JWB Real Estate Capital has broken ground on Parkwood Commons, a 108-unit affordable housing development planned across three sites in Jacksonville. A ceremonial groundbreaking was held August 17 at Parkwood Commons West, a 38-unit townhome development at 3825 Ricker Road on the city’s Westside. Two additional components are planned in Arlington. Bold Line Design is the architect, with principal architect Bruce Werner leading the design.
The three developments are being constructed on separate infill parcels rather than consolidated on a single property. All 108 residences will be reserved for households earning no more than 60 percent of the area median income.
Parkwood Commons West will comprise 38 two-story, three-bedroom townhomes ranging from 1,428 to 1,444 square feet. City permit records list the development as six buildings, with Tracy Justina Ricker Builders LLC serving as contractor. A $4.995 million construction permit was issued in August following a $1.8 million site work permit issued in July.
Parkwood Commons North is planned for a 1.6-acre site at 5875 Justina Court in Arlington. The development will contain 35 single-story, 399-square-foot residences distributed across three buildings. The city issued a $2.24 million construction permit for the project in August after previously approving a $300,000 site work permit.
Parkwood Commons South will rise on a 1.8-acre property at 1441 Tracy Road, also in Arlington. Plans call for 35 single-story residences measuring 399 square feet each across three buildings. A $2.16 million construction permit has been issued for the development.
The Ricker Road component occupies approximately 3.2 acres. Together, the three Parkwood Commons sites encompass approximately 6.6 acres.
Parkwood Commons marks JWB’s first development utilizing the federal Low-Income Housing Tax Credit program. Created under the Tax Reform Act of 1986, the program provides tax credits intended to support the construction and rehabilitation of income-restricted rental housing.
JWB President Alex Sifakis said the company began working on the development approximately two and a half years ago.
“This is our first tax credit project, and I can tell you, they are very different,” Sifakis said.
Financing for Parkwood Commons includes federal tax credits, bond financing and public and private loans. Jacksonville City Council approved a $3.8 million, 20-year city loan for the development in June. Earlier this year, City Council also approved the Jacksonville Housing Finance Authority’s issuance of up to $16.625 million in multifamily housing revenue bonds for the Tracy/Justina/Ricker Portfolio.
The August 17 groundbreaking ceremony included Sifakis, Jacksonville Mayor Donna Deegan and Joshua Hicks, the city’s affordable housing director.
Construction across the three Parkwood Commons sites is expected to be completed in 2027.
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