FaverGray and Gateway Jax launch $120M N4 mixed-use project to accelerate downtown Jacksonville’s real estate revival

FaverGray, a Southeast-based general contractor with a long-standing record in delivering high-impact multifamily and mixed-use developments, has officially commenced construction on N4, a $120 million seven-story luxury residential and commercial development located at 715 Clay Street in downtown Jacksonville, Florida. Developed in collaboration with Gateway Jax, a privately backed urban renewal engine, the N4 project marks the second major initiative under the Pearl Square redevelopment plan and follows the adjacent N11 project, which is currently under construction. While neither company is publicly listed, their influence across Southeastern urban development ecosystems is considerable, and this project reinforces Jacksonville’s emergence as a serious player in the race to reshape mid-sized U.S. downtowns.

The N4 development arrives amid a surge of institutional and private interest in the Sun Belt’s downtown cores, where favorable population dynamics, lower regulatory barriers, and hybrid living trends have created new opportunity zones. Jacksonville, long considered underleveraged in terms of downtown infrastructure compared to peers like Tampa and Charlotte, is experiencing a renaissance, with strategic investments focusing on walkability, mixed-use density, and culturally anchored public spaces. In this context, N4 stands out not only for its design-forward architecture and lifestyle appeal, but also for its role as a financial and civic anchor in downtown’s economic comeback.

What Strategic Role Does the Pearl Square District Play in Jacksonville’s Economic Development?

The Pearl Square district is fast becoming the epicenter of Jacksonville’s urban transformation. Situated near the city’s Northbank core, the district is envisioned as a high-density, high-experience neighborhood defined by its walkable layout, urban greenery, and access to cultural and transportation nodes. Gateway Jax’s Pearl Square plan is structured to attract both capital and talent, incorporating a phased development strategy that integrates housing, retail, mobility, and civic infrastructure. This plan is modeled on successful precedents from other emerging urban cores, where redevelopment efforts are focused on contiguous blocks rather than dispersed parcels.

Jacksonville’s downtown has long been criticized for its lack of vibrancy and 24-hour activity, due in large part to zoning and parking-centric planning approaches inherited from the post-war era. However, with the Pearl Square blueprint, the city is embracing a more contemporary vision: compact, connected, and culturally dynamic. N4, as the newest development to break ground under this model, plays a critical role in scaling this vision by adding residential density, activating ground-floor commercial space, and strengthening the district’s live-work-play identity.

What Are the Key Features and Design Innovations of the N4 Development?

The N4 project is designed to reflect both the lifestyle aspirations of modern renters and the economic demands of investors seeking resilient, income-generating urban properties. The building will offer 286 luxury residential units, catering to professionals, remote workers, and downtown enthusiasts. The residential portion is paired with 20,000 square feet of street-facing retail space distributed across five bays, a layout intended to stimulate pedestrian engagement, improve safety through passive surveillance, and attract dining, wellness, and boutique retail tenants.

Amenities within N4 are structured to encourage community and lifestyle convenience. These include a fully equipped fitness center, a flexible-use clubroom with integrated theater and lounge space, and a two-level integrated parking garage that balances accessibility with architectural coherence. The building’s construction employs a concrete podium base—engineered using post-tensioned concrete to mitigate flood risks and offer enhanced structural integrity—while the upper levels use wood framing to optimize construction timelines and reduce costs. Aesthetic details such as fiber cement siding and natural stone accents provide a modern urban look with durability in mind.

Beyond the building envelope, N4’s scope of development includes substantial investments in public realm infrastructure. The site plan encompasses new hardscaping, landscaping, irrigation systems, utility linkages, and concrete sidewalks designed to integrate with Pearl Square’s larger mobility and beautification framework. These enhancements aim to deliver not just a standalone development but a district-wide ripple effect that improves urban walkability and civic pride.

How Does This Fit Into National Mixed-Use Development and Sun Belt Migration Trends?

FaverGray’s N4 exemplifies the dual macrotrends currently reshaping American real estate: the reemergence of mixed-use urban infill projects and the acceleration of capital into Sun Belt cities. According to the National Multifamily Housing Council, the United States needs more than 4 million new apartment units by 2035 to meet projected demand, and Florida is one of the states most in need of new, professionally managed rental housing. Jacksonville, in particular, has emerged as a population magnet, benefiting from remote work relocations, in-state migration, and international investor interest.

