A grand opening is scheduled Dec. 11 for Lofts at Cathedral, the $26 million Downtown multifamily property that brings the old YMCA building back to life amid new construction.
Downtown Investment Authority CEO Lori Boyer announced the opening during the Nov. 20 DIA board meeting.
The 120-unit complex at 325 and 327 E. Duval St. includes a $5.45 million renovation of the YMCA building along with 20 studio, 74 one-bedroom and 26 two-bedroom units.
Developed by The Vestcor Cos., the project includes units offered at market rate and others reserved for tenants earning up to 30%, 60% and 80% of the area median income.
Floor plans viewable at loftsatcathedral.com show studio options with monthly rents starting at $964, one-bedroom options starting at $1,027 and a two-bedroom option starting at $1,475.
In February 2023, City Council approved an ordinance providing $2.39 million in forgivable and deferred principal historic preservation loans for the project. The city had previously approved an Affordable Housing Support Loan of $625,000 from the Northbank Downtown Community Redevelopment Area Trust Fund to support the development.
A DIA term sheet showed Vestcor will receive a total of $26.18 million in public financing for the project. The majority, $22.78 million, is generated by equity from Low-Income Housing Tax Credits awarded by the Florida Housing Finance Corp.