2025 State of Downtown

JACKSONVILLE,FLFL JACKSONVILLE,

LETTER FROM MAYOR DONNA DEEGAN NOVEMBER 2025 I am proud to share the 2025 State of Downtown Report from Downtown Vision, Inc., which captures an extraordinary period of progress and possibility for the heart of our city. Downtown Jacksonville is no longer a vision for the future—it is a reality in motion.

Over the past year, Downtown has continued its evolution into a vibrant center of culture, innovation, education, and opportunity.

Through public-private partnerships, strategic planning, and the leadership of the Downtown Investment Authority, more than $2 billion in new projects have been completed or are under construction. These investments are creating a Downtown that reflects the best of who we are: forward-looking, resilient, and full of energy.

Our city’s educational and healthcare institutions are anchoring this transformation. Jacksonville University’s College of Law is now fully established Downtown, and construction is underway on the University of Florida’s $300 million graduate campus in LaVilla—a worldclass facility that will focus on artificial intelligence, semiconductor research, and programs aligned with Jacksonville’s key industries.

On the Southbank, Baptist Health is expanding its flagship medical center with a new emergency tower to meet the needs of both children and adults. These projects ensure that learning, discovery, and wellness are woven into the fabric of our urban core.

Our entertainment and recreation districts are also thriving. The $1.4 billion “Stadium of the Future” project will transform Downtown’s Sports and Entertainment District into a year-round destination for sports, concerts, community gatherings, and cultural events. The redesigned stadium, along with surrounding mixed-use development, will strengthen our downtown economy, create local jobs, and provide spaces that bring people together and enhance Jacksonville’s identity as a city that celebrates connection and community.

Equally transformative are our investments in public spaces and riverfront parks. From the newly reopened Friendship Fountain to projects like Riverfront Plaza, the Music Heritage Garden, and McCoys Creek Greenway, we are building a connected network of parks and trails that make the St. Johns River a place where people can gather, play, and celebrate together. The Emerald Trail and Riverwalk expansions are strengthening those connections, linking neighborhoods and opening more access to the water that defines us.

Mobility improvements are helping everyone move through Downtown safely and sustainably. Expanded bike and pedestrian routes, two-way street conversions, and innovative initiatives like JTA’s Neighborhood Autonomous Vehicle Innovation project are creating a model for how cities can combine technology, accessibility, and quality of life.

All of this progress builds toward one clear outcome: a Downtown that is connected, accessible, and alive. With more than 8,900 residents, new housing developments, and billions in active investment, Jacksonville’s urban center is experiencing a renaissance that benefits our entire region.

Thank you to the many stakeholders helping to shape this future—the developers, business owners, artists, students, healthcare workers, educators, families, and neighbors who believe in Jacksonville’s potential. Together, we are creating not only a Downtown that thrives, but a city that inspires.

Sincerely,

Donna Deegan, Mayor City Hall, 117 W. Duval Street, Suite 400 Jacksonville, FL 32202 jacksonville.gov

2

DOWNTOWN JACKSONVILLE

DOWNTOWN INVESTMENT AUTHORITY (DIA) The Downtown Investment Authority (DIA) serves as both the Community Redevelopment Agency (CRA) for Downtown Jacksonville and its primary economic development arm. Guided by a nine-member board, the DIA drives investment, supports infrastructure and job growth, and oversees the strategic use of public property. Through stewardship, collaboration, and public-private partnerships, the DIA works to foster a vibrant Downtown — one that connects thriving neighborhoods along the St. Johns River and stands as the economic, civic, and cultural heart of Northeast Florida.

117 W. Duval Street #310, Jacksonville, FL 32202 (904) 255-5302 DIA.JACKSONVILLE.GOV

Colin Tarbert CEO

Patrick Krechowski Board Chair

DOWNTOWN VISION, INC. (DVI) As the non-profit Business Improvement District (BID) for Downtown Jacksonville, DVI aims to create and support a vibrant Downtown and promote Downtown as an exciting place to live, work, play, and invest. Founded in 2000, DVI is partially funded by Downtown’s commercial property owners through a self-assessment via the City of Jacksonville. DVI is governed by a large board of directors representing diverse Downtown stakeholders and has a corporate structure with both a 501(c)6 non-profit business association and a 501(c)3 charitable corporation, providing members and supporters with a wide range of support and benefits.

DTJAX.COM/ABOUT-DVI

Jacob A. Gordon, Esq. CEO

Paul Davison Board Chair

BUILD UP DOWNTOWN (BUD) Build Up Downtown is a privately funded, non-profit resource, advocacy agency, and supporter of the Downtown Investment Authority and Downtown Vision, Inc. Build Up Downtown facilitates and advocates for preservation, smart development, and great public spaces in Downtown Jacksonville through communicating, connecting, and informing current and future businesses and stakeholders.

BUILDUPDOWNTOWN.ORG

Linzee Ott CEO

Alex Sifakis Board Chair

STATE OF DOWNTOWN

3

TABLE OF CONTENTS

6

ABOUT DOWNTOWN: Growth, Change, and Resilience

8

BUILDING THE FUTURE: A Master Plan for Growth

10 12 Live

MAKING UP THE MIX: Downtown’s Eight Neighborhoods

RESIDENTIAL: Expanding and Evolving

16 Work

FFICE: O Shifting Markets

20 Visit

• VISITATION TRENDS • HOSPITALITY AND TOURISM • DINING AND RETAIL: Supporting Small Business Success • CULTURE, ENTERTAINMENT, EDS, AND MEDS • OUTDOORS: Celebrating New World-Class Parks and Waterfront Amenities • INFRASTRUCTURE: Mobility, Access, and Connectivity

34 Invest

DEVELOPMENT HIGHLIGHTS

38 39 4

BOARDS AND STAFF ACKNOWLEDGEMENTS

DOWNTOWN JACKSONVILLE

GO BEYOND THE PAGE: DISCOVER INTERACTIVE CHARTS AND INSIGHTS AT DTJAX.COM/RESEARCH

STATE OF DOWNTOWN

5

ABOUT DOWNTOWN

GROWTH, CHANGE, AND RESILIENCE Jacksonville is the principal city of Northeast Florida, commonly referred to as “Florida’s First Coast.” Covering 875 square miles and with a total population of over 1 million people, Jacksonville is a dynamic, resource-abundant location that has attracted a growing number of both residents, visitors, and businesses in recent years.

Geographically centered within the region, Downtown Jacksonville serves as both an economic engine and cultural heart Northeast Florida. Split by the St. John’s River, the North and Southbanks of Downtown Jacksonville fall under a singular Commercial Central Business District (CCBD) zone. Covering a total of 3.9 miles, including the St. Johns River, Downtown’s eight distinct neighborhood districts offer their own unique history, amenities, and sense of

THE WORLD IS NOTICING JACKSONVILLE, FLORIDA #1 FOR YOUNG ENTREPRENEURS Forbes, February 2025

place.

#3 TOP LARGE U.S. CITIES FOR ECONOMIC GROWTH

A growing residential base proves that Downtown

Coworking Cafe, August 2025

Jacksonville is a place that people want to be. Following COVID-19 pandemic in more recent years, Downtown’s

#4 BEST LARGE CITY TO START A BUSINESS IN 2025

recent growth stands as a testament to the City’s diverse

WalletHub, April 2025

global economic struggles in the late 2000s and the

economy and dedication to development.

#7 BEST BIG U.S. CITY TO LIVE U.S. News and World Report, May 2025

#10 MOST MOVED TO CityPODS, May 2025

#21 MOST RENTER-FRIENDLY CITY Rent Cafe, July 2025

A TOP-RANKED FLORIDA CITY FOR TOTAL POPULATION GROWTH Hillis Properties, June 2025

Riverside Arts Market 6

DOWNTOWN JACKSONVILLE

A TOP U.S. CITY FOR RELOCATING HOME BUYERS U.S. News and World Report, May 2025

I-95

20 MIN. TO JACKSONVILLE INT’L AIRPORT

PHOENIX

DURKEEVILE

NEW TOWN

SPRINGFIELD

RAIL YARD DISTRICT

EASTSIDE 25 MIN. TO THE BEACHES

DOWNTOWN JACKSONVILLE

3.9 SQUARE MILES

I-10

CENTERED WITHIN DUVAL COUNTY

RIVERSIDE SAN MARCO

ST. NICHOLAS I-95

15 MIN. TO ST. JOHNS TOWN CENTER

ST. JOHNS RIVER

30 MIN. TO TPC SAWGRASS, PONTE VEDRA & ST. JOHNS COUNTY AND 45 MIN. TO ST. AUGUSTINE

MIRAMAR

STATE OF DOWNTOWN

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BUILDING THE FUTURE

A PLAN FOR GROWTH

LEARN MORE AT:

DIA.JACKSONVILLE.GOV

In June 2022, City Council adopted the updated Business Investment and Development (BID) Plan — a modern blueprint guiding Downtown’s growth and redevelopment. Designed to take advantage of today’s market opportunities, the plan serves as a long-term guide for the Downtown Investment Authority (DIA) and City leaders and is updated every five years as required by ordinance. The BID Plan combines two core components: •

The Community Redevelopment Area (CRA) Plan, pursuant to state statutes.

