The city approved a permit June 25 for the $14 million construction of the Lofts at Murray Hill apartments.
Vestcor Inc. is the developer and Summit Contracting Group is the contractor for the project, a 117-unit building at 840 Edgewood Ave. S. Both companies are based in Jacksonville.
The four-story, 127,322-square-foot building is planned on 3.69 acres at Edgewood and Talbot avenues and Kerle and College streets.
Vestcor paid $2.1 million in September for the site.
The city is reviewing a permit application to demolish the two-story former Bank of America office on the site in August and start construction on the Lofts.
Ryan Hoover, president of Vestcor’s TVC Development Inc., said May 14 he expects construction to be completed at year-end 2021.
He estimates a total investment of almost $25 million.
The Lofts at Murray Hill will provide 11,000 square feet of retail space on the ground floor.
Hoover said it will include resident amenities that include a fitness center, game room, hospitality room, internet cafe and a four-row, 24-seat movie theater to show videos of residents’ choices at movie nights.
The Lofts will comprise 17 studio, 58 one-bedroom and 42 two-bedroom units.
Hoover said the project is a mixed-income community with rents based on resident incomes. He said 15% of the units will be for renters with income up to $15,750; 30% will be for those up to $31,500; 46% for incomes up to $36,750; and 9% will be at market rate.
While rates are tied to income levels, the average rents are $654 for studio units, $780 for one-bedrooms and $935 for two-bedroom units.
Murray Hill is a 114-year-old neighborhood west of Riverside and Avondale.
