The Waves is a shared project between the Jacksonville Housing Finance Authority and Vestcor.
A new low-income housing development in Jacksonville Beach is one step closer to receiving $17.75 million in city-backed bonds.
The Waves is a shared project between the Jacksonville Housing Finance Authority and locally based developer Vestcor. Their request for multifamily housing revenue bonds was advanced Tuesday by the City Council Finance Committee.
JHA Director Laura Stagner told council committee members that the 127-unit community would replace 26 existing buildings with a total of 60 units. The buildings sit on eight separate residential blocks east of the Jacksonville Beach Golf Club.
“When the projects were originally constructed in the late 1960s, they really didn’t maximize the use of the land,” Stagner said. “What’s going to result is going to be much more visually appealing, I think, to the neighborhood.”
The committee voted 6-0 to advance the bonding request to the full council.
The project is a partnership between TVC Development, a subsidiary of Jacksonville-based developer Vestcor, and JHA. The partnership expects to close on the properties this summer, which are on scattered sites in Jacksonville Beach — Seventh Street South; Eighth Street South; Ninth Street South; 10th Street South; First Avenue South; and Fifth Avenue South.
Designs for The Waves call for 16, two-story apartment buildings.
According to Resolution 2019-360, Vestcor and JHA estimate it will cost $500,000 to demolish the existing structures. With a $200,000 site building and design fee, officials estimate a total construction cost of $13.6 million. The total development cost for the Waves is expected to be $19.6 million.
The apartments will be available for renters who meet the income criteria — 60% or less of the area’s median income or $29,400 for a single individual.