Jacksonville's downtown is in the middle of a construction wave, with new housing developments and a University of Florida graduate campus already holding classes. A statewide property-tax measure is also set to appear on November's ballot.
Realtors Hear a Bullish Case for Downtown's Future
The summit was held at the University of North Florida's Adam W. Herbert University Center, according to the Jacksonville Daily Record. The event focused on downtown Jacksonville's future.
That capacity gap is starting to close with Gateway Jax's Pearl Square development, a multiphase mixed-use neighborhood reimagining roughly 20 blocks of downtown's NorthCore, per developer materials from Downtown Investment Authority. At full build-out, the district is expected to include more than 1,250 residential units and over 200,000 square feet of retail and dining space, with an estimated development value exceeding $750 million. The project team includes Bryan Moll, JWB Real Estate Capital and DLP Capital.
Vandeveer Nears Completion as First Pearl Square Building
Vandeveer, the first building in Pearl Square at 515 N. Pearl St., is a 205-unit development expected to be completed by the end of this year, the Daily Record's summit coverage noted. The city listed the project's cost at $66.2 million in 2024, the same year Jacksonville City Council approved a $9.06 million REV grant and a $4.63 million completion grant to support it. Construction on that first phase began in October 2024, while a second Pearl Square block at 425 Beaver St. broke ground in May 2025, according to the Downtown Investment Authority.
Those individual projects add up. Downtown public and private investment reached $3.4 billion in completed projects between 2016 and 2024, according to figures from Downtown Vision Inc. cited in the summit report. The downtown development picture also includes Pearl Square, the stadium renovation and the University of Florida's new graduate campus.
UF's Graduate Campus Adds an Academic Anchor
UF Jacksonville opened to students in August at 801 W. Bay Street, offering eight graduate-level programs with no undergraduate or bachelor's degree track, according to the university's own FAQ page. Downtown campus construction has also been discussed.
Stadium of the Future Nears $1.4 Billion Price Tag
The Jacksonville Jaguars' EverBank Stadium renovation, dubbed the Stadium of the Future, is valued at $1.4 billion.
More Projects in the Pipeline Downtown
Beyond the headline projects, summit speakers pointed to several developments still working through planning. The Seaport at St. Johns, proposed for 1701 Prudential Drive, would bring two towers with residences, a luxury hotel and a grocer. A Culinary Institute of America Southeast campus has also been floated as part of a mixed-use tower at 330 E. Bay St.
A Ballot Measure Puts Property Taxes in Focus
Amendment 3, a statewide property-tax measure, is scheduled to appear on Florida's November ballot.
The proposal would change Florida's homestead property-tax exemption.
The measure would not directly reduce rental-housing property taxes, though it could lead to tax and fee shifts. A September analysis commissioned by the Florida Housing Coalition, Florida Apartment Association and partner organizations estimated that an average Florida apartment’s annual property-tax bill could rise $406 in 2028 if local governments raised tax rates enough to fully offset lost revenue. The estimate is conditional, not a forecast of what Jacksonville will do. The analysis and its assumptions detail that scenario.
Jacksonville’s Downtown Investment Authority is both the downtown economic-development agency and the community redevelopment agency, which manages tax-increment funds tied to rising property values in redevelopment districts. One tool it uses, the multifamily REV grant, returns a portion of property-tax revenue generated by eligible downtown housing projects over time, for up to 20 years. The authority’s description of its role and its REV grant rules show how tax revenue is already part of the downtown development-financing framework.
