In a March 24 vote, the 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.
Joe Lister, Jacksonville Daily Record Jacksonville City Council approved a $5 million loan for Vestcor Cos. to develop a 240-unit affordable housing community on 11 acres of vacant land at 11000 Beach Blvd.
– In a vote on Tuesday, the Jacksonville City Council approved a $5 million loan for an affordable housing development, drawing support from Republican Council members and Mayor Donna Deegan, a Democrat, 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. All units in the three-story buildings would be reserved for renters with up to 60% of the area median income. 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. 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 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.Getting ready for the next GROW ROUND! Tower Garden maintenance...End the month off right with this lineup of events from March 26-29Big: Culture & Arts Festival brings Grammy-nominated rappers, art, culture to GainesvillePearl Street Square to bring apartments, restaurants, beer gardens & jobs to Downtown JacksonvillePearl Street Square to bring apartments, restaurants, beer gardens & jobs to Downtown JacksonvilleSplit Happens Ep. 9: The role of mediation in resolving legal disputes efficientlyBurden of failing roof lifted for Jacksonville veteran through volunteer projectFriends and family gather to remember 19-year-old who died in motorcycle crash on Buckman BridgeAccused shooter in death of 2-year-old boy denied bondJacksonville mentor known as ‘That Lemonade Lady’ fighting for life after electrical shockGardening in a new light. Some recommended updates for healthier seedlings.Families bid farewell as USS Mason heads out for deployment from Naval Station MayportPowerful winds, worsening drought threaten Jacksonville areaYour next beach day find could change someone’s life. 🌊☀️JSO arrests 21-year-old man accused of fatally shooting 2-year-oldNights of Lights dates permanently changed in 3 to 2 voteFormer JEA chief of staff tells City Council committee employees are ‘scared for their job’JSO searching for 21-year-old man accused of fatally shooting 2-year-old at apartment complexHelp spread the word about AI scams targeting service membersFamily identifies 2-year-old boy killed during dispute at Westside apartment complexMechanical issue causes JTA bus to catch fire on Arlington ExpresswayAnother dry day in Northeast Florida. Here's a Monday weather update.Road-rage shootout leaves 1 dead, police searching for 2nd driverLoved ones mourn 'happy baby' after 2-year-old fatally shot during domestic disputeCuban immigrants in Jacksonville call for action as island faces widescale blackoutThe Block Jax owner working on solutions to parking chaos that spilled into neighboring lots
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Powerful winds, worsening drought threaten Jacksonville area: What you need to knowA wind advisory and extreme drought are impacting Jacksonville and surrounding coastal areas, with strong gusts and fire danger. Meteorologist Katie Garner explains what to expect and how to stay safe.
Read more »
Jacksonville News Roundup: Nights of Lights Date Change, Shootings, and Local StoriesThis news roundup covers a variety of local stories in Jacksonville, including the permanent date change for Nights of Lights, investigations into shootings, weather updates, and community events such as an epilepsy awareness walk and a new family-focused venue. It also touches on national and international issues with AI scams, the situation in Iran, and the start of spring.
Read more »
Man from British Overseas Territories sentenced to jail for sextortion of Missouri teenA man was sentenced to 240 months in prison for the sextortion of a teenager from Missouri, the FBI announced Tuesday.
Read more »
Jacksonville councilman wants to add Safe Haven baby boxes in each City Council districtJacksonville City Councilman Rory Diamond is expected to share more information Wednesday about an effort to bring Safe Haven baby boxes to one fire station in each city council district.
Read more »
Jacksonville families say goodbye as Navy destroyer heads out for overseas deploymentA U.S. Navy destroyer left its homeport in Jacksonville Tuesday, sending families to the waterfront for tearful goodbyes.
Read more »
Large sewage spill causes closure of Ocean Beach dog beachSan Diego County's Department of Environmental Health and Quality Wednesday announced the closure of the San Diego River where it meets Dog Beach in Ocean Beach…
Read more »