•

The Business Investment and Development (BID) Strategy, established by local ordinance.

COMMUNITY REDEVELOPMENT AREA PLAN The CRA Plan shapes the future of Downtown’s neighborhoods — guiding everything from new development and infrastructure to public spaces and community programs within Downtown Jacksonville’s three community redevelopment areas (CRAs). It defines the goals, objectives, and projects that will move Downtown forward, ensuring that growth strengthens our neighborhoods and enhances the overall urban experience.

BUSINESS INVESTMENT AND DEVELOPMENT STRATEGY The BID Strategy is where vision meets action. It identifies local, state, and federal funding tools to attract private investment while outlining transparent criteria to evaluate and prioritize projects.

Pearl Square Groundbreaking

This strategic approach ensures that every effort contributes to a vibrant, resilient, and economically strong Downtown — modernizing infrastructure, enhancing public spaces, and strengthening identity and livability.

The BID Plan looks at Downtown as a whole ecosystem. It integrates mobility and design standards, public art, parks programming, and neighborhood branding. It emphasizes affordable housing, historic preservation, safety, and sustainability. From improving parking and sidewalks to activating the waterfront, the BID Plan balances short-term improvements with long-term vision — laying the groundwork for a thriving Downtown for generations to come.

RiversEdge: Life on the St. Johns 8

DOWNTOWN JACKSONVILLE

BUSINESS INVESTMENT AND DEVELOPMENT PLAN GOALS: A FRAMEWORK FOR WHY AND HOW THE DIA DOES BUSINESS

INCENTIVE PROGRAMS: TOOLS FOR SUSTAINABLE GROWTH To help bring this vision to life, the DIA offers a

Everything the DIA does ties into eight distinct goals,

variety of incentive programs that make it easier

which serve as the backbone of the BID Plan and a guide

for developers, small businesses, and property

for all projects, programs, strategies, and action items.

owners to invest in Downtown.

The basics of those goals are: As part of the BID Plan update, the DIA refined EMPLOYMENT

existing incentives and introduced new programs

Optimize commercial and office utilization and job growth

to better align with current market conditions.

while shaping Downtown as the epicenter for business

These updates:

across Jacksonville.

•

and predictability

ROOFTOPS Add housing for both renter- and owner-occupied units

• •

VIBRANCY + ACTIVATION Infuse the Downtown experience with the excitement of arts and culture, historic architecture and heritage, a destination sports district, premiere concerts and events, signature parks, and unique entertainment options.

WELCOMING SPACES Prioritize safety, accessibility, and wellness by ensuring clean, well-maintained, and inclusive public spaces.

Encourage desired development and design features through flexible incentives

Increase the number and variety of shops, restaurants, and entertainment options Downtown.

Offer ready-to-use programs with set criteria to reduce time and cost

to attract people seeking a metro vibe and lifestyle.

RETAIL & DINING

Provide developers with greater clarity

DIA INCENTIVE PROGRAMS INCLUDE: •

Multi-Family REV Grant

•

Small-Scale Residential

•

Affordable Housing Support Loan

•

Commercial Revitalization Program

•

Retail Enhancement Program

•

Food & Beverage Retail Enhancement Program

•

Waterfront Restaurant Program

MOBILITY

•

Sidewalk Enhancement Forgivable Loan

Make Downtown more walkable and bike-friendly by linking

•

Targeted Hotel REV Grant

nearby neighborhoods to the St. Johns River, parks,

•

Code Compliance Support Program

and greenways.

•

Downtown Preservation & Revitalization

RIVER LIFE Celebrate the beauty of the St. Johns River and protect its health while fostering distinctive and interactive waterfront activities for everyone.

Program •

Historic Preservation Trust Fund

•

Storefront Facade Grant Program

•

Water Quality Compensatory Credits

FAST-TRACK Streamline investment and development processes to ensure quicker approvals, effective collaboration between city departments, and an open-for-business VIP experience.

SINCE JANUARY 2024, $2.84 BILLION IN PROJECTS HAVE BEEN EITHER COMPLETED OR ARE UNDER CONSTRUCTION. STATE OF DOWNTOWN

9

MAKING UP THE MIX:

DOWNTOWN’S EIGHT NEIGHBORHOODS BROOKLYN

Modern and colorful, Brooklyn connects LaVilla and City Center to the historic Riverside neighborhood and 5 Points shopping and entertainment district. Home to major corporate headquarters such as FIS, Brooklyn offers an ideal location for businesses and residents alike. The district has a mix of uses, including riverfront office, multi-family housing developments, restaurants, retail, and light industrial. The community enjoys plentiful river access, and with various major projects currently underway and strong economics, the Brooklyn district is well-positioned for continued growth and success.

Did you know? Brooklyn’s name dates back to 1868, when it was a post-Civil War suburb connected to Downtown by trolley. Today, its transformation from shipyards and warehouses to riverfront offices and restaurants mirrors Downtown’s larger evolution.

LAVILLA

West of City Center, LaVilla is a neighborhood defined by its rich cultural legacy and ongoing transformation.

As Jacksonville’s oldest suburb, LaVilla was known as the epicenter of Black culture, music, and commerce, as well as home to many immigrant communities drawn by its railroad hub. Its vibrant entertainment scene drew legendary performers to clubs around Ashley Street, and the Ritz Theatre – opened in 1929 – became a key stop on the Chitlin’ Circuit. Following a decline in population and quality of life in the 20th Century, the 1990s River City Renaissance Plan aimed to revitalize the area and cleared much of it for future development. Today, guided by the LaVilla Neighborhood Development Strategy, the neighborhood is welcoming new for-sale townhomes, workforce housing, a graduate campus and infrastructure improvements that reconnect the neighborhood to the rest of Downtown and to our Riverfront. The LaVilla Heritage Trail, opening in early 2026, will celebrate the neighborhood’s storied past, while the first segment of the Emerald Trail and the new Lift Ev’ry Voice and Sing Park are reestablishing LaVilla as a walkable, connected, and culturally vibrant gateway to Downtown.

Did you know? LaVilla was home to legendary performers like Duke Ellington and Ray Charles and is now reemerging as a hub for culture, housing, and education anchored by the University of Florida’s new graduate campus.

CITY CENTER

City Center encompasses many of Downtown’s office towers, government services, regional non-profits, and various art and cultural centers, making it the most concentrated area of focus for economic development on the Northbank. City Center’s small walkable blocks are filled with historic architecture, cultural amenities, and public art. The City of Jacksonville was founded on the riverbank of City Center, and iconic cultural centers like the Jacksonville Center for the Performing Arts, the Museum of Contemporary Art, and the Florida Theatre are located in City Center. Today, work is underway to re-establish key riverfront properties and enhance Jacksonville’s iconic skyline. The availability of several unique and historic properties provide significant opportunities for adaptive reuse, and major developments like Pearl Square will further redefine the district.

Did you know? The Florida Theatre, opened in 1927, has hosted everyone from Elvis Presley to Bon Jovi. NorthCore’s classic architecture and landmark buildings now frame some of Downtown’s most exciting adaptive-reuse projects.

NORTHCORE

Situated along the northern boundary of Downtown between City Center and the historic Springfield neighborhood, the NorthCore is on the threshold of a major transition. The area is experiencing a resurgence thanks to numerous (multi-family) new constructions aimed at preserving the rich, historic building stock and at bringing residential, retail, and a hotel to the district. There will be even more development projects to break ground in 2026 and beyond.

Did you know? The Ambassador Hotel, originally built in 1924, is being restored as a boutique hotel — one of several landmark adaptive-reuse projects redefining the NorthCore.

10

DOWNTOWN JACKSONVILLE

CATHEDRAL HILL

Anchored by five historic churches, Cathedral Hill connects City Center to the Sports and Entertainment District and is home to Billy Goat Hill, the highest point in Downtown Jacksonville. Beginning in 2016, the area has been championed by Cathedral District Jax-Inc. (CD-J), a nonprofit organized to foster growth as Jacksonville’s Downtown neighborhood. The DIA’s strategic plan for historic Cathedral Hill calls for traffic calming, improved walkability and bikeability, new parks and plazas, public art, and dedicated bike lanes. It also envisions a mixeduse retail district along Market Street focused on serving the surrounding neighborhood.

