JACKSONVILLE, Fla. – A Jacksonville city councilman said the 240 affordable housing units that were approved along Beach Boulevard are for the people who keep the city running.
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.
Recommended Videos
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.
All units in the three-story buildings would be reserved for renters with up to 60% of the area median income. City Councilman Nick Howland, a co-introducer of the bill, said it addresses a huge issue in Jacksonville.
“They’re struggling to make ends meet with 240 affordable housing units will do at 60% of the average median income will provide those who earn between $40 and $60,000 an opportunity to live in the communities that they actually work or serve,” Howland said.
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.
The loan is a piece of the larger $56.5 million project. Howland said the loan would help add housing for people who keep this city running.
“I think that’s a great place to put this project because we have just to the east, all the hospital systems. Great opportunities for nurses and hospital and healthcare workers. Just to the west, we have downtown to the north. We have the port to the south. We have the Town Center, terrific place to have this kind of terrific housing,” Howland said.
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’s general fund.
Howland said the project is a collaboration between local, federal and private assistance, something he hopes to see more in the future.
“I think the future of Jacksonville is a wonderful place for families to live, worked and play in a terrific place for companies to relocate,” Howland said.
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.