Vestcor Cos Plans $38.8M Affordable Housing Project in Jacksonville
The Vestcor Cos has announced plans for a new development, The Lofts at Southbank, in Jacksonville. This $38.8 million project will feature 100 apartment units, with 80 of them reserved for renters earning 60% or less of the area’s annual median income.
To fund the project, Vestcor is seeking $20 million from the state and tax credit equity. It has also requested a grant of $600,000 from the Downtown Investment Authority to assist with securing tax credits.
The ground floor will include retail and garage space while resident parking will be located on the second floor. The remaining four floors will consist of storage and residential units.
Vestcor currently has five affordable housing communities in downtown’s Central Business District and is also working on projects in San Marco East (photo) and Cathedral District.
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