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Mayor Lenny Curry's budget review committee gave the go-ahead Monday for a proposed agreement with Vestcor for a 133-unit apartment building called Lofts at Jefferson Station. The Downtown Investment Authority will file legislation with City Council for the $3.4 million in financial incentives. If the council approves, Vestcor would break ground in late summer for the construction, which will bring the total number of Vestcor apartments in downtown to about 600 units at five buildings that are a mix of historic renovations and contemporary designs. Vestcor, which is based in Jacksonville, is interested in keeping its foot on the gas in downtown. "We are excited about everything that is going on downtown and we see the demand on both the affordable and market rate side," said Ryan Hoover, president of TVC Development. "This will not be our last development in downtown Jacksonville." The Mayor's Budget Review Committee also supported an economic development agreement for The District, a mammoth development proposed for the Southbank on vacant land that used to be the site of the Southside Generating Station. The District has been in the works for years and is huge in scale, with plans for 950 residences, 147 hotel rooms, 134,600 square feet of retail space, 200,000 square feet of office space and a 125-slip marina. The proposed agreement with Elements Development of Jacksonville would have the city spend up to $26.4 million for public improvements on the site and provide up to $56 million in property tax rebates over 20 years. In comparison to The District, Vestcor hasn't done a single development that made such a big splash. But Vestcor has built a major presence in downtown, starting in the early 2000s with renovation of two vacant high-rise buildings that turned them into into the 11 E. Forsyth and The Carling apartments. Then Vestcor entered a second wave of development in LaVilla neighborhood of downtown.
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