Did you know? This district gets its name from its skyline of steeples — including St. John’s Cathedral (1906) — and its historic tree-lined streets are home to some of Downtown’s most intact residential blocks.

SPORTS AND ENTERTAINMENT

Sporting the biggest concentration of entertainment venues in the area, the Sports and Entertainment District is home to the Jacksonville Jaguars, the Jacksonville Jumbo Shrimp, and other sports teams, major concerts, and much more. With its riverfront lined with shipyards, the district was once home to a thriving maritime industry. Today, major mixed-use developments are under construction and envisioned to transform the district to create vibrancy extending beyond game days and concert nights.

Did you know? The EverBank Stadium site has been a center for sports for nearly a century — from the Gator Bowl’s early games to the upcoming Stadium of the Future, one of the largest investments in city history.

WORKING WATERFRONT

The Working Waterfront sits on the eastern edge of Downtown beyond the Sports and Entertainment District. Home to the North Florida Shipyards, the district primarily supports industrial waterfront uses with a special district zoning overlay to accommodate the needs of shipping, lumber, concrete, and oil businesses operating there.

Did you know? Once a hub for shipbuilding and maritime trade, the Working Waterfront is reclaiming its industrial heritage through public access, with projects like Shipyards West Park and the Four Seasons Hotel & Residences reconnecting the city to the river.

SOUTHBANK Home to tall riverfront office and residential towers, the Southbank sits between the St. Johns River and the historic San Marco neighborhood to the south. It features a wealth of hotels and premier medical campuses including Baptist Medical Center, Wolfson Children’s Hospital, MD Anderson Cancer Center, and Nemours Children’s Health Center. The community enjoys plentiful riverfront access via the Southbank riverwalk, a boat ramp, kayak launch, and River Taxi stops.

Did you know? Opened in 1965, Friendship Fountain was once the world’s largest fountain.

Today, it anchors a growing residential and recreation corridor with sweeping riverfront views.

LAVILLA

NORTHCORE CATHEDRAL HILL CITY CENTER

BROOKLYN

SPORTS AND ENTERTAINMENT

WORKING WATERFRONT

SOUTHBANK

STATE OF DOWNTOWN

11

Live

RESIDENTIAL

EXPANDING EXPANDING & EVOLVING & EVOLVING Downtown’s housing market has expanded significantly in recent years, driven by the addition of new multi-family developments. Since 2020, 1,766

1,766

Units Opened in the Past Five Years

5,665

Total Units in Downtown

8,941

Residents

residential units have opened, bringing Downtown

2022 DIA BID PLAN GOAL:

close to reaching a population of 10,000 residents.

8,140 multi-family dwelling units built and occupied by 2030

The growth in Downtown’s residential population, paired with the addition of new restaurants and parks, is transforming Downtown living into the bustling, vibrant urban center.

Creating connection between nodes of activity within the eight neighborhoods is a key component in the future of our Downtown. With street conversions being completed, new parks coming online, and continued investment in retail, there has never been a better time to be a Downtown resident. Downtown Jacksonville’s evolution continues to be fueled by public-private partnerships, dedicated leadership, placemaking efforts, and the development of green spaces.

The Downtown Investment Authority (DIA) helps to cultivate residential growth through incentives for developers, including Multifamily Housing REV Grants, Small-Scale Multifamily Housing Grants, and Affordable Housing Support Loans. Along with state-level incentives, Downtown continues to attract both modern high-rises and historic adaptive reuse projects.

RESIDENTIAL PROFILE1 Top Three Reasons Residents Choose to Live Downtown: • Walkability • Convenience/central location • City living/urban vibe

Top Three Most Important Unit Amenities When Choosing Where to Live: • In-unit washer/dryer • Dishwasher • Pet friendly

With multiple multi-family, mixed-use residential projects

Top Three Most Important Community Amenities When Choosing Where to Live:

coming online, Downtown Jacksonville is on a path to

• On-site parking

provide its residents with true city-living. The Pearl Square development will include Downtown’s first Publix grocery store, giving Northbank residents a convenient option in the NorthCore (NoCo) neighborhood. By increasing the number of street-level retailers, a variety of dining options, and additional green spaces, the Pearl Square development will help to spur activity through walkability.

Retail and residential density combined with exercise opportunities sets the stage for a bustling, busy Downtown

• 24-emergency maintenance • 24-hour security

91.6% of residents like or love living Downtown 51.5% say that Downtown has improved or significantly improved since they started living Downtown

61.4% have a household income of $80k+ 67.8% rent their residence

that welcomes individuals and families alike.

1. Source: DTJax.com/surveys

12

DOWNTOWN JACKSONVILLE

MAJOR PROJECTS THAT WILL CHANGE DOWNTOWN

PEARL SQUARE 1,000+ residential units 200k sq ft urban open space 110 hotel rooms 1 acre of open space Status: Under construction Expected Completion: Phase one opening 2026

RIVERSEDGE:

LIFE ON THE ST. JOHNS

950+ residential units 4+ acres of public park spaces Central riverfront park with walking track and pavilion Playground and fitness equipment River access Status: Under construction Expected Completion: First residential phase opening spring 2025

ONE RIVERSIDE AVENUE Anchored by Whole Foods 39k sq ft retail space 390+ residential units Riverfront dining River access Adjacent to McCoys Creek and future park Status: First residential phase completed

STATE OF DOWNTOWN

13

UNITS

LOCATION

YEAR OPENED

Artea Southbank

340

Southbank

2025

Lofts at Cathedral

120

Cathedral

2025

The Residences at One Riverside*

271

Brooklyn

2025

Union Terminal Warehouse

220

Adjacent

2025

Johnson Commons

54/91

LaVilla

2024

218 Church Street

24

NorthCore

2023

Ashley Square Apartments

120

Cathedral Hill

2022

The Southerly

185

Southbank

2022

Elena Flats

4

Cathedral Hill

2021

Lofts at Brooklyn

133

Brooklyn

2021

Shipping Container Apartments

18

Cathedral Hill

2021

Vista Brooklyn

308

Brooklyn

2021

UNITS

LOCATION

FOR LEASE/SALE

Juliette Balcony

8

City Center

For Lease

LaVilla Place

13

LaVilla

For Lease

Pearl Square

1,000+

NorthCore

For Lease

Private Residences at Four Seasons Jacksonville

26

Sports & Ent.

For Sale

RISE: Doro

247

Sports & Ent.

For Lease

RiversEdge Townhomes

39

Southbank

For Sale

UNITS

LOCATION

FOR LEASE/SALE

Apartments by Related Group

390

Southbank

For Lease

Block Nine

293

Brooklyn

For Lease

Cathedral Commons

175

Cathedral

For Lease

Jones on Hogan

177

NorthCore

For Lease

Lofts at Southbank

100

Southbank

For Lease

RiversEdge: Life on the St. Johns

950

Southbank

Mixed

NEW RESIDENTIAL BUILDINGS (LAST 5 YEARS)

*A total of 396 units are planned with 271 completed and for lease thus far.

UNDER CONSTRUCTION

APPROVED OR IN REVIEW

14

DOWNTOWN JACKSONVILLE

SIGNIFICANT MULTIFAMILY RESIDENTIAL GROWTH OVER 10 YEARS2

8,941

8K

RESIDENTS

7K

6K

5,665

5K

4K

UNITS

4,527

3K

2K

2,812 2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

RESIDENTIAL SALES AND RENTAL RATES2 Multifamily Sales 2023-2024

$334,930

New Market Rate Multifamily Rents

$2.26

All Market Rate Multifamily Rents

$1.91

AVERAGE SALE PRICE

AVERAGE PRICE PER SF

AVERAGE PRICE PER SF

$258

$1.67-$4.03

$1.06-$3.75

$99-$529

(Properties opened 2020 and later)

(Properties active for 20+ years)

AVERAGE PRICE PER SF

PRICE PER SF RANGE

PRICE PER SF RANGE

PRICE PER SF RANGE

Downtown supports a range of rents—from market rate to naturally occurring affordable housing (NOAH) to subsidized housing—providing a variety of options for those looking to live Downtown

DIVE INTO THE DATA: DTJAX.COM/RESEARCH 2. Source: CoStar + Self Reports

STATE OF DOWNTOWN

15

Work

OFFICE

SHIFTING MARKETS Downtown Jacksonville’s office landscape continues to adapt as markets shift and work environments change.

