Development firm Gateway Jax will restore the Ambassador Hotel with the partnership of The Indigo Road Hospitality Group. Gateway Jax, made up of DLP Capital and JWB Real Estate Capital, manages a private equity fund focused exclusively on Downtown Jacksonville development.

Gateway Jax plans to redevelop the 100-year-old hotel into a minimum of 100-key concept with a restaurant and bar, conference space and other amenities. 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 and approximately 200,000 square feet of grocery-anchored retail space, 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 is expected to invest over $2 billion into the Pearl Square development.