Gateway Jax, a Jacksonville-based commercial real estate development firm, today announced preliminary plans for the historic Ambassador Hotel property at 420 North Julia Street. The company will restore the hotel to its original glory, bringing upscale hospitality amenities to the Downtown Jacksonville landscape with the partnership of The Indigo Road Hospitality Group (IRHG).
The Georgian Revival structure opened in Jacksonville in 1924, and was added to the National Register of Historic Places in 1983. Gateway Jax plans to redevelop the iconic hotel into a minimum of a 100-key concept with a high-end restaurant and bar, conference space and other amenities to attract both business and leisure travelers. The acquisition included an adjacent land parcel where a 487-space parking garage will be constructed to serve the hotel, neighborhood retail and adjoining buildings. Several other parcels, including the historic 404 North Julia Street building, were also included in the transaction and will be developed in the future.
Gateway Jax will partner with IRHG, a leading hospitality group that specializes in restaurant and hotel concepts lauded by guests and industry experts alike. The company and its founder, Steve Palmer, are established operators with successful concepts around the Southeast. Touting accolades from notable organizations, including multiple honors from The James Beard Foundation, recognition from Travel + Leisure, Conde Nast Traveler, The Washington Post, The Wall Street Journal and The New York Times, Indigo Road has a proven track record of excellence in the lodging and culinary industries.
“We have a unique opportunity to continue strengthening the fabric of Downtown with this important, historic structure. The Ambassador Hotel will be one of the cornerstones of Pearl Square, a world-class development,” said Bryan Moll, CEO of Gateway Jax. “We truly believe in the limitless potential within the Urban Core of Jacksonville, and know that partnering with likeminded organizations with a mutual desire to see Downtown continue to thrive can make our dreams into reality. Indigo Road brings decades of experience in bespoke hospitality concepts to our expertise in urban development. Together, we can redevelop this iconic piece of Jacksonville architecture that will honor the city’s past and contribute meaningfully to its very bright future.”
Steve Palmer, IRHG founder and chief vision officer, has played an active role in bringing elevated hospitality concepts to Downtown revitalization efforts in major markets across the region. Among others, The Indigo Road operates in markets including Charlotte, Nashville, Atlanta and Raleigh –– all cities that have undergone major redevelopments in their respective city centers. The company currently owns and operates O-Ku in Jacksonville Beach, and recently announced plans to open Oak Steakhouse in the historic Greenleaf Building in Downtown. Palmer and his team will provide technical services and guide the development of a high-end restaurant and bar for the Ambassador Hotel.
“We are incredibly excited about the opportunity in Downtown Jacksonville,” said Palmer. “In the next two to three years, this neighborhood will see a revitalization similar to what has happened in many other markets where we operate. We can’t wait to share our brand of hospitality with even more of our friends and neighbors in the Downtown area through our partnership with Gateway Jax.”
The Ambassador Hotel site will be integrated into Gateway Jax’s inaugural project, Pearl Square. The eight-block, multi-use development will also include 1,250 new residential units; approximately 200,000 square feet of grocery-anchored retail space; vibrant new public spaces, including widened and shaded sidewalks; lush public park spaces; and a signature curbless festival street with abundant outdoor dining opportunities. The project’s first building, located at 515 Pearl Street, broke ground in October 2024 and is on track to deliver in 2026. Several other projects within Pearl Square will begin construction in 2025.
Gateway Jax, sponsored by DLP Capital and JWB Real Estate Capital, manages a private equity fund focused exclusively on Downtown Jacksonville development. Pearl Square, an unprecedented mixed-use development in the Urban Core, represents an estimated $2 billion capital investment over the next decade. Folding in the Ambassador Hotel into the project reinforces the company’s focus on transforming the city in which they live, work and play.
“We are excited to be part of the revitalization of Downtown Jacksonville and these sites are a critical component to this vision,” said Don Wenner, CEO of DLP Capital. “All successes start with people and bringing additional residents and hotel guests to our city while helping to preserve its architectural legacy is something that we are incredibly proud of to help drive forward.”
For more information on Gateway Jax and the Pearl Square project, visit gatewayjax.com.