With nearly eight million square feet of commercial office space, Downtown Jacksonville has plenty to offer employers and their workers. Vacancy rates have risen in recent years following the Covid-19 pandemic, but the Downtown office market is gaining momentum.

From 2020 to 2023, commercial office vacancy rates steadily increased in Downtown Jacksonville, hitting a high of 26.1% in 2023. Since 2023, vacancy rates have stabilized and started to fall slightly, first to 25.7% in 2024 and 25.5% in Quarter 2 of 2025. Although average lease rates remained relatively stable over this period, the elevated vacancy rates reflect broader market dynamics, including higher interest rates, rising construction costs, and the continuing shift toward hybrid work models—factors that have collectively contributed to longer leasing timelines and more cautious decision-making among prospective tenants.

To support occupancy growth and incentivize new leases, the Downtown Investment Authority (DIA) implemented the Commercial Revitalization Program, which helps cover parking expenses for tenants entering new lease agreements. In addition, the City of Jacksonville’s Business

8M

Square Feet of Office Space in Downtown

46,833

Employees in Downtown

Infrastructure Grant/Loan program promotes economic development through support of infrastructure investments that enhance Downtown’s commercial real estate market.

According to annual employee survey data, approximately 36% of Downtown Jacksonville employees currently work a hybrid schedule. Downtown supports this evolving work pattern through the availability of several coworking and flexible office spaces, providing options for professionals without a dedicated office space. Nationally, Gallup’s May 2025 poll indicates that 51% of U.S. employees work a hybrid schedule, a figure that surged in 2020 and has remained relatively stable since 2023.

The popularity of remote and hybrid work, a shifting economic landscape, and changing employer and employee preferences all play a key role in Downtown’s office environment. Education, healthcare, government, and financial services have a presence Downtown, and as office markets continue to change, Downtown Jacksonville is well-positioned to continue growing in those key sectors.

3. Source: Gallup

16

DOWNTOWN JACKSONVILLE

OFFICE MARKET COMPARISON OF FLORIDA CBDS AS OF 2024 Q44 CITY

TOTAL SQ FT 2024

TOTAL VACANCY

ANNUAL NET ABSORPTION RATE

AVERAGE LEASE

Miami (Brickell)

7,034,500

14.1%

-43,000

$91.94

Miami (Downtown)

6,283,300

19.6%

-16,400

$64.27

Tampa

6,994,829

11.4%

163,752

$43.07

St. Pete

1,675,322

6.6%

-4,659

$39.01

Orlando

8,490,914

13.6%

-266,426

$32.99

Downtown Jacksonville

8,069,546

25.7%

-56,362

$23.64

19.2%

-1.1 million

$33.34

Nationwide

JACKSONVILLE MARKET VACANCY RATES4 30

25.5%

25

20

15

DOWNTOWN JACKSONVILLE

18.6%

20.4%

JACKSONVILLE SUBURBS

17.3% 2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025 Q2

JACKSONVILLE MARKET LEASE RATES4

$24.04

25

DOWNTOWN JACKSONVILLE

20

$22.73

JACKSONVILLE SUBURBS

$19.65 $17.79 2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025 Q2

4. Source: Commercial Edge +CBRE

STATE OF DOWNTOWN

17

TOP BUSINESS SECTORS

BY EMPLOYMENT6

TOP OFFICE PURCHASES IN THE PAST FIVE YEARS5 JEA HEADQUARTERS $94,997,000 Real Capital Solutions, Inc., 2022 RIVERPLACE TOWER $73,200,000 Acram Group, 2021 PRUDENTIAL OFFICE TOWER $70,000,000 Bradford Allen Investment Advisors, 2022 BANK OF AMERICA TOWER $66,958,118 Group RMC, 2020

1 INDEPENDENT DR $41,715,000 Argentic Investment Management LLC, 2024 GATES OF RIVERSIDE, FORMERLY 245 RIVERSIDE $25,150,000 Hakimian Holdings, 2022 1301 RIVERPLACE BLVD. $20,670,000 Hanania Automotive Group, 2021

DOWNTOWN’S FORTUNE 500 COMPANIES6

MAJOR DOWNTOWN EMPLOYERS6

5. Source: CoStar

18

DOWNTOWN JACKSONVILLE

6. Source: JAXUSA Partnership

1.

Professional, Scientific & Tech Services

2.

Legal Services

3.

Other Services (except Public Administration)

4.

Finance & Insurance

5.

Health Care & Social Assistance

6.

Public Administration

7.

Real Estate, Rental & Leasing

8.

Retail Trade

9.

Accommodation & Food Services

10. Food Services & Drinking Establishments

EMPLOYEE PROFILE7

72.2%

Like or Love Working Downtown

73.3%

Have a Four-Year Degree or Higher

65.3%

Have an Annual Household Income of $80,000+

39.6%

of Employees Have a Commute Of 20 Minutes Or Less

HOW & WHERE EMPLOYEES ARE WORKING

MOST IMPORTANT WORKPLACE AMENITIES

31%

1. Easy access to parking 2. Reliable, fast Wi-Fi 3. Outdoor greenspace

In office with limited/no remote days

11.7%

Hybrid with designated remote days

23%

Hybrid with flexible remote days

1%

Remote-first model with limited/no days in-office

3.3% Other

BEST THINGS ABOUT WORKING DOWNTOWN 1. Waterfront / river access 2. Restaurants 3. Walkability / bike-ability

WORST THINGS ABOUT WORKING DOWNTOWN 1. Panhandling / loitering 2. Lack of sense of place / curb appeal / empty storefronts 3. Lack of restaurant options

7. Source: dtjax.com/surveys

STATE OF DOWNTOWN

19

Visit

VISIT AND EXPLORE: DOWNTOWN AS A DESTINATION

TRACKING TRENDS 8 AND ENGAGEMENT VISITS BY WEEK

HIGHEST WEEK

EXPLORE THIS DATA IN-DEPTH: DTJAX.COM/RESEARCH

LOWEST WEEK

500K 400K 300K 200K

.‘ N JU

‘2 AY M

25

5

5 ‘2 R.

25 .‘ AR M

AP

5 ‘2 B. FE

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25

24

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24

24 .‘ PT SE

24 .‘ G AU

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4

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4

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100K

TRADE AREA COVERAGE BY DISTANCE 21.5% OF VISITORS COME FROM 30 OR MORE MILES AWAY.

25% 20% 15% 10% 5%

<3 mi

3-5 mi

5-7 mi

7-10 mi

10-30 mi

30-50 mi

50-100 mi

100-250 mi

250+ mi

VISITS BY YEAR 20 M 15 M

16,144,129 10 M

17,722,677

18,056,825

2022

2023

19,449,547

12,808,792

5M 0 2020

20

DOWNTOWN JACKSONVILLE

2021

2024

The Greenhouse Bar

PROMOTING DOWNTOWN

1.2 Million

Page Views on DowntownJacksonville.com

VyStar Ballpark

32,300

@DTJax Facebook Followers

61,400

@DTJax X (Twitter) Followers

TODAY’S VISITATION METRICS (2025 Q1-Q2)

374.7k Avg. Weekly Visits

3.8

Visit Frequency

207

57,800+

@DTJax Instagram Followers

9.4 Million

Total Annual Impressions

Avg. Dwell Time in Minutes

448,072

+9.8% Increase in Visits (vs 2024 Q1-Q2)

Total Annual Engagement

10,800

Average Daily Reach

16,640

e-Newsletter Subscribers 8. Source: Placer.ai

STATE OF DOWNTOWN

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HOSPITALITY

NEW CONSTRUCTION, NEW EXPERIENCES With an increase in tourism, events, and business in the Downtown core, Downtown Jacksonville’s hotel market is getting upgraded and expanded. With unique event and meeting spaces, significant upgrades to existing properties, and new projects, Downtown Jacksonville’s tourism landscape is rapidly changing to meet the needs of visitors, residents, and businesses alike. Visit Jacksonville serves as the official convention and visitors bureau for the City of Jacksonville and tracks tourism activity across the North Florida region.

Construction has already begun on the Four Seasons hotel, which will include 26 private residences, 156,000 square feet of Class A office space, and 176 hotel rooms. The investment, which totals over $387 million for the hotel, included residences, and accompanying marina, will be Downtown’s first five-star hotel. The project also includes a $4M investment over 20 years to the neighboring Metropolitan Park.

To further drive hospitality growth, the Downtown

2024 TRAVEL OVERVIEW

Investment Authority (DIA) offers a Targeted Hotel REV Grant, designed to attract full-service hotel projects with 25 to 150

837,762 Annual Overnight Guests9

rooms. The program requires a four-star rating or higher and a full-service restaurant, encouraging the development of boutique and luxury hotels.

