Real estate company Gateway Jax has announced its plans to build a new $500m mixed-use development project in the North Core district of Downtown Jacksonville, Florida, US.

Jax has acquired 22 acres of land for this project and expects to break ground on its first developments in mid-2024.

The first phase of the project will feature multifamily residences and retail areas while future phases will see office, hotel, and other mixed-use properties added.

Jax CEO Bryan Moll said: “We plan to create thriving, walkable neighbourhoods that create a sense of place, attracting residents and workers who’ll be able to find everything they need within the city’s core.

“Jacksonville is the gateway to Florida and a key to the state’s economic future, and the city is on the cusp of an unheralded transformation.”

Subject to pending city clearances, the company’s immediate plans comprise constructing three buildings along Pearl Street that will include more than 1,000 multifamily units.

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The buildings will also offer more than 120,000ft² of grocery-anchored retail and public spaces that are hoped to stimulate community engagement.

JWB Real Estate Capital (a sponsor of Jax) president Alex Sifakis said: “We will complement the phenomenal initiatives already begun by the city of Jacksonville and its Downtown Investment Authority, which jump-started Jacksonville’s revitalisation, helping to round out their initiatives and that of so many others that see the enormous potential that Florida’s biggest city has to offer.”