Work is expected to start this fall on a five-story, 130-unit affordable housing complex in LaVilla. Lofts at LaVilla got its final approval Thursday afternoon from the Downtown Development Review Board.

It's going into part of the large vacant space just east of the Prime Osborn Convention Center between Water and West Bay streets.

Ryan Hoover, vice president of TVC Development, said construction should start Sept. 1 and be finished a year later. The total cost, he said, will be about $23 million.

Last year, the Downtown Investment Authority approved a $270,000 loan from the Downtown Economic Development Fund.

The rents will be $634 for a studio, $676 for one bedroom, $811 for two bedrooms and $937 for three bedrooms.

That's $400 to almost $1,000 a month less than the new complexes that opened last year just a few blocks away on Riverside Avenue.

But in order to qualify for an apartment, the income limit for one person is $27,300 a year. For two people, it's $31,200.

The project originally had 120 units, but Hoover said some of planned three-bedroom units were replaced by one-bedroom and studio units, which allowed room for 10 more units.

The DIA has to sign off on the additional units, but Hoover predicted that wouldn't be a problem.

The building is designed in a long U shape, with parking in the middle of the U.

Some of the parking is open and some will be covered by the building. Amenities take the first floor with apartments on the upper four floors.

The project will take about 1.7 acres. Hoover said his company hasn't closed on the property yet, but when it does, it will also buy another 1.7 acres or so just east of Lofts at LaVilla. He said it's possible, but far from definite, that TVC would build a second phase on that parcel at a later date.

TVC Development is the affordable housing arm of Vestcor and this year opened two apartment projects for low-income seniors: Caroline Oaks on North Main Street and Peyton Ridge, on Corporate Square Boulevard off Atlantic Boulevard. It plans to start construction soon on Mary Eaves, another project for low-income seniors, at Myrtle Avenue and 16th Street.

Lofts at LaVilla is not limited to seniors.

Roger Bull: (904) 359-4296