20-plus city blocks sold for $500m mixed-use project in Jacksonville, Fla.

Gateway Jax, a commercial real estate company sponsored by Jacksonville, Fla.-based JWB Real Estate Capital and DLP Capital, has acquired 22 acres of Jacksonville’s downtown core —amassing buildings and development sites that span more than 20 city blocks, with plans for $500 million of mixed-use build-out in a first phase.

Gateway Jax expects to break ground on its first developments in mid-2024, with the total build-out of current sites estimated at more than $2 billion over the next decade.

Gateway Jax’s redevelopment will mark one of the largest-ever urban-core revitalizations in the United States, in terms of its geographic span, and will complement already-existing initiatives by the city to spur on new decades of economic vitality.

Pending city approvals, the company’s near-term plans include development of three buildings along Pearl Street that will offer more than 1,000 multifamily units, more than 120,000 square feet of grocery-anchored retail