Beulah Beal Schoolhouse

About the project

GNP Development is a privately owned, boutique real estate investment and development firm based in central Florida, with projects throughout the United States. The firm has a track record of more than $1.00 billion in investment, development, and advisory. GNP offers a fully-integrated, national real estate platform with capabilities in Principal Investment, Development, and Asset Management.

GNP Development is located in Tampa, FL.

LISC provided $1.20 million in financing to acquire and re-develop property in the Springfield Historic Neighborhood of Jacksonville into commercial/office space and into 39 residential units for lease. Eight of the residential units are projected to lease at 60% to 65% of AMI, and 13 of the units are projected to lease at 80% of AMI. The remaining units are to be leased at workforce rates, ranging from 90% to 120% of AMI. The majority of these rents are naturally occurring in the market. Eight of the units will be maintained at no more than 80% of AMI for a period of five years. Beyond providing affordable housing, this project will adapt and reuse a currently vacant building and contribute to new business activity and economic development in a historic area of Jacksonville's downtown.