Daily Record FINANCIAL NEWS &
FRIDAY, MAY 18, 2018
VOL. 105, NO. 130 • ONE SECTION
35¢ www.jaxdailyrecord.com
Millennia preparing for $40M rehab of 4 low-income apartment complexes
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Eureka Gardens apartments in 2016.
Valencia Way Previous name: Eureka Gardens Address: 1214 Labelle St. Construction: $18.9 million Apartment buildings: 38 Units: 400
Millennia’s plans Image courtesy of Dimit Architects
Ohio company upgrading, renaming Eureka Gardens and 3 more projects. By Karen Brune Mathis Editor Millennia Housing Development Ltd. applied to rehabilitate three additional low-income apartment complexes it manages in Jacksonville in addition to Eureka Gardens. “We are still under contract to acquire them,” said Jeff Crossman, public affairs
manager for Ohio-based The Millennia Companies. “If all goes as planned, we hope to close by the end of June. Construction would start soon thereafter,” he said. Crossman said he is not authorized to release the acquisition price. City Council adopted a resolution in October that shows a $52.7 million acquisition price and a total development cost
of $125.5 million for the four properties. The resolution authorizes the Jacksonville Housing Finance Authority to issue up to $90 million in multifamily housing revenue bonds on behalf of the “Millennia Jacksonville Project.” Crossman said the renovations will total about $40 million, or about $50,000 MILLENNIA
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The Millennia Companies of Cleveland, Ohio, proposes to buy, renovate and rename four Jacksonville lowincome housing projects. City Council voted to authorize the issuance of up to $90 million in Jacksonville Housing Finance Authority bonds on Millennia’s behalf. Rental rates are subject to income levels.
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Rulon International to expand, hire 20 additional workers The St. Johns County Commission awards company that makes acoustic ceilings and wood wall panels $129,000 in incentives.
By Larry Hannan Contributing Writer A company that makes acoustic ceilings and wood wall panels will hire 20 more employees after the St. Johns County Commission unanimously approved a $129,000 economic incentive package that will allow it to
expand. The incentive package, approved Tuesday, will allow Rulon International to construct a 27,000-square-foot addition to its 85,000-square-foot office and manufacturing building at 2000 Ring Way in the World Commerce Center in St. Augustine. The company moved from
Pennsylvania to St. Johns County in 2006. President and CEO Wayne Robison said his company had Robison between 60 and 70 employees when it arrived in St. Augustine
and has seen significant growth during its time in Florida. “We expect to keep growing,” Robison told the county commissioners before the economic incentive package was approved. The company employs 139 people in St. Johns County and will RULON CONTINUED ON
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