53,882 Average Daily Visits8

Four Seasons

22

DOWNTOWN JACKSONVILLE

HOTEL INVENTORY9 HOTELS

ROOMS

NEIGHBORHOOD

TYPE

MEETING SPACE (sq ft)

Hyatt Regency Jacksonville Riverfront

951

City Center

Full Service

116,000

Marriott Jacksonville Downtown

354

City Center

Full Service

14,000

The Southbank Hotel

323

Southbank

Full Service

35,000

DoubleTree Jacksonville Riverfront

293

Southbank

Full Service

12,000

Residence Inn by Marriott

135

Brooklyn

Select Service

N/A

Hilton Garden Inn Jacksonville Downtown Southbank

123

Southbank

Select Service

N/A

Hampton Inn Jacksonville Downtown I-95

118

Southbank

Select Service

N/A

Extended Stay America Jacksonville Riverwalk

101

Southbank

Select Service

N/A

Home2 Suites by Hilton

100

Brooklyn

Select Service

N/A

Homewood Suites Jacksonville Downtown Southbank

98

Southbank

Select Service

N/A

2,596

Total Number of Rooms and Meeting Space

177,000 SQ FT

FIVE-YEAR HOSPITALITY SUMMARY9 2020

2021

2022

2023

2024

Total Hotel Room Nights

342,285

556,448

532,945

552,948

599,792

Hotel Occupancy Rate

40.40%

64.60%

61.90%

62.40%

63.60%

Average Daily Rate

$115.10

$113.50

$143.74

$151.07

$146.41

RevPAR

$46.51

$73.30

$88.92

$97.03

$93.18

MORE HOTELS COMING Four Seasons Hotel and Private Residences 170 Rooms Under Construction TOTAL DEVELOPMENT INVESTMENT: $387,600,000

AC Hotel Brooklyn 128 Rooms Approved TOTAL DEVELOPMENT INVESTMENT: $32,000,000

RiversEdge: Life on the St. Johns Boutique Hotel 147 Hotel Rooms Proposed TOTAL DEVELOPMENT INVESTMENT: $3,000,000

Ambassador Hotel and Annex 105 Rooms Proposed TOTAL DEVELOPMENT INVESTMENT: $17,000,000

9. Source: Visit Jacksonville

2,500+ AVAILABLE ROOMS APPROX. 550 PLANNED ROOMS

STATE OF DOWNTOWN

23

STATS BY MONTH (JUNE 2024-JUNE 2025)9 ROOM OCCUPANCY RATE7 62.4% AS OF JUNE 2025 70%

60%

50%

JUN ‘24

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN ‘25

AVERAGE DAILY RATE + REVPAR9

$136.32 AVG. DAILY RATE $85.17 REVPAR

$200

$150

$100

$50

JUN ‘24

JUL

AUG

9. Source: Visit Jacksonville

24

DOWNTOWN JACKSONVILLE

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN ‘25

2024 EVENTS SUMMARY8 # OF EVENTS

TOTAL ATTENDANCE

Festivals

320

1,164,019

Expositions

137

931,982

Concerts

759

813,860

Performing Arts

557

644,753

Community

949

190,163

Conferences

268

43,857

TOTAL

2,990

3,788,634

8. Source: Placer.ai

Downtown Jacksonville hosts the annual Florida Georgia game, fondly known as America’s Largest Outdoor Cocktail Party, which drew more than 110K fans to the Sports & Entertainment District in a single day in 2024.8

STATE OF DOWNTOWN

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DINING AND RETAIL

SUPPORTING SMALL BUSINESS SUCCESS Downtown’s retail landscape is undergoing significant its own mix of restaurants and storefronts. A key area

FOOD AND BEVERAGE RETAIL ENHANCEMENT PROGRAM (FAB-REP)

of emphasis has been the expansion of dining options,

FAB-REP was developed to cluster restaurants, retail and

recognizing that restaurants play an essential role in

entertainment venues in two distinct, walkable corridors of the

promoting density, walkability, and variety within the urban

City Center: the Laura/Hogan Street Corridor and The Elbow

core. During 2025 alone, 11 new restaurant openings

Entertainment District Corridor. Five-year forgivable loans

have reinforced this momentum, highlighting Downtown’s

fund capital improvements up to 50% of the build-out

continued evolution into a lively and connected destination.

costs. Eligibility requirements for businesses include certain

change, with each Downtown neighborhood contributing

To support this growth, the Downtown Investment Authority (DIA) offers retail incentive programs designed to attract new businesses, expand the tax base, modernize older spaces, and create a vibrant, lively environment.

Property owners can access incentives for remodels, renovations, and enhancements to buildings with streetlevel visibility, fostering a diverse and dynamic retail landscape. Programs include:

CORE RETAIL ENHANCEMENT PROGRAM (CORE REP) Core REP is designed to create momentum in recruiting and retaining restaurants and retail within the City Center and Southbank. The grant offers a maximum award of $30 for every square foot leased or occupied by the proposed

dedicated hours of operation, service type and size. More than $2.5 million is earmarked for FAB-REP and incentives will be scaled by type of business.

SIDEWALK ENHANCEMENT GRANT Property owners with a sidewalk cafe permit located within the FAB-REP boundaries may seek reimbursement up to 80% of eligible outdoor dining improvement costs, not to exceed $15,000 for FAB-REP recipients, or $5,000 if stand-alone.

1M sq ft of Retail Market Asking Rent/sq ft $19.24

tenant or business, not to exceed 50% of the total project construction costs. An incentive boost of $5 per square foot is available to businesses primarily selling goods instead of services.

BASIC RETAIL ENHANCEMENT PROGRAM (BASIC REP) Basic REP covers Brooklyn, LaVilla, NorthCore and Cathedral Hill. The grant offers a maximum award of $20 for every square foot leased or occupied by the proposed tenant or business, not to exceed 50% of the total project construction costs.

LEARN MORE ABOUT THESE INCENTIVES AT DIA.JACKSONVILLE.GOV 26

DOWNTOWN JACKSONVILLE

Whole Foods (One Riverside Avenue)

WATERFRONT RESTAURANT PROGRAM To build on Downtown’s scenic waterfront, riverfront parks and recreational docks, eligible riverwalk and creek-front restaurants and new construction— either free standing restaurants or mixed-use properties—that offer a direct view of the water, access to the Riverwalk, or creekside trail may apply for grants of up to 50% of eligible costs.

STOREFRONT FACADE GRANT PROGRAM To increase the utilization of existing buildings, enhance economic vitality, attract new tenants and strengthen the overall image of Downtown, property owners in the Northbank CRA’s Historic District may seek reimbursement for the improvement of storefronts and, if applicable, secondstory facades. The grant offers up to $30 per square foot and is capped at 50% of eligible costs, with a maximum grant award of $75,000 per applicant.

Pour Taproom

RETAIL OPENINGS SINCE 2021 2025 The Albatross (rebrand from Underbelly) Bagels R Us The Cady Club The Circuit Arcade Bar Decca Live Dorothy’s Jacksonville Coffee Company Lettuce Eat Mixed Fillings Pie Shop Panda Express Pizza Dynamo Player’s Grille Pour Taproom SIP Rooftop

2024 Cinco de Mayo Degree Wellness Toon Town Pickleball

2023 City Grill & Raw Bar Duval Kickz Flavorikan Hardwicks Bar Industry West Insomnia Cookies

J. Lea Florals Ocean Street Tequila Setlan Coffee Company Starving Like Marvin

2022 Cava Grill Indulgence Southern Bistro My Salon Suites Ocean Street Tacos Panera Bread The Greenhouse Bar

2021 Anejo Cocina Mexicana Chipotle Mexican Grill Estrella Cocina Fizzies and Fare Mayday Ice Cream Ruby Beach Brewing Underbelly (rebranded as The Albatross in 2025)

ANNOUNCED AND UNDER CONSTRUCTION RETAIL & DINING ALDI Baby Got Brunch Besa Bakery and Tea Room Speakeasy Breezy’s Jazz House Co-Op Frose and Eatery Daily’s Dash Dapper D’s Cigars Flamingo Wine and Coffee Bar HiReformance Institute Downtown The June Social Club Keane’s Irish Pub Koto Izakaya Norikawa (One Riverside Avenue) Oak Steakhouse Jacksonville One Riverside Publix (Pearl Square) Starbucks Tavola Trattoria San Marco That Bar at the Arena (Expansion) Whole Foods

STATE OF DOWNTOWN

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CULTURE

CULTURE, EDUCATION, AND HEALTHCARE As Jacksonville’s central location for entertainment,

focused on Artificial Intelligence are also a key component

education, and healthcare, Downtown’s cultural

of the degree offerings. The project also includes an applied

landscape continues to adapt and grow. Innovation in

research enterprise with the Florida Semiconductor Institute.

medicine, heightened investment in higher education, and

Semiconductor development and research is crucial to

a variety of entertainment and performance options are

myriad industries such as defense, aviation, and technology,

helping to shape Downtown’s culture landscape.

which are well represented in Jacksonville’s growing regional

HIGHER EDUCATION Downtown’s ecosystem is fueled by several institutions of higher education, such as the Florida State College at Jacksonville Downtown Campus, Strayer University, and the recently-completed Jacksonville University College of Law. Higher education helps to attract a broad population of students while providing existing residents with additional professional development opportunities. These colleges and universities help to create a pipeline of talent, and those educational opportunities have been responsive to the changing needs of both the workforce and the economy. As Artificial Intelligence continues to permeate the social and economic structures of our world, Downtown Jacksonville is poised to stand on the forefront of artificial intelligence education through its construction of the University of Florida’s forthcoming graduate campus in LaVilla.

