The Waves at Jacksonville Beach approved

The $30 million, 127-unit affordable housing project is expected to be completed in 2021.

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  • | 5:10 a.m. September 13, 2019
  • Real Estate
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The Jacksonville Housing Authority announced Wednesday that The Waves at Jacksonville Beach, a $30 million, 127-unit affordable housing project, was approved the organization’s board of directors.

The site is on eight separate residential blocks east of the Jacksonville Beach Golf Club owned by the JHA. To make way the project, 26 existing affordable housing buildings, also owned by the JHA, will be demolished.

The JHA also said it will renovate 89 affordable housing units in Jacksonville Beach and Atlantic Beach for $1.48 million.

The project is a joint development with TVC Development Inc., a subsidiary of Jacksonville-based The Vestcor Companies, and the JHA.

Closing on the project is expected in mid-September, with demolition to follow.

Existing tenants will be relocated to other housing authority properties and will be given first right of refusal to return when the project is completed, anticipated in early 2021.

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.