Downtown Vision
Jake Gordon, CEO of Downtown Vision, spoke with Invest: about the vital role downtowns play in the health of a city and the surrounding communities, plans for the future of the area and more. “There is a ton of opportunity in Jacksonville,” he said. “This is a city on the rise.”
How would you describe the overall activity in Downtown Jacksonville over the past year?
The economic climate significantly influences the vitality of cities. While many cities struggled in the aftermath of COVID-19, Jacksonville, particularly its downtown area, demonstrated remarkable resilience. The city has successfully maintained foot traffic and welcomed employees back to work. Florida was among the first states to resume economic activity. This strategic advantage propelled Jacksonville forward while other cities paused.
However, the current economic landscape, characterized by higher interest rates and limited access to capital, has slowed down investment momentum. Despite significant investment in Downtown Jacksonville over the past 18 years, totaling over $3 billion, some high-profile projects envisioned before COVID-19 have not materialized. The new administration recognizes the need to continue this momentum and address the long-term underinvestment in downtown. It is essential to evaluate cities’ progress over extended periods, such as decades, rather than expecting immediate and drastic changes. Downtown Jacksonville’s environment is ripe for investment, offering numerous opportunities for growth and development. Residents desire rapid transformations, but cities evolve gradually. Consistent and sustained efforts are necessary to achieve long-term success and prosperity.
What are some of the key strengths that Downtown Vision offers to businesses when they look toward economic development?
We issue a State of Downtown report every year that shows what every entity is doing together. There is a ton of opportunity in Jacksonville. This is a city on the rise. There is still affordability, a hallmark of Jacksonville and North Florida, and yet there is this influx of new people coming from all over, particularly the Northeast. The bones are here for some serious investment gains if you are going to put your dollars in Downtown Jacksonville right now. The mayor’s focus is on infrastructure and small businesses. Improving the small-business environment will really make sure they can grow and thrive while improving the built-in environment in our downtown area. Switching to two-lane streets in Downtown Jacksonville has been something that was needed for a while because of the flow of our traffic. We are working to think further ahead so that the changes we make now will pay off in the future.
What resources or support are offered by Downtown Vision to entrepreneurs and small businesses?
Downtown Vision prides itself in helping connect and foster an environment for small businesses inside and outside of Downtown Jacksonville. We only have about a 1.3-square-mile district, in a 3.9-square-mile downtown, in an 874-square-mile city. Mayor Donna Deegan has really brought in a focus on small businesses with a number of newer opportunities for them to thrive in Jacksonville. This has been warmly received. There is also access to capital. Jacksonville is an entrepreneurial city, and we like to think we are fostering that. Downtown Vision is focused on the street-level experience. Our ambassador team goes around to make sure the streets are clean and are fostering a welcoming environment for individuals to patronize our small businesses.
What projects in the pipeline are you excited about?
There are so many it is really hard to choose one. The one area we are not seeing is office. Ten years ago, the office building market was the strongest, but this is no longer the case. Residential is so much stronger from an investment perspective today. In the tourism sector, more hotels are opening, especially downtown. We are ensuring tourists are well taken care of in Jacksonville. Public spaces in Downtown Jacksonville are being improved, as well, and when I got here 10 years ago our universities didn’t have a great impact in our downtown area. Now, the eds and meds corridor helps downtown move forward. Leaders at Jacksonville University, Florida State College at Jacksonville and the University of Florida have brought a lot of focus on higher education downtown. We were the biggest city in the United States without a law school until recently. The impact going forward will be long-lasting.
What’s next for Downtown Vision?
We are just trying to keep up with the pace of downtown. We have been around for 25 years as Downtown Vision and our State of Downtown report at some point was 10 pages long. Now we have been capping it at 45 pages because there is just so much going on now. Downtown is only going to be successful when there is a big focus on it. We are excited that this is the case now more than ever before. We have known for a long time that a better downtown helps everyone in Jacksonville. Even if you don’t visit it, it’s an economic resource for our city. Jacksonville is a spread out and large city. Tax revenue is needed from a bustling downtown to pay for infrastructure improvements throughout the city. This is happening more today. We want to keep up with the pace of investment – more are interested today than before and we are excited about that.
