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Vestcor Looks to Build 100 Jax Affordable Rentals
The Vestcor Cos is hoping to build The Lofts at Southbank in Jacksonville, a $38.8 million project that will consist of 100 apartment units, 80 of which will be reserved for renters making 60% of the area’s annual median income. All the units will be rented to people making less than 120% of the area’s annual median income.
Vestcor is seeking $20 million from the state and tax credit equity to develop the property. It’s also asking the Downtown Investment Authority for $600,000 to help it secure the tax credits it applies for.
The ground floor will be retail and garage space. The second floor will be for resident parking, and there will be four floors of storage and four floors of residential.
Vestcor has five affordable residential communities in the Central Business District of downtown. It also has projects in the works in San Marco East (photo) and the Cathedral District.
Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.
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