Writer: Andrea Teran
2 min read January 2024 — With a surge in new and transformative developments and an increasing population, Jacksonville’s downtown area is showing greater promise heading into an year of uncertainty for the broader economy.
“Residential growth remains the catalyst for retail businesses and other amenities,” according to Lori Boyer, CEO of the Downtown Investment Authority (DIA). With a residential occupancy rate of 97.4%, the DIA aims to boost the resident population to support new retail businesses.
“With rising building costs and other expenses, the target population now is 13,000 to 15,000 residents,” Boyer noted at a recent Northeast Florida Builders Association meeting , as cited by Jacksonville Daily Record.
In the 2023 State of Downtown Jacksonville report, there is nearly $5 billion in development proposals and projects under review as well as $723 million in completed projects and $2.38 billion under construction. Despite the high office vacancy rate of 26.4%, the focus is shifting towards converting office spaces into residential units to meet the growing demand for downtown living. Downtown’s residential growth has increased by over 50% in the last five years, adding 4,619 units and 7,695 residents, according to the report. There are 1,579 units under construction and 3,448 in review. The goal is to reach 8,140 multifamily dwelling units by 2030.
One Riverside Ave, a $250 million project led by Fuqua Development, also signals the growing interest in a more active downtown, blending residential spaces with retail opportunities by adding 396 apartments and 54,256 square feet of retail space. A Whole Foods and restaurant space will be included on the 18-acre riverfront site of the former Florida-Times Union.
Several other key projects are redefining Jacksonville’s skyline. The construction of the Four Seasons Hotel, located near the Jacksonville Jaguars stadium, will feature 170 rooms, private residences, dining venues, and a world-class spa, among other amenities. This project is anticipated to open in 2026. Public spaces are also undergoing a renaissance, with the Riverfront Plaza park project set to transform the old Jacksonville Landing site. The park will include green spaces, walkways, gardens, and a cafe with a playground, aiming to become a central hub for the community.
The RiversEdge project on the Southbank and the massive urban core revitalization by Gateway Jax are set to reshape Jacksonville’s downtown dramatically, noteworthy for its integration of public parks into the commercial and residential development. With four interconnected parks, a 125-slip marina, and various residential and commercial spaces planned, it is expected to be completed by the end of 2024.
These projects will introduce new residential units, office spaces, retail areas, and public parks, significantly altering the city’s landscape.
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