The Vestcor Companies will start construction in December on 205 affordable senior housing units in the Regency area and north of Downtown.
The 123-unit Peyton Ridge is designed at 1800 Corporate Square Blvd. at southwest Atlantic and Southside boulevards. Plans show a three-story, almost 120,000-square-foot building of one- and two-bedroom apartments on 7 acres.
The 82-unit Caroline Oaks is planned at 5175 N. Main St. Plans show a mix of one- and two-bedroom in a three-story, 84,000-square-foot building on about 4 acres. The site is between East 41st and East 34rd streets.
Each apartment includes a living and dining area with a fully equipped kitchen.
They should be completed in December 2015.
Vestcor Marketing Manager Holly Rood said Thursday the company was finalizing details on the investment costs and rental rates.
Jacksonville-based Vestcor said amenities at both include a library, community center, fitness center, theater room, game room, outdoor garden and salon.
Peyton Ridge and Caroline Oaks will serve seniors who make less than $30,000 per year and 10 percent of the units will be set aside for seniors who make less than $17,000 per year, Vestcor said.
The figures are based on incomes of less than 60 percent and less than 32 percent of the area median income.
The company said Peyton Ridge and Caroline Oaks are being funded from the Low Income Housing Tax Credit program administrated by Florida Housing Finance Corp. as well as the State Apartment Incentive Loan program and local support from the Jacksonville Housing Finance Authority.
“Many of our seniors had their life savings deteriorate during the recent economic downturn and also are being negatively impacted by the current low interest rate environment,” said Vestcor Chairman John Rood said in a news release.
He said the communities “provide an active, quality environment for this valued population.”
Vestcor focuses on multifamily real estate and investment. It has developed more than 11,000 multifamily units.
When it marked its 30th anniversary last year, Vestcor said it was now focusing much of its development on senior affordable housing and student housing projects.
It has developed 18 affordable communities, including two senior affordable communities.
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