A ceremonial groundbreaking April 15 signaled the start of work on the $46 million redevelopment of the former Lake Forest Elementary School property into 120 affordable apartments.
Representatives of Duval County Public Schools, the city of Jacksonville, Ability Housing, Bank of America and other businesses and organizations took part in the event in North Jacksonville.
The school, which closed in 2019, is at 901 Kennard St., near southwest Interstate 95 and Edgewood Avenue West.
According to a news release, Ability Housing is setting aside 25% of the units for DCPS faculty and staff and will operate an on-site early learning center.
“Village of Lake Forest is an exceptional example of true collaboration between engaged citizens, the school district and a nonprofit developer focused on changing lives through housing,” said Reggie Fullwood, CEO of Ability Housing.
“We are transforming this long-dormant campus into a thriving community asset that will provide quality, affordable homes for working families and educators, and an enriching environment for our youngest neighbors to take their first educational steps.”
The release says the apartment community will include five three-story residential buildings with one-, two- and three-bedroom units. Amenities include a community center, computer lab, library and flexible spaces for workshops, training and events.
Units will be available to households earning up to 60% of the area median income, with 23 units available to households earning up to 80% AMI.
According to the release, Bank of America is underwriting a $23 million construction mortgage, and nonprofit syndicator National Equity Fund is providing about $18.1 million in Low-Income Housing Tax Credit equity. The Community Preservation Corp. is underwriting a $10 million permanent mortgage.
Funding also included a $4 million Community Development Block Grant and a $2.5 million HOME loan from the city; $2.5 million in financing from the Jacksonville Housing Finance Authority; and a $500,000 impact investment from The Community Foundation for Northeast Florida through its Local Capital Pool.
Construction is expected to take 18 months. PQH is the project architect. Elkins Construction LLC is the general contractor, and Kennedy Civil Services is the civil engineering firm.
Leasing details will be available closer to completion.