The University of Florida graduate campus includes both public and private investments totaling over $300 million dollars. The graduate campus will offer degree programs aligned with the city’s key industries, such as engineering, healthcare, legal studies, and more. Notably, programs

economy.

The choice to place this forward-thinking, innovative campus in the heart of Downtown Jacksonville is reflective of Jacksonville’s promising future as a hub for technology, innovation, and talent. By combining cutting-edge technological advances with real-world industry needs, the University of Florida’s Downtown Jacksonville campus is poised to be a catalytic change for the community.

HEALTHCARE With several nationally recognized medical facilities, Downtown Jacksonville’s medical industry continues to advance through quality pediatric care, cancer treatments, and more. These facilities not only act as economic drivers for the community through job creation, they also serve the region as hubs for quality patient care.

Baptist Medical Center announced plans in January 2025 for a four-story, 123,000 square-foot emergency tower. This addition to the flagship campus will include two distinctive emergency rooms—one for children and one for adults—with a total of 100 rooms.

UF Jacksonville Campus 28

DOWNTOWN JACKSONVILLE

ANCHOR INSTITUTIONS AND VENUES CULTURE + ENTERTAINMENT VENUES 1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

18.

19.

Stadium of the Future

ENTERTAINMENT Home to a number of entertainment destinations and sports venues, Downtown’s rich cultural past and exciting future is joined together in the present by construction. From performance venues to sports arenas, the landscape is quickly changing, providing residents and visitors alike with an

VyStar Ballpark Cummer Museum of Art & Gardens* Daily’s Place Amphitheater Eartha M. M. White Historical Museum EverBank Stadium Florida Theatre Friday Musicale Jacksonville Center for the Performing Arts Jacksonville Fire Museum - Reopening Soon Jacksonville Public Main Library Merrill House Museum MOCA Jacksonville Museum of Science and History Prime Osborn Convention Center Ritz Theatre & Museum River City Railway Toon Town Pickleball USS Orleck Naval Museum VyStar Veterans Memorial Arena

HOSPITALS

increasing number of amenities.

20.

21.

22.

23.

24.

25.

26.

Construction has begun on the $1.4 billion renovation of EverBank Stadium.

The Stadium of the Future, which is set to include a protective canopy, scenic outlook decks, and various other improvements, will keep the Jacksonville Jaguars in Jacksonville for at least 30 years.

Ascension St Vincent’s Riverside Hospital* Baptist MD Anderson Cancer Center* Baptist Medical Center Jacksonville Mayo Clinic Community Health Collaborative Nemours Children’s Specialty Care UF Health & Proton Therapy Institute* Wolfson Children’s Hospital

COLLEGES & UNIVERSITIES 27.

28.

Edward Waters University (HBCU)* Florida State College at Jacksonville Downtown Campus* Jacksonville University College of Law Strayer University

29.

30.

25

*Located within a mile of Downtown.

27 15

28 4

23

14

29 8

12 10 6

19 9 18

30

11

1

5 3

17 16

13

7

22

26

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STATE OF DOWNTOWN

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OUTDOORS

CELEBRATING NEW WORLD-CLASS PARKS AND WATERFRONT AMENITIES Downtown Jacksonville’s riverfront and parks are

Mixed-use developments like One Riverside and RiversEdge

undergoing major improvements, further establishing them

are also allocating land for multi-acre public parks, and

as key community assets that enhance the quality of life for

new riverfront projects are required to include waterfront

residents, visitors, and employees. Currently, Downtown

dining to qualify for incentives. This extensive investment in

features 70 acres of parks that provide recreational

Downtown’s parks and waterways not only boosts resilience

activities, ecological diversity, and spaces for community

and property values but ensures that Jacksonville’s riverfront

gatherings, all of which contribute to health and well-being.

will be a vibrant part of the city for generations to come.

The Riverwalk, stretching nearly three miles along the north and south banks of the St. Johns River, is undergoing significant upgrades to ensure the waterfront remains a vital and lasting feature of the Downtown environment.

With the construction of new bulkheads, floating docks, kayak launches, piers, marinas, and creek restoration efforts, the connection between the community and the river will be reinforced for generations to come.

New and improved riverfront parks, such as Riverfront Plaza, the Music Heritage Garden, and the RiversEdge parks and boardwalk, will help to create a landscape filled with familyfriendly green spaces. Downtown Jacksonville’s dedication to building new and improving upon existing parks and infrastructure benefits residents, workers and visitors alike.

Following the grand re-opening of Friendship Fountain in February of 2024, the surrounding St. Johns River Park has averaged around 1,100 daily visitors.8 The success of Friendship Fountain reflects what employees, residents, and visitors consistently express in Downtown Vision’s annual surveys: green spaces, parks, and a sense of place are key pieces to the puzzle of successful Downtown development.

CITY OF JACKSONVILLE DOWNTOWN PARKS STRATEGY 1. Unify the Northbank and Southbank Riverwalk as a premier destination 2. Connect parks through safe and comfortable trails, sidewalks and bikeways 3. Develop a connected network of riverfront parks that offer year-round programs, activities and events for people of all backgrounds 4. Activate under-used parks—through both capital improvements, maintenance upgrades and programming—to meet resident and visitor needs 5. Develop new neighborhood parks

8. Source: Placer.ai

30

DOWNTOWN JACKSONVILLE

PARK PROJECT HIGHLIGHTS ARTIST WALK INVESTMENT: $8,800,000 STATUS: Phase 1 Complete The City opened phase one of Artist Walk in summer of 2024. It features a skateboarding plaza, stage, and turf lawn in the shade of the Fuller Warren Bridge. The Walk will connect the Fuller Warren bike/pedestrian bridge, Emerald Trail, and Northbank Riverwalk.

MUSIC HERITAGE GARDEN INVESTMENT: $7,250,000 STATUS: Under Construction The Jacksonville Center for the Performing Arts riverfront lawn will be reimagined as a musical heritagethemed activity node with symbolic landscaping, a musical play area, and outdoor projection venue with live stream performances and movie projections.

RIVERFRONT PLAZA INVESTMENT: $27,250,000 STATUS: Under Construction Work is underway to turn Downtown’s seven-acre central lawn into a destination with a playground, river terrace, park pavilion, bike and pedestrian connection to the Main Street bridge, iconic public art, and native landscaping.

MCCOYS CREEK & MCCOYS PARK AT ONE RIVERSIDE Restoration & Greenway INVESTMENT: $113,140,680 STATUS: Under Construction The City has begun a multiphase project to daylight McCoys creek, performing environmental remediation and flood mitigation, and adding a new pedestrian bridge, greenway trail, linear park, and kayak launches.

SHIPYARDS WEST PARK INVESTMENT: $50,000,000 STATUS: In Review Agency Landscape + Planning is designing the park space on this vacant riverfront property, which will be the future home of the Jacksonville Fire Museum and the USS Orleck Naval Museum, and be home to a food hall, protected kayak area, and more.

METROPOLITAN PARK INVESTMENT: $15,000,000 STATUS: In Review The City is planning to update this 42-year-old park, adjacent to the Four Seasons Hotel and Private Residences development. Urban design and landscape architectural firm Civitas is working on a detailed engineering and landscape design plan that would provide for myriad uses, such as events, fitness and recreation, and would add trees and create connectivity to EverBank Stadium.

JAMES WELDON JOHNSON PARK INVESTMENT: $7,250,000 STATUS: In Review The City is partnering with HOOD Design Studio to redesign Jacksonville’s oldest park for the first time since 1977 to create more shade, add water gardens, and honor Jacksonville history.

