Building is underway to construct a brand new multifamily condominium neighborhood offering workforce housing in downtown Jacksonville.
The Lofts at Cathedral at 325 and 327 E. Duval St., will embody a complete of 120 residences. The mission requires the renovation of the historic former YWCA/Neighborhood Connections constructing plus the development of a brand new condominium constructing on the identical block, in keeping with developer The Vestcor Corporations of Jacksonville.
The YWCA/Neighborhood Connections constructing will likely be remodeled into 28 residences. An extra 92 items will likely be positioned in a separate constructing below development close by, Holly Hepler, advertising supervisor for Vestcor, informed the Occasions-Union. There will likely be 20 studio residences, 74 one-bedroom, one-bathroom items plus 26 two-bed, two-bath residences.
“Lofts at Cathedral is a workforce housing neighborhood with 84 items reserved for people who make lower than 80% of the realm median earnings or beneath, and 36 items are at 100% of the realm median earnings or beneath, Hepler mentioned.
Hepler mentioned facilities at The Lofts at Cathedral will embody a health heart, Web cafe, resident lounge and a neighborhood backyard.
The overall growth value is estimated at $39 million, in keeping with the Downtown Funding Authority.
Vestcor focuses on multifamily and workforce housing. The Lofts at Cathedral will be a part of the developer’s comparable condominium communities together with Lofts at Monroe, Lofts at LaVilla, Lofts at Jefferson Station and Lofts at Brooklyn -all in Jacksonville.
Historic constructing In-built September 1950, the previous Neighborhood Connections/YWCA constructing was “a haven for small-town women within the huge metropolis,” in keeping with a 2016 Occasions-Union article.
The four-story red-brick constructing has a basement, spacious foyer, TV room, laundry room, train machines and a cafeteria, which was later changed with a kitchen on every flooring, the article states.
Neighborhood Connections closed there in 2016. The Jacksonville Historic Preservation Fee designated the constructing a historic landmark in 2017.
New lease on life
“The renovation of the YWCA constructing will rework a dilapidated constructing right into a fantastically restored constructing with the historic design and options included,” mentioned Hepler. “Most significantly, Lofts at Cathedral supplies the chance for these working downtown to have the ability to dwell affordably downtown.”
Vestcor, through its affiliate VC Cathedral LLC, purchased the property in two transactions recorded in 2019 and 2020, Duval County property and courtroom information present.
The developer paid $1.38 million for the tract at 327 E. Duval St. in a sale recorded on Sept. 10, 2019, and paid $20,000 for the positioning at 325 E. Duval St. in a sale recorded on Feb. 17, 2020, in keeping with the information.
Common contractor Summit Contracting Group of Jacksonville is main the development. The architect is Group 4 Design, additionally of Jacksonville.
Hepler mentioned the whole development value is estimated at $27 million.
The mission is predicted to be accomplished in Summer season 2024, she mentioned.
Photograph: The YMCA constructing. (Corey Perrine/The Florida Occasions-Union through AP)
An important insurance coverage information,in your inbox each enterprise day.
Get the insurance coverage business’s trusted e-newsletter
