Jacksonville’s long-awaited downtown comeback is no longer just a vision—it’s actively taking shape. Construction cranes are visible across the skyline, new restaurants are opening, and apartment units are leasing out quickly. According to developers and key players, the city’s urban core is finally reaching a turning point.
That was the takeaway at Downtown Vision Inc.’s quarterly stakeholder meeting on June 10, where Matt Clark, SVP of the Colliers Urban Division, shared an encouraging forecast for downtown’s ongoing transformation.
“Everything is moving forward at once, and by 2027 or 2028, Jacksonville will really start to feel like a lively, thriving city,” Clark said during the meeting.
Several significant developments are already completed or underway—including Pizza Dynamo and Pour House, the Jacksonville History Center, One Riverside, and the Corner on Main. Current construction projects include the Greenleaf Building, new retail space at One Riverside, and the Pearl Square project from Gateway Jax.
While no major new announcements were made, Clark expanded on Colliers’ broader vision for downtown Jacksonville. He compared downtown’s growth to a tree: the riverfront plazas as the roots, Laura Street as the trunk, and Pearl Square as the canopy where everything branches out.
At Pearl Square, progress is already visible. Two of the planned seven stories at 515 Pearl St. are now built, and just recently, a ribbon-cutting ceremony marked the start of phase two—a 286-unit mixed-use development at 425 W. Beaver St.
Clark emphasized that increasing residential density downtown is essential. “Pearl Square is going to provide the community of downtown residents that we’ve been missing,” he explained.
The key question for developers has always been whether downtown projects can attract enough residents. Encouraging signs are emerging: the nearby One Riverside project has achieved the highest leasing rates for multifamily units Colliers has seen in the city, especially among young professionals eager for urban living.
“The opportunity has always been here—we’re finally delivering on it,” Clark said.
As the two phases of Pearl Square take shape, Colliers is focused on filling around 40,000 square feet of retail space. While specific businesses will be revealed gradually, Clark confirmed that national retailers are already committing to opening locations on Beaver and Pearl Streets—including a major grocery anchor.
This mirrors the retail success at One Riverside, where Whole Foods is under construction and other retailers have quickly followed. That project’s commercial space is now fully leased, with tenants expected to be announced soon.
Despite there being around 50 vacant storefronts downtown, national brands from cities like Atlanta, Charleston, and Nashville are eager to tap into Jacksonville’s revitalization. With multiple projects launching at once, each business also gets a chance to stand out while contributing to the city’s cohesive urban aesthetic.
“We aim to create spaces that resonate with the community and give each brand its own identity,” said Clark.
For example, the new grocery store will be able to design its space in a way that reflects both its brand and the local character, creating a genuine neighborhood feel.
The presence of well-known national names also encourages local businesses to invest downtown—something they’ve been hesitant to do in the past. Clark mentioned that Colliers has already secured four letters of intent from prominent local groups ready to get involved.
DVI credits the years of coordination between civic leaders and private partners for the billions of dollars now invested in downtown—and the renewed sense of belief among locals and small businesses.
“It’s inspiring to see this kind of teamwork,” said Eduardo Santos, DVI’s stakeholder engagement champion. “It really shows that building a more vibrant downtown is a shared effort.”
Information from: https://www.bizjournals.com/jacksonville/news/2025/06/11/colliers-downtown-update.html
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