HOGANS CREEK RESTORATION & GREENWAY TRAIL INVESTMENT: $17,300,000 (Trail Only) STATUS: Under Construction The City is restoring Hogans Creek to improve resilience and water access, and is designing a trail to connect the riverwalk, creek, and Sports and Entertainment District.

STATE OF DOWNTOWN

31

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INFRASTRUCTURE

MOBILITY, ACCESS, AND CONNECTIVITY As the central hub for regional transit, Downtown Jacksonville has taken bold moves to improve existing transportation infrastructure, launch innovative initiatives, and support economic growth.

Following the 2020 opening of its $57 million Jacksonville Regional Transportation Center, JTA is also leading the Bay Street Innovation Corridor and Ultimate Urban Circulator (U2C) in partnership with the City, North Florida TPO, JEA, JAX Chamber, Beep, and Balfour Beatty. In June 2025, the Jacksonville Transportation Authority launched the Neighborhood Autonomous Vehicle Innovation project (NAVI). As the first fully autonomous vehicle transit service in the United States, the NAVI operates on a 3.5 mile loop Downtown to link key areas like the urban core and sports and entertainment district.

FULLER WARREN BRIDGE SHARED-USE PATH (THE SUP) INVESTMENT: $146,000,000 STATUS: Completed

EMERALD TRAIL The NAVI

INVESTMENT: $184,300,000 STATUS: Under Construction, Phase 1 Completed

Recently, Adams and Forsyth Streets were converted from one-way to two-way streets. This $10M project was designed to improve safety for pedestrians and cyclists, calm traffic, widen sidewalks, and better support and increase retail activity.

To further support mobility, the Downtown Investment Authority (DIA) is implementing its comprehensive parking strategy, including removing minimum parking requirements, incentivizing bike-ped projects, and adjusting parking rates. The Park Mobile App allows for remote parking management, and the City’s successful e-scooter program now covers all of Downtown.

With ambitious projects underway, Downtown Jacksonville continues to enhance its transit infrastructure to ensure connectivity between activity nodes, promote sustainability, and enhance the experience of every individual.

32

DOWNTOWN JACKSONVILLE

BAY ST. INNOVATION CORRIDOR & THE ULTIMATE URBAN CIRCULATOR (U2C) INVESTMENT: $379,000,000 STATUS: Under Construction, Phase 1 Completed

TRANSPORTATION AND INFRASTRUCTURE ASSETS

DTJAX.COM/PARKING KEY Downtown Boundary

Emerald Trail

Park Street Road Diet

Future Public Marina

First Coast Flyer BRT

Riverwalk, the SUP & Bike-Ped Routes

River Taxi Dock

Kayak Launch

Future River Taxi Dock

Future Kayak Launch

Skyway & Stations Proposed Expansions

Planned Riverwalk & Bike-Ped Routes

Boater Access

Bay St. Innovation Corridor

Two-way Street Conversions

Public Marina

80 WALK SCORE

57 BIKE SCORE

Downtown is the Most Walkable Neighborhood in Jacksonville

Multiple Projects Under Way Include Bike Infrastructure

58 TRANSIT SCORE PUBLIC Transportation Options are Consolidated in Downtown

Source: Zillow

STATE OF DOWNTOWN

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Invest

DEVELOPMENT HIGHLIGHTS

$6.5 BILLION TOTAL IN THE PROJECT PIPELINE LaVilla Place

LAVILLA Johnson Commons

NORTHCORE

Pearl Square

Emerald Trail Jones on Hogan Federal Reserve

Ambassador Hotel

CATHEDRAL HILL

Adams & Forsyth Two-Way Street Restoration

University of Florida Graduate Campus

VyStar Garage

Brooklyn Park

CITY CENTER

Block 9 Park Street Road Diet AC Hotel Brooklyn

McCoys Creek and Park

Riverfront Plaza

Music Heritage Garden

Northbank Riverwalk

One Riverside Avenue

The Hub Brooklyn St. Johns River Park / Friendship Fountain

BROOKLYN

Related Apartments

S

SOUTHBANK Baptist Hospital Wolfson Children’s Hospital The SUP

34

DOWNTOWN JACKSONVILLE

$375 Million

Completed Since 2024

$2.46 Billion

Under Construction

$2.5 Billion

Proposed

$1.15 Billion

Union Terminal Warehouse

In Review

Lofts at Catherdral

SPORTS & ENTERTAINMENT Vystar Ballpark

RISE: Doro

Stadium of the Future

WORKING WATERFRONT

MOSH Genesis Four Seasons and Metropolitan Park

Southbank Riverwalk RiversEdge: Life on the St. Johns

Artea

KEY Mixed Use

Hotel

Parks + Waterfront

Residential

Eds, Meds, Culture + Entertainment

Marine

Office Retail

Infrastructure + Mobility

STATE OF DOWNTOWN

35

SELECT PROJECT HIGHLIGHTS 1. AC Hotel Brooklyn INVESTMENT: $32,000,000 STATUS: Approved Marriott is planning a six-story hotel known for minimalist European design and millennial-focused amenities with two-story parking deck in the Brooklyn neighborhood.

2. Artea INVESTMENT: $96,900,000 STATUS: Recently Completed Corner Lot Development Group completed the fourstory, transit-oriented, multi-family property with 340 apartments and 425 parking spaces adjacent to the Skyway system in Spring of 2025.

3. Block Nine INVESTMENT: $100,000,000 STATUS: Approved Trevato Development Group plans to build a sevenstory, mixed-use development with 293 multifamily units, 7,000 SF of ground-floor retail space and 5,000 SF of coworking space.

4. Federal Reserve Building Adaptive Reuse INVESTMENT: $9,600,000 STATUS: Completed JWB Real Estate Capital has restored the building’s historic facade and the interior to house 7,400 SF of ground level retail and 9,000 SF of high-end event space.

5. Greenleaf & Crosby Building Renovations INVESTMENT: $16,900,000 STATUS: Under Construction Following a 2023 local historic landmark designation, JWB Real Estate Capital LLC is restoring the building to its original historic condition and plans to move its headquarters there. The building will feature 44,000 SF of office space and an 11,000-SF restaurant space leased to The Oak Steakhouse.

6. The Hub Brooklyn INVESTMENT: $7,300,000 STATUS: Under Construction A collaboration among Restaurant & Hospitality Investment Group LLC, CD+Urban LLC and Cronk Duch Architecture will construct 11,000 SF of retail, to feature a Southern Grounds & Co., Blueberry Bakery, and new restaurant concept Alder & Oak.

7. Johnson Commons INVESTMENT: $23,000,000 STATUS: Partially Open and Under Construction Corner Lot Development Group and JWB Real Estate Capital is building 91 townhomes and 10,000 SF of ground-level retail next to Lift Ev’ry Voice and Sing Park in LaVilla.

8. Jones on Hogan INVESTMENT: $40,800,000 STATUS: Approved Corner Lot Development Group plans to redevelop the seven story historic building to include 29 residential units.

9. Lofts at Cathedral INVESTMENT: $39,000,000 STATUS: Recently Completed The Vestcor Companies Inc. is nearing completion on 120 workforce housing apartments to the Cathedral District through the renovation of the former YWCA building and a new, adjacent structure.

36

DOWNTOWN JACKSONVILLE

10. Lofts at Southbank INVESTMENT: $38,800,000 STATUS: Approved Vestcor Companies Inc. plans to construct a 10-story mixed-use development on the Southbank, which includes ground-floor retail, office, and restaurant space, self-storage units on the third through sixth floors, and apartments.

11. MOSH Genesis INVESTMENT: $100,000,000 STATUS: Approved MOSH announced plans to construct a new 130,000 SF museum on the Shipyards property with offerings including a walk-through aquifer exhibit and a water quality bio-lab.

17. Stadium of the Future INVESTMENT: $1.4 billion STATUS: Under Construction The Jacksonville Jaguars are collaborating with the City of Jacksonville on a renovation to modernize the 29-year-old EverBank Stadium. In addition to the makeover, the agreement includes, a 30-year lease, a non relocation agreement and $56 million in spending on riverfront parks and the flex field next to the stadium.

Beginning in 2025 and planned to finish in time for the 2028 season, new features will include a shade cover, enhanced concourses, new seating and improved amenities.

18. Union Terminal Warehouse INVESTMENT: $72,000,000 STATUS: Completed

12. One Riverside Avenue INVESTMENT: $250,000,000 STATUS: Under Construction (Retail) Partially Completed (Residential)

Columbia Ventures transformed the 1913 warehouse into 228 apartments and 50,000 square feet of small office, food and beverage retail and maker space just north of the Sports and Entertainment district.

