Vestcor Breaks Ground on Third Affordable Housing Community in Florida Panhandle

JACKSONVILLE, FL – Vestcor recently broke ground on Lucas Creek, a 55 and older senior affordable housing community located at 7815 Lilac Lane in Pensacola, Florida. This is Vestcor’s third community in the area: Katie Manor, located in Crestview, opened in 2016 and Carter Crossing, located in Milton, opened in 2018.  

Amenities will include a fitness center, living room, activity room with kitchen, movie room, outdoor garden, dog park and pavilion with grills. The studio, one and two-bedroom units will include a living and dining area and a fully equipped kitchen.

Lucas Creek will serve seniors who make less than $29,100 per year. Ten percent of the units will be set aside for seniors who make less than $16,005 per year. The communities are being built using proceeds from the Low-Income Housing Tax Credit program administrated by Florida Housing Finance Corporation. Construction is expected to be complete in the spring of 2020.

“We are excited to begin construction on what I am sure will be another beautiful senior housing community” said TVC Development President Ryan Hoover. “We are looking forward to bringing much needed quality affordable housing to this area.”

About The Vestcor Companies: Over the last 36 years, The Vestcor Companies has built a reputation of excellence in all areas of multifamily housing. Since formation, Vestcor has developed or acquired more than 14,400 multifamily units, consisting of retirement, affordable, luxury and student apartment communities. The Vestcor team has the experience to successfully complete all phases of a real-estate investment, from initial concept through long-term management of the asset.