Writer: Esteban Pages
3 min read November 2023 — The combined effect of the pandemic-related shutdowns and the prevalence of the remote workforce disruption were expected to cause the “death of downtown.” Jacksonville seems to have proved this prediction wrong.
Downtown Jacksonville’s State of Downtown 2023 report boasts the number of downtown residents has grown more than 50% since 2018, well on its way toward the 7,695 residents to exceed 10,000 people in the near-term future. To absorb this demographic surge, the downtown has opened 1,442 units in the past five years, with 1,579 units under construction, 3,448 units in review and 1,984 units proposed.
Jacksonville’s downtown is home to 2,400 businesses that provide employment to 53,600 professionals. Fortune 500 companies located there include CSX, Fidelity National Financial and FIS. In parallel, between Jan. 3, 2022 and June 19, 2023, weekly downtown visits averaged 343,982 people. Annually, Jacksonville’s downtown saw a 13% increase in visitors, from 16.38 million in 2021 to 18.51 in 2022.
Worthy of note are the $8 billion in Jacksonville downtown’s development project pipeline. The list includes mixed use, residential, office, retail, hotel, eds, meds, culture + entertainment, infrastructure + mobility, parks + waterfront and marine projects. The Business Investment and Development (BID) Plan, combined with a Community Redevelopment plan, act as a blueprint for these developments.
In 2Q23, Lori Boyer, CEO of the Downtown Investment Authority (DIA), shared at length the agency’s priorities with Invest:. “What has occupied us most is the Northbank riverfront. We’ve seen a series of private developments and public parks approved along the waterfront on the north side of the river. West along the waterfront are two other park locations, the old courthouse site, a new marina, and Riverfront Plaza, which will break ground this summer. Continuing west, you’ll see what we call One Riverside Ave that was the former Times Union publishing site. One Riverside Ave is a residential development currently under construction with phase one retail, including a Whole Foods and a riverfront restaurant. All these projects are along the waterfront so that’s been a big activity area. There have also been multiple projects north of City Hall that are historical renovation projects. We’ve seen six of those individual projects with several nearing completion or under construction. Once complete, the adaptive reuse projects will bring residential units, retail spaces and a boutique hotel to Downtown’s NorthCore.”
The cautiously bullish attitude of regional leaders could inform the future performance of Jacksonville’s downtown. Capital Analytics’ Southern Business Sentiment Survey (CABSS) of 3Q23 found 69% of the 200+ participant decision makers felt the current regional economy was in a better position than it was six months ago.
Downtown Jacksonville’s full recovery has some road ahead of it still, however. According to Center City Philadelphia, workers and visitors in Jacksonville’s core downtown amounted to 75% of 2019’s levels in 3Q23. Of the 26 core downtowns analyzed, Jacksonville’s recovery rate ranked sixth to last. The influx of non-resident workers in 2Q23 amounted to less than 60% of 2019’s levels. While the number of greater downtown residents increased 110% within that same period, they only make up about 12.5% of the overall population. Visitors make up the lion’s share at 62.5% and non-residents 25%.
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