Story: College Park
JWB is a real estate investment and management company in Jacksonville that has focused much of its work on revitalizing historically vibrant neighborhoods that have seen their housing and commercial activity decline. It has a particular focus on projects where it can partner with anchor institutions, like a university, and to date it has purchased and renovated more than 4,000 properties. It has been recognized by the Northeast Florida Builders Association and Jacksonville Magazine for its work to bring affordable housing to Jacksonville.
Broadstreet has committed $5 million of LISC’s New Markets Tax Credit (NMTC) allocation through its Propel Fund, with Edwards Lifesciences as the investor, to fuel a local retail revitalization effort in the Arlington region of Jacksonville, Fla. The financing is part of a $15 million NMTC package, including additional allocation from RBC Community Development, to support a restored façade and infrastructure, landscaping and updated signage at the shopping center formerly known as Town and Country—now called College Park. New tenants include a major grocery store, a health center, a faith-based social services provider, and Jacksonville University, which will use the space to offer a two-year mental health education program and counseling services for nearby residents.
The capital structure, including incentives from the City of Jacksonville, means the developer can offer $1 per-square-foot rents in the initial lease to community-focused tenants, which include a job coaching program and emergency services provider, offering help with housing food and substance abuse.
The developer is also adding an open-air food court and more than 80 affordable apartments, which will be built as part of a second phase of development and not included in this investment.
- $5M Broadstreet NMTC Allocation
- 160 Projected Permanent Jobs Created
A majority-minority community that was once a thriving center of commerce, Arlington has lost both residents and businesses in recent years, and it has been federally designated as both a food desert and medically underserved community. NMSC’s financing responds to community plans and priorities for growth in Arlington. Designed in partnership with a local coalition, known as Arlington 20/20, the development includes input from more than 20 community partners eager to support community services, local hiring, and Black-led small businesses. College Park’s retail offerings are expected to serve an estimated 50,000 people annually, create as many as 160 permanent jobs, the majority of which will be at the grocery store, and 80 construction jobs.