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Developer seeks $5 million city loan for affordable housing community

Vestcor.JPG
Jacksonville Daily Record
The Vestcor site is west of Interstate 95 across from Merrill Road Elementary School.

The Vestcor Cos. Inc. multifamily developer has asked the city for a $5 million, low-interest loan to build a 240-unit affordable housing apartment community in Arlington along Merrill Road.

The estimated $56.5 million project at 8300 Merrill Road near Merrill Road Elementary School and Interstate 295 would be mixed-income, which a project summary from the city Office of Economic Development says would add to Jacksonville’s limited supply of affordable housing.

City Council introduced Ordinance 2022-0784 on Oct. 11 that would approve the 17-year, $5 million loan at 1% interest.

Read the rest of this story at the Jacksonville Daily Record, a WJCT News partner.