A development group, Gateway Jax, has been assembling downtown parcels to ensure it has the critical mass to get going on a project that looks to add a thousand apartment units and an abundance of retail space.

The Jacksonville Business Journal reports Gateway Jax is made up of a group of experienced investors. DLB Capital and JWB Real Estate will be helming the project, in the North Core, which the developers believe could be valued at $2 billion over the next ten years.

Work on the first phase of the project could begin in mid-2024, transforming a four-block area on the edge of downtown.

That phase will consist of five buildings centered on Pearl Street, with the project stretching between Union and Church Streets, near Florida State College at Jacksonville’s downtown campus.

The rest of the project would extend throughout the urban core, with Gateway saying it owns almost two dozen acres of properties in North Core, the center of downtown LaVilla and Cathedral Hill.