The 120-unit Lofts at Cathedral mixed-income apartment is 50% preleased and it nears completion in Downtown’s Cathedral Hill district, Downtown Investment Authority CEO Lori Boyer told the DIA board Aug. 21.
In an update to the board on Downtown private and public projects, Boyer said workers were applying final touches to the $26 million building and that construction was on schedule to be completed by the end of 2024.
The project includes a $5.45 million renovation of the former YWCA building at 325 E. Duval St. and new construction at 327 E. Duval St.
The apartments, developed by Jacksonville-based The Vestcor Cos. comprise 20 studio, 74 one-bedroom and 26 two-bedroom units.
Vestcor designed the project to provide affordable workforce housing Downtown. A portion of the units will be reserved for tenants earning up to 30%, 60% and 80% of the area median income. The remainder will be offered at market rate.
Floor plans viewable at loftsatcathedral.com show two studio options with monthly rents starting at $964, seven one-bedroom options starting at $1,027 and three two-bedroom options starting at $1,475.
Amenities include a fitness center, internet cafe, pavilion with grills and a club room with a kitchen and TVs.
The Lofts at Cathedral website says the community has a temporary leasing office at The Carling Apartments at 31 West Adams St, Unit 104.
Summit Contracting Group Inc. is the contractor for the renovation and construction at project costs of $19.62 million, the Daily Record reported in February 2023. Vestcor said total construction costs will be $26 million.
That month, the City Council approved an ordinance providing $2.39 million in forgivable and deferred principal historic preservation loans for the project. The city had previously approved an Affordable Housing Support Loan of $625,000 from the Northbank Downtown Community Redevelopment Area Trust Fund to support the development.
A DIA term sheet showed Vestcor will receive a total of $26.18 million in public financing for the project. The majority, $22.78 million, is generated by equity from Low-Income Housing Tax Credits awarded by the Florida Housing Finance Corp.