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09/11/2019

Jacksonville Housing Board Signs Off on Financing for Jax Beach Project

JACKSONVILLE (September 11, 2019) - Jacksonville Housing (JH) Board of Directors has unanimously voted to move forward with the redevelopment of its affordable housing complex in Jacksonville Beach.

The $30 million project, called The Waves at Jacksonville Beach, includes the demolition of the existing public housing units and the new construction of 127 units. JH is co-developing the project with TVC Development Inc., the affordable housing subsidiary of Jacksonville-based The Vestcor Companies.

At the same time, JH is renovating 89 other units in Jacksonville Beach and Atlantic Beach for a total cost of approximately $1,479,000.

The board's vote gives Interim CEO Dwayne Alexander the authority to sign all closing documents on the financing of the project, which is anticipated to take place in mid-September. Demolition will commence shortly after the closing.

"We're excited to move this project along," said JH Chair Roslyn Mixon-Phillips. "These new affordable housing units will be a wonderful improvement for our tenants and the community."

Tenants who had been living in the Jacksonville Beach property have been relocated to other housing authority properties and will be given first right of refusal to return when the project is completed, which is anticipated to be in early 2021.

The rental units are based on the Area Median Income, 108 units at 60% AMI, 13 units at 33% AMI, and 6 units at 22% AMI.