In a March 24 vote, Jacksonville City Council approved a $5 million loan for an affordable housing development that drew support from Republican Council members and from Mayor Donna Deegan, a Democrat.<\/p>\n
With an 18-0 vote on Ordinance 2026-0150, The Vestcor Cos. is set to receive the loan for development of a 240-unit affordable housing community along Beach Boulevard near St. Johns Bluff Road. Construction of the eight-building project is set to take place on 11 acres of vacant land at 11000 Beach Blvd., less than one-half mile west of Interstate 295.\u00a0<\/p>\n
All units in the three-story buildings would be reserved for renters with up to 60% of the area median income.\u00a0<\/p>\n
Should the city approve the loan, Vestcor would contribute $5 million in direct investment and would pay about $7.35 million for the land, according to a staff memo accompanying the legislation.<\/p>\n
\u201cIt\u2019s a good, creative way, and fiscally responsible way to get it done,\u201d said Council Vice President Nick Howland during a meeting of the Neighborhoods, Community Services, Health and Public Safety Committee. Howland co-introduced the legislation with Deegan\u2019s administration.<\/p>\n
Council member Jimmy Peluso voted for the bill but called for Council to approve more funding for affordable housing. Peluso noted that Council removed a $10 million allocation for an affordable housing trust fund from the 2024-25 city budget that could have received a 3-to-1 match in private funds for affordable housing.<\/p>\n
\u201cVery happy for this bill. Very grateful for this bill. Still just a drop in the bucket,\u201d Peluso said.\u00a0<\/p>\n
Terms call for the loan to be paid back at a 1% simple interest rate over 20 years, according to the memo, with a payment of any outstanding principal balance paid back at the conclusion of the loan. The loan would be financed through the city\u2019s general fund.<\/p>\n
The total development cost is listed at $56.5 million. Construction is set to begin by Sept. 1, 2026, and be completed by May 1, 2028, according to an economic development agreement attached to the memo.\u00a0<\/p>\n
Plans for the community include 96 one-bedroom units, 96 two-bedroom units and 48 three-bedroom units, according to the memo. It will also feature a clubhouse, pool and dog park. Projected rents are $1,082 for a one-bedroom, one-bathroom unit, up to $1,504 for a three-bedroom, two-bathroom unit.<\/p>\n
The property at the address comprises two parcels totaling 13.38 acres, according to the Duval County Property Appraiser\u2019s Office. They are owned by Pamela Equities Corp., a real estate company based in New York City.<\/p>\n
There are two 12,000-square-foot buildings at the front of the properties. Dollar Tree, \u00a0Little Caesars Pizza and Happy Hound Dog Resorts are tenants. A strip mall behind those buildings was demolished.<\/p>\n
East of the apartment site is the St. Johns Square shopping center owned by Sleiman Enterprises. To the west is the Countryside Village manufactured home community.<\/p>\n
The memo said Vestcor would begin permitting for the property once the city approved the loan.\u00a0<\/p>\n
Permitting, which is projected to take six months, would be followed by 14 months of construction. The project will be funded with a mix of private money and the city\u2019s tax credit financing.<\/p>\n
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