Ability Housing buys Riverton Tower Senior Center

[marcuscnelson]

What a steal: 12-story, 120-unit housing tower on 10 acres for $500,000.

https://www.jaxdailyrecord.com/news/2023/oct/26/ability-housing-buys-riverton-tower-senior-center-for-500000/

Ability Housing said it will make some immediate renovations and it plans to add 40 apartments in areas that are underused.

Shannon Nazworth, president and CEO of Ability Housing, said the nonprofit looks forward to "embarking on improvements to bring this historic asset up to the modern standards that its residents deserve."

[jaxlongtimer]

It appears it was one nonprofit selling to another so dollars may not have been the main motivation.  I am also guessing the building may need millions in renovations so it was cheaper to sell "as is" than to invest in any updates  or upgrades.

I remember the days when Jones College owned it and broadcast radio station WKTZ from "Riverton Tower" over a 58 year period.  You could go into almost any Jax business and "easy listening" WKTZ was the "Muzak" of the day.
https://www.jacksonville.com/story/news/local/2022/09/09/jacksonville-based-easy-listening-radio-station-jones-college-ends/8024268001/