JACKSONVILLE, Fla. – Three years after the Jacksonville Housing Authority bought the troubled Franklin Arms apartments with plans to renovate them, the agency is abandoning that strategy and starting over.
Long associated with crime and deteriorating living conditions, the Jacksonville City Council has approved a $1 million loan to help demolish the deteriorating downtown complex, with housing officials now pursuing a $50 million redevelopment that would create 130 affordable apartments for seniors.
The Jacksonville Housing Authority plans to replace the aging 98-unit complex with a new affordable housing community for residents age 55 and older. The project is expected to cost about $50 million and will require a mix of public and private financing before construction can begin…