Fuqua Development is nearing completion on phase one of this mixed-use project with 390+ apartments and 54,256 SF of retail space to include a Whole Foods and riverfront restaurant space on the 18-acre riverfront site of the former Florida-Times Union.

19. University of Florida Graduate Campus and Florida Semiconductor Institute INVESTMENT: $345,000,000 STATUS: Approved

13. Pearl Square INVESTMENT: $500,000,000 (Phase I) STATUS: Under Construction Gateway Jax LLC is planning a multiphase, mixed-use development across 4 blocks in the NorthCore to include 1,000+ apartments, office, 120,000 of groceryanchored retail space, and parking.

14. RISE: Doro INVESTMENT: $79,100,000 STATUS: Under Construction

Through public-private partnerships, The University of Florida plans to bring a graduate campus to the historic LaVilla neighborhood.

20. Wolfson Children’s Critical Care Tower INVESTMENT: $187,000,000 STATUS: Completed The seven-story, 250,000 square foot critical care tower offers 75 new neonatal intensive care beds and 26 pediatric intensive care beds.

Rise: A Real Estate Company will rebuild the first major multifamily residential property in the Sports and Entertainment district. The development will feature 247 apartments, including 85 units designated for workforce housing, along with 7,400 SF of retail space, 300 parking spaces, and a rooftop swimming pool and fitness center.

15. RiversEdge: Life on the St. Johns INVESTMENT: $693,000,000 STATUS: Under Construction Preston Hollow Capital LLC has begun work on this healthy- living-inspired mixed-use project on 30-acres along the riverfront. The development is slated to bring 950 residential units, 147 hotel rooms, 200,000 SF of office space, 134,000 SF of retail, and a 125-slip marina. The project will include more than four acres of public park space and active water access.

16. One Shipyards Place and Four Seasons Hotel & Private Residences INVESTMENT: $387,600,000 STATUS: Under Construction Iguana Investments Florida LLC is currently constructing a 170- room Four Seasons hotel with 26 residences. The second phase includes a 157,000 SF, Class-A office tower, 200 parking spaces and a 6,000 SF marina building with a restaurant. The plan also calls for a $4 million, 20-year investment to maintain cityowned Metropolitan Park.

TRACK THE TRANSFORMATION: DIVE IN TO SEE PROJECTS SHAPING JACKSONVILLE’S FUTURE

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STATE OF DOWNTOWN

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2025 BOARDS & STAFF DOWNTOWN INVESTMENT AUTHORITY

DOWNTOWN VISION

Board of Directors

John Ream, Connect Agency

Patrick Krechowski, Chair Carrie Bailey Jill Caffey Sondra Fetner Micah Heavener John Hirabayashi Cameron Hooper Scott Wohlers Trevor Lee

Paul Davison, Chair, Independent Board Member

Lyndsay Rossman, Jacksonville Jaguars

Board of Directors

Staff Colin Tarbert, Chief Executive Officer Van Christiansen, Redevelopment Coordinator John R. Crescimbeni, Contract & Regulatory Compliance Manager Wanda James, Financial Analyst Allan DeVault, CRA Redevelopment Manager Ava Hill, Administrative Assistant Steven T. Kelley, DBA, Director of Downtown Real Estate & Development N. Wade McArthur, III, Property Disposition Manager Ina Mezini, Strategic Initiatives Coordinator Guy Parola, Director of Operations Scott A. Wilson, Capital Projects Manager

DIA.JACKSONVILLE.GOV

Kerri Stewart, Vice Chair, Miller Electric Allan Iosue, Secretary, Haskell Will Landreth, Treasurer, Truist Numa Saisselin, Immediate Past Chair, Florida Theatre Oliver Barakat, CBRE Group, Inc. Kaci Barnes, PNC Bank Caryn Carreiro, Bradford Allen Austin Collins, First Baptist Church Steve Crosby, Independent Board Member Katie Ensign, Baptist Health Foundation Soo Gilvarry, Lotus Commercial USA LLC

City of Jacksonville and Designated Members Council Member Raul Arias, Jacksonville City Council, District 11 (nonvoting) Colin Tarbert, Downtown Investment Authority (DIA) Nathaniel P. Ford Sr., Jacksonville Transportation Authority Assistant Chief Jimmy Ricks, Jacksonville Sheriffs Office Aundra Wallace, JAXUSA Partnership

Staff

Jan Hanak, Regency Centers

Eric Miller, Esq., Chief Operating Officer & General Counsel

Elias Hionides, PETRA Vincent McCormack, Perdue, Inc.

Christian Oldenburg, Ash Properties / Atlantic Self Storage Bill Prescott, Heritage Capital Group Roger Rassman, Community First Credit Union

DOWNTOWN JACKSONVILLE

Cyndy Trimmer, Driver, McAfee, Hawthorne & Diebenow

Jacob A. Gordon, Esq., Chief Executive Officer

Robert Maldonado, Resident

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Steve Sprecher, Pinnacle Financial Partners

Paul Grainger, Iconic Real Estate

Chad Meadows, VyStar Credit Union

Reflects boards, staff, sponsors, and partners as of the close of Fiscal Year 2025 (September 30, 2025).

Eric Schullman, Gateway Jax

Erika Hooper, Executive Assistant Kady Yellow, Vice President of Placemaking Noah Moran, Senior Director of Administration Eduardo Santos, Director of Stakeholder Support Haley Tinkle, Director of Events

Laken Gudzak, Director of Marketing and Communications Rachael Wyant, Director of Research Savanne Giroire, Communications Manager Phoebe Mullis, Events Manager

Downtown Ambassadors Jason Hatley, Operations Manager Mike Ryan, Operations Supervisor Lionel Roberts, Safety Team Lead Chad King, Clean Team Lead Troy Harris, District Coverage Robert Harris, Next Step Team Lead Carol “Skittles” Vlahos, Outreach Program Lead Jay Barber, Outreach Coordinator Michael McNeil Pernele Kiser Octavius Harris Potrena Jones Bob Cofer Brandy Hicks Russell Hill Kirston Morrison Richard Malcolm Mike Carpenter Trai Robinson Denise Johnson Dulani Mitchell Alton Kox Henry Raddish

DTJAX.COM

ACKNOWLEDGMENTS The data presented in this report are derived from many

Photography and renderings provided by:

sources and collected directly from organizations when

Downtown Investment Authority, Groundwork Jacksonville,

available. We would like to thank Downtown property

Savanne Giroire, Shane Heuer, Jacksonville Jaguars,

owners and facility managers for sharing information for

Jacksonville Transportation Authority (JTA), SouthEast

this report, as well as the City of Jacksonville, CBRE Group,

Development Group, and Toni Smailagic.

Inc., Downtown Investment Authority, Duval County Property Appraiser, JAXUSA Partnership, Jacksonville Transportation Authority, and Visit Jacksonville (CVB).

MANY THANKS TO DOWNTOWN VISION’S SPONSORS, PARTNERS AND MEMBERS:

904 Happy Hour

Downtown Dwellers

JWB Real Estate Capital

Acuity Design Group

Driver, McAfee, Hawthorne & Diebenow, PLLC

kasper architects + associates

Allied Universal

ELM | Ervin Lovett Miller

Lee & Cates Glass

Ameris Bank

England-Thims & Miller

Lotus Commercial USA, LLC

Avant Construction Group

First Baptist Church

Mertro Property Services

Balfour Beatty

Florida Theatre

Meyer Najem

Bank of America

FSCJ

Michael Corporation

BDO USA

Furyk Foundation

Money Pages

CBRE

Gate Petroleum

Perdue Office Interiors

Cecil W. Powell & Company

Gresham Smith

THE PLAYERS

Chase Properties

Groundwork Jacksonville

Regency Centers

Community First Credit Union

Haskell

Seacoast Bank

The Community Foundation

Hyatt Regency

St. John’s Cathedral

Connect Agency

Iconic Real Estate Development

St. Johns Riverkeeper

Cre8 Jax

iHeart Radio

VIA

Steve & Betsy Crosby

Intuition Ale Works

The Whiting-Turner Contracting Company

DANIS

Jacksonville Police and Fire Pension Fund

WJCT

STATE OF DOWNTOWN

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DTJax.com

@DTJax

Downtown Vision Inc. Downtown Investment Authority

The 2025 State of Downtown Report is an 18-month recap of progress and development in Downtown Jacksonville from January 1, 2024 through June 30, 2025, published by Downtown Vision Inc. in November 2025.

DOWNLOAD THE REPORT AT:

DTJAX.COM/RESEARCH

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