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Jax Daily Record Thursday, May 9, 201902:23 PM EST

Legislation requests $17.7 million in bond financing for The Waves development in Jacksonville Beach

The project comprises 16 two-story apartment buildings on eight separate residential blocks.
by: Mike Mendenhall Associate Editor

The Jacksonville Housing Finance Authority is seeking $17.75 million in multifamily housing revenue bonds to fund a 127-unit affordable housing project in Jacksonville Beach.

The Waves at Jacksonville Beach is a joint development between the authority and TVC Development Inc.

TVC Development is the affordable housing division and subsidiary of The Vestcor Companies, a Jacksonville-based developer.

Plans released in November outline 16 two-story apartment buildings owned by the housing authority on eight separate residential blocks east of Jacksonville Beach Golf Club.

According to legislation introduced Wednesday by City Council President Aaron Bowman, the bonds would fund costs associated with the acquisition and demolition of the existing properties and construction the affordable housing units.

Demolition of 26 existing affordable housing buildings, also owned by JHA, would make way for the project.

The eight sites slated for development are in scattered sites in Jacksonville Beach including Seventh Street South; Eighth Street South; Ninth Street South; 10th Street South; First Avenue South; and Fifth Avenue South.

A cost breakdown attached to the legislation shows the demolition cost estimated at $500,000, with a $200,000 site/building design fee and a total construction cost at $13.6 million.

Including additional miscellaneous fees, the JHA estimates total development costs for The Waves at $19.6 million.

The rental units will be available for applicants making 60% or less of the area’s median income, or $29,400 for a single individual.

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