The rise of “15-minute neighborhoods”—where essentials like groceries, fitness, recreation, and healthcare are all within walking distance—is reshaping design and financing norms for urban projects. N4’s structure directly supports this model, enabling residents to live a car-light lifestyle without sacrificing convenience. By embedding lifestyle services into the ground floor and connecting residents to nearby trail systems and entertainment corridors, N4 enhances its appeal among younger renters and institutional buyers alike.

On the construction side, N4 reflects an industry-wide move toward hybrid podium-frame buildings that balance code compliance, insurability, and architectural adaptability. These designs have become the standard in mid-rise multifamily projects across the country and offer a blueprint for future developments in mid-market metros.

What Are Industry Stakeholders and Investors Saying About the Project?

Though FaverGray and Gateway Jax are privately held, early investor sentiment around the N4 project has been overwhelmingly positive. Local real estate analysts suggest the project could lift surrounding land values by as much as 15 percent within two years of stabilization, contingent on timely delivery and successful retail tenanting. Moreover, the coordinated rollout of N4 and N11—both designed and built by the same project team—offers a rare level of continuity and execution reliability, two qualities prized by long-term investors.

While no formal public offerings have been announced, there is speculation that elements of the Pearl Square development may be syndicated via REIT structures or real estate funds targeting tax-advantaged vehicles such as Qualified Opportunity Zones. N4’s positioning, amenity stack, and urban adjacency make it a strong candidate for institutional purchase once it reaches lease-up, particularly as large-scale investors continue reallocating capital from coastal gateway cities to high-growth secondary markets.

From a reputational standpoint, FaverGray’s leadership in this project reinforces its brand as a preferred contractor for sophisticated, mixed-use urban environments. Gateway Jax, meanwhile, is establishing itself as a master developer with both vision and staying power, capable of executing on transformative urban agendas while aligning with municipal goals.

How Will N4 Impact Residential Supply, Foot Traffic, and Downtown Jacksonville’s Liveability?

Downtown Jacksonville’s residential inventory has historically skewed low-density and under-amenitized. N4’s 286 new units represent a significant addition to the market and are expected to serve as a draw for professionals working in healthcare, education, government, and financial services—the key sectors anchoring the city’s employment base. The project also provides much-needed Class A apartment stock at a time when demand for premium rental product is outpacing supply in most Florida metros.

Retail activation at the ground level is expected to improve not only the immediate streetscape but also district-wide pedestrian circulation. The inclusion of fitness and social amenities within N4 reduces outflow spending and encourages longer tenancies, boosting stabilization prospects. Furthermore, its adjacency to festival-ready streets, bike trails, and green public spaces means the project will plug directly into existing urban rhythms, rather than displace them.

The public realm improvements associated with N4—particularly the sidewalk expansions and irrigation upgrades—are expected to catalyze further property enhancements in the district. These micro-level upgrades contribute to macro-level goals: safer streets, more foot traffic, and a broader civic experience that reinforces the value of being downtown.

What Comes Next for Gateway Jax, FaverGray, and Pearl Square?

With N4 now officially underway, industry observers expect Gateway Jax to accelerate development across additional parcels within the Pearl Square district. Permitting data suggests at least two more multifamily projects are in planning stages, and FaverGray is considered a likely partner for their delivery. Market watchers believe the successful execution of N4 and N11 could unlock new financing avenues, including joint ventures or debt instruments from regional banks and private equity firms focused on Southeastern urban infill.

There is also speculation that Jacksonville’s city government may explore a formal Business Improvement District (BID) designation for Pearl Square, contingent on achieving a critical mass of completed projects. A BID could provide dedicated funding for safety, events, maintenance, and branding—further institutionalizing Pearl Square’s status as a flagship downtown district.

From an investor standpoint, the next 18 to 24 months will be key. Leasing velocity, tenant retention, and activation of the retail podium will shape cap rates and exit strategies. If N4 meets its projected absorption targets, it could serve as a model for how cities like Jacksonville can scale sustainable urban density without compromising livability.

What Does the N4 Groundbreaking Signal for Jacksonville’s Urban Investment Narrative?

The N4 groundbreaking is more than a construction milestone—it is a signpost of Jacksonville’s broader ambition to reclaim its downtown as a thriving, high-density, high-value corridor. As mid-sized cities across the U.S. compete for talent, capital, and cultural relevance, the success of projects like N4 will determine whether urban transformation can be achieved at scale, sustainably, and with community impact.

Backed by seasoned construction expertise, a coherent masterplan, and rising market demand, N4 is poised to become one of the defining properties of downtown Jacksonville’s next chapter. It represents a shift from fragmented development to integrated urban strategy and showcases how private capital, civic planning, and design-forward thinking can converge to create places where people genuinely want to live, work, and belong.