Jacksonville-based Vestcor Companies proposes to build a $22 million, 120-unit affordable housing development at Bay and Lee Streets.
According to the company's wesbite, over the last 32 years, Vestcor has developed or acquired in excess of 12,000 multifamily units, consisting of retirement, affordable, luxury and student apartment communities.
Called Lofts at LaVilla, conceptual plans illustrate the downtown project consisting of five (5) stories with four (4) residential floors above a floor of parking and amenities. Before this project can become a reality, it will need to recieve federal funds through the Florida Housing Finance Corporation's Low Income Housing Tax Credit Program. In the meantime, Vestcor is moving forward by submitting plans for Downtown Development Review Board (DDRB) conceptual approval this Thursday. Here's a look a closer look at Vestcor's Lofts at LaVilla.