Jacksonville

Jacksonville

As the sole economic development and community redevelopment agency for the City of Jacksonville, the Jacksonville Economic Development Commission (JEDC) is responsible for developing and executing policies that result in sustainable job growth, rising personal incomes and a broader tax base. Recent major projects that have been approved and will soon be developing downtown include the relocation of Macquarie Mortgages USA Inc, which will relocate its U.S. headquarters operation from Memphis to downtown Jacksonville. Additionally, Fidelity National Financial has committed to its second major investment in the community, with the addition of 800 new jobs and approximately $23 million in private capital investment.

Downtown Jacksonville was most recently designated as a Transportation Concurrency Exemption Area (TCEA) under the Florida Administrative Code (FAC). This designation will complement the continued downtown development and revitalization in regards to downtown DRI development rights and required transportation improvements. Recent area infrastructure improvements such as the $12 million widening of Riverside Avenue, the $207 million new I-95/I-10 interchange, the new $112 million Fuller Warren Bridge and improved interstate access throughout downtown are key to further growth.

The downtown Jacksonville residential market is thriving, both along the Northbank and Southbank. Over 800 units of housing are under construction to add to the current 1,572 residential existing inventory. The city’s Design Review Committee (DRC) has approved future development of over 4,200 residential units in the urban core area.  Private capital investment remains strong with over $211 million in development completed in downtown last year and over 14 projects representing $479 million are under construction pursued by both regional and national developers. This combined with downtown’s healthy 8.5-million-square-foot office market with an average lease rate of $18.06 help make downtown Jacksonville a prime location for business.  Continued development helps to employ more than 55,000 downtown workers at companies such as Bank of America, Blue Cross Blue Shield, CSX and Fidelity National Financial.

The popular downtown Riverwalk is expanding its reach with the redevelopment of a seven acre site along the Northbank that was formerly the Jacksonville Shipyard Property. LandMar Group, LLC will redevelop this site into an estimated $450 million mixed-use community, creating over $40 million in public riverwalk parks and pier space.

Community revitalization continues to occur throughout Jacksonville, with increased efforts focusing on the Brooklyn, LaVilla, Cathedral district and Soutel-Moncrief areas. Particular emphasis has been placed on retail, parking and workforce housing. This new redevelopment complements The Better Jacksonville Plan, a $2.25 billion comprehensive growth management strategy for the City of Jacksonville that aims to benefit revitalized neighborhoods in all parts of the city.