Millennia Companies asking City of Jacksonville to cut city property tax bill in half

Prioritizing what's best for tenants at Valencia Way apartments

JACKSONVILLE, Fla. — A proposed ordinance would create an Economic Development Agreement between the City of Jacksonville and Millennia Housing for $2 million to support renovation of four apartment communities.

What we know:

  • Millennia Companies, the company that bought the former Eureka Gardens apartment complex, is asking the City of Jacksonville to cut the city property tax bill in half to help it fund renovations at four properties and offset overages incurred during construction.
  • In 2016, Millennia was given the right to take over management of the four communities after Global Ministries Foundation was forced by the U.S. Department of Housing and Urban Development (HUD) to put the properties up for sale due to lack of maintenance and effective management.
  • According to the bill summary, the Millennia Companies purchased four apartment communities, including Valencia Way (Eureka Gardens), Calloway Cove (Washington Heights), The Weldon (Moncrief Village), and Palmetto Glen (Southside Apartments) for $51 million.
  • Millennia agreed to invest $44 million to rehabilitate all four of the properties. The company said after starting construction, they discovered that the conditions of the properties were worse than expected.
  • Some of the unexpected issues include the need to replace the natural gas system utility infrastructure at Valencia Way, major plumbing repairs at Palmetto Glen, and other items such as termites, soil contamination, and overall deterioration at all four communities.
  • The newly drafted ordinance would cut Millennia Companies’ city property tax bill in half for up to 10 years or until the aggregate amount of the payments reaches $2 million.
  • Millennia Companies said it expects to finish renovations at the properties by this year.

Currently:

• Valencia Way – 50% complete

• Calloway Cove – 65% complete

• The Weldon – 75% complete

• Palmetto Glen – 50% complete

The completion dates will be staggered starting in Summer 2020.