News Summary
Jacksonville is set for significant urban development advancements with a funding boost from LISC. Projects including apartments and mixed-use spaces aim to revitalize neighborhoods and enhance housing accessibility. A recent visit from CEO Michael Pugh highlights ongoing efforts to improve local infrastructure and community resources, while collaborations promise to address nationwide housing challenges effectively.
Jacksonville is set to experience substantial growth in its urban development thanks to a significant funding boost from the Local Initiatives Support Corporation (LISC). Three major projects—the Barnett apartments, Union Terminal Warehouse, and College Park shopping center—are currently benefitting from LISC’s financial support, which aims to revitalize local neighborhoods and improve housing accessibility.
The recent visit of LISC’s CEO Michael Pugh on June 12 and 13 marked a crucial moment, as he met with local officials and toured several funded projects. Pugh’s engagement highlighted the ongoing efforts to enhance the quality of life in Jacksonville while promoting economic opportunities and affordable housing solutions.
In addition to the existing projects, several other initiatives are underway, further fulfilling LISC’s local mission of addressing community needs. Founded in 1979 by the Ford Foundation and six corporations, LISC has worked toward revitalizing distressed urban areas by mobilizing resources for development. The organization primarily focuses on improving community infrastructures, spurring economic growth, and increasing access to affordable housing.
Over 7 million homes are estimated to be necessary nationwide to combat housing challenges, with a strong emphasis on preserving existing affordable housing. During the visit, Pugh stressed the importance of collaboration between public and private sectors to effectively tackle housing shortages.
As part of its ongoing initiatives, LISC, in collaboration with United Way, recently launched a $5 million home loan project. The initiative sees LISC contributing $1 million to support new home developments in specific Jacksonville ZIP codes. This funding is in addition to the variety of other LISC-financed projects across the city, which include:
- A $1.4 million construction line of credit for building and renovating homes in East Jacksonville.
- A $1 million line of credit to construct five homes for families with incomes at 80% of the area median income in East Jacksonville.
- A $4.5 million loan aimed at redeveloping the Union Terminal Warehouse into a mixed-use space with apartments and commercial areas.
- A $4.6 million loan designated for transforming a cement plant into over 300 affordable housing units as part of Union Warehouse Phase II.
- A $3.39 million rehabilitation loan focused on mixed-use projects in the Phoenix Arts District of Springfield.
- A $5 million for establishing an affordable modular home manufacturing facility in Springfield.
- A $10.76 million loan geared toward redeveloping the former Town & Country Shopping Center in College Park.
- A $4 million loan for the Barnett apartment building that began leasing units in 2019.
- An $800,000 investment for the acquisition of an apartment and restaurant project at 225 N. Laura St.
Jacksonville LISC operates with an annual budget of $1.5 million, enabling it to generate approximately $20 million in economic impact through job creation and educational programs. In the next three years, LISC plans to invest more than $5 billion nationally, which will further boost local economies through public and private funding collaboration.
One of the noteworthy achievements linked to LISC’s funding is the Opportunity Centers program, aimed at enhancing financial literacy. The program’s first graduate recently closed on a home in the Eastside community, with plans to support more graduates in the future through similar opportunities.
The recent funding cuts faced by LISC—totaling $29.69 million from the previous administration—were later restored following an appeal, allowing the organization to continue its vital work. Pugh’s coastal tour showcased the positive outcomes from LISC’s contributions, emphasizing the success of local businesses, such as Strings Sports Brewery and The Block Skate Supply store, that benefitted from LISC loans. Pugh remarked on the necessity of creating vibrant community spaces that foster social interaction and stimulate economic growth, reinforcing LISC’s dedication to uplift urban neighborhoods in Jacksonville.
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Additional Resources
- Jax Daily Record: Casa Marina Hotel Redevelopment
- First Coast News: Downtown Jacksonville Development Updates
- Jacksonville.com: Downtown Investment Authority CEO Finalists
- Business Wire: Cedar Creek Estates Dedication
- CoStar: Luxury Townhouse Development in Jacksonville
- Wikipedia: Urban Development
- Google Search: Jacksonville Urban Development
- Google Scholar: Jacksonville Development Projects
- Encyclopedia Britannica: Urban Development
- Google News: Jacksonville Development News