JACKSONVILLE — Housing Trust Group has broken ground on Normandy Cove, a 144-unit affordable housing community in Jacksonville. The community is located at 7375 Sheldon Drive on a 14-acre site.

Half of the units at Normandy Cove are reserved for active-duty military members and veterans, with five percent of the units specifically for veterans experiencing homelessness. The apartments will include one, two, and three-bedroom layouts designed for residents earning 30%, 60%, and 70% of the area median income. Monthly rents will range from approximately $470 to $1,716.

Housing Trust Group is collaborating with Hope4Veterans Inc. and I.M. Sulzebacher Center for the Homeless for the project. The group also worked with the Duval County School Board to secure an easement through the adjacent Edward H. White High School. Normandy Cove represents Housing Trust Group’s first affordable housing community in the Jacksonville area.

The financing for Normandy Cove includes $20.8 million in 4% Low-Income Housing Tax Credit equity, allocated by the Florida Housing Finance Corporation and syndicated by Raymond James. A $27.5 million construction loan from TD Bank and a $16.4 million permanent loan from Berkadia through Freddie Mac also support the project. Additional funding includes an $11 million State Apartment Incentive Loan from the Florida Housing Finance Corporation, $1.5 million in gap funding from the City of Jacksonville Housing and Community Development Department Revolving Loan Fund, and $500,000 in gap funding and tax-exempt bond financing from the Jacksonville Housing Finance Authority.

Matthew A. Rieger, president and CEO of Housing Trust Group, stated that Normandy Cove addresses the housing mismatch in Jacksonville. Rieger added that the project offers stability and support for service members and working families. Apartments will feature quartz countertops, luxury vinyl plank flooring, and modern appliances. Community amenities will include a swimming pool, fitness center, business center, multipurpose clubhouse, outdoor amenity deck, and dedicated office and meeting space for veteran service providers. The development plans to receive National Green Building Standard certification.

A second phase of Normandy Cove is planned to add 99 units, bringing the total number of residences to 243. FK Architects serves as the architect and interior designer, BDI Construction is the general contractor, and NV5 Inc. is the civil engineer for the project.