HBW subscribers seeking multifamily building permit leads in Jacksonville already know about the major multifamily renovation coming to Downtown Jacksonville. The Cathedral Terrace building at 710 N. Ocean Street will soon undergo major interior renovations and repairs to all 240 single-bedroom units as part of the Renew Jax urban redevelopment project.
The Cathedral Terrace project was built in 1974 for elderly and disabled residents with low incomes. The $27 million renovation will upgrade to the building’s infrastructure, including plumbing, HVAC, elevators, lighting, and security system. New windows and doors, and a new roof will also be part of the remodel.
Money for the project, which is sponsored by the Aging True nonprofit agency, comes from the State Housing Initiatives partnership program. $803,000 will come from the city, with the majority of project funding provided by the Jacksonville Housing Finance Authority. Loans totaling $3.93 million have been grated by the Florida Housing Finance Corporation. Aging True is currently accepting bids for a general contractor to oversee the renovation process.
The 5-year Renew Jax project is a partnership between LISC Jacksonville and the city. This public-private partnership is investing $35 million in private, state, and federal funding in East and Northwest Jacksonville with the goal of improving housing and stimulating economic development. LISC has invested $20 million, with municipal, state, and federal agencies contributing $15.5 million. In addition to renovation and construction, Renew Jax will improve the city’s aging drainage system and redevelop the city’s under-occupied historic neighborhoods.
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