The Vestcor Companies is proud to announce their collaboration with Augustine Development Group to rehabilitate the Ambassador Hotel block in downtown Jacksonville.
Axis Hotels LLC, an affiliate of Augustine Development Group, purchased the Ambassador Hotel and the surrounding block in July 2018. The principles, Bryan Greiner and George Bochis, have laid out a vision for the revitalized block that includes the restoration and renovation of the historic Ambassador Hotel. Plans include a La Quinta and Suites, a parking structure, commercial space that will be set aside to serve as a satellite campus for St. Augustine Youth Services (a nonprofit), and a 200-unit multifamily property.
TVC Development, a subsidiary of The Vestcor Companies, plans to develop the multifamily housing component consisting of market rate and workforce housing. 25% of the apartments will be set aside for individuals who make less than 80% of the area median income.
Axis Hotels LLC has worked closely with the Downtown Investment Authority on an economic incentive package to compliment the development plan.