Published on July 21, 2026 at 12:01 pm
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A portfolio of three affordable housing projects — which will culminate in 108 units of housing — will soon break ground.
The three projects, on Tracy, Justin and Ricker roads, are part of local real estate firm JWB Real Estate Capital‘s first foray into affordable housing development.
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Each of the units will be priced for residents at or below 60% of the area median Income and remain at that level for 50 years.
On a 3.2-acre site at 3825 Ricker Road, 38 1,438-square-foot townhome-style units will be built. A $1.8 million site work permit was issued for the project on Friday.
A $300,000 site work permit also was issued to JWB Real Estate Capital on Friday for the development at 5875 Justina Court, which will bring 35 399-square-foot efficiency units to a 1.6-acre site.
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Located at 1441 Tracy Road, the third development in the portfolio will bring 35 399-square-foot units to a 1.8-acre site.
“This is our first [affordable housing] project, but it won’t be our last,” Alex Sifakis, president of JWB Real Estate Capital, said to the Business Journal.
All three projects received a total $28.59 million in gap funding, through a $10 million 4% low-income housing tax credit, $9.8 million from bonds, a $3.8 million loan from the city of Jacksonville, a $1.85 million loan for the Jessie Ball DuPont Fund and a $1.5 million soft loan from the Jacksonville Housing Finance Authority.
“Every new affordable home added to Jacksonville’s housing supply helps more families find the stability and opportunity that comes with having a place to call home,” Joshua Hicks, affordable housing director for the city of Jacksonville, said in a statement to the Business Journal. “I’m thrilled to see the Tracy Justina Ricker Portfolio housing project officially moving forward, soon to deliver 108 new, quality affordable homes across three locations in our city, creating more opportunities for our community to find a place they can afford.”
JWB Real Estate Capital’s next affordable housing project, Cathedral Commons, underwent a redesign earlier this year. The real estate firm is still in the process of sourcing gap funding for Cathedral Commons, which would bring 175 units of housing to Downtown’s Cathedral Hill district.
The city faces a deficit of 50,000 units of housing for low-income residents, according to the National Low Income Housing Coalition’s 2025 Gap study.
A groundbreaking for the portfolio of affordable communities will take place by September, and the projects will be completed by mid- to late-2027.
“Expanding our affordable housing supply is essential to improving affordability across Jacksonville, and we’re proud to support projects that create more housing opportunities for residents who need them most,” Hicks said. “Projects like this move us one step closer to a more affordable Jacksonville for everyone.”
This story was published as part of the Northeast Florida News Collaborative.
