Three City Council committees approved a $5 million, low-interest loan for affordable housing on Beach Boulevard, a project supported by both Democratic Mayor Donna Deegan and some Republican Council members.
With full Council approval, the city’s loan would be made to The Vestcor Cos. for development of a 240-unit affordable housing community along Beach Boulevard near St. Johns Bluff Road.
Legislation for the loan, Ordinance 2026-0150, cleared the Neighborhoods, Community Services, Public Health and Safety; Rules; and Finance Committees with unanimous votes March 16 and 17.
As described in a memo to the Mayor’s Budget Review Committee, the completion loan would support construction of the eight-building project on 11 acres of vacant land at 11000 Beach Blvd., less than one-half mile west of Interstate 295.
All units in the three-story buildings would be reserved for renters with up to 60% of the area median income.
Should the city approve the loan, Vestcor would contribute $5 million in direct investment and would pay about $7.35 million for the land, according to the memo.
“It’s a good, creative way, and fiscally responsible way to get it done,” said Council Vice President Nick Howland, who co-introduced the legislation with Mayor Donna Deegan’s administration.
“For us to get a good mix throughout Jacksonville of all types of housing, this is one of those areas that needs to be shored up. We need more of these types of units,” said Council member Chris Miller, a Republican.
The property at the address comprises two parcels totaling 13.38 acres, according to the Duval County Property Appraiser’s Office. They are owned by Pamela Equities Corp., a real estate company based in New York City.
There are two 12,000-square-foot buildings at the front of the properties. Dollar Tree, Little Caesars Pizza and Happy Hound Dog Resorts are tenants. A strip mall behind those buildings was demolished.
East of the apartment site is the St. Johns Square shopping center owned by Sleiman Enterprises. To the west is the Countryside Village manufactured home community.
Vestcor will begin permitting for the property when the city approves the $5 million loan, according to the memo.
Permitting, which is projected to take six months, would be followed by 14 months of construction. The project will be funded with a mix of private money and the city’s tax credit financing.