The City Council of Jacksonville approved Ordinance 2025-319-E, authorizing a property exchange and agreement with Gateway Companies LLC for downtown redevelopment. The city will acquire a 2.85-acre parcel at 801 W. Bay Street from Gateway Companies LLC, which will then be conveyed to the University of Florida Board of Trustees for a higher educational campus extension. In exchange, the city will dispose of an approximately 1-acre parcel (Riverfront Plaza Pad B) and grant an option to purchase an approximately 1.7-acre parcel (East Landing Parcel) to Gateway Companies LLC for mixed-use development. The Riverfront Plaza Pad B project is slated to include a four-star or luxury boutique hotel with 130-170 rooms, 50-150 multi-family residential units (condominiums or rentals), a minimum 5,000 square foot sky view terrace, and at least two full-service restaurants totaling 7,500 square feet, with a minimum capital investment of $100 million. If the option is exercised, the East Landing Project will comprise a minimum 75,000 square foot mixed-use building with at least one 4,000 square foot restaurant and 75 parking spaces, requiring a minimum capital investment of $25 million. The Downtown Investment Authority (DIA) will oversee the project and is required to conduct a third-party review of financing and underwriting before presenting any future development incentives, which are limited to $20 million for the Riverfront Plaza Pad B Project from the Downtown Northbank CRA Trust Fund.