Texas-based Roundstone Development received approval late last week from Osceola County planners for a completely redesigned site plan for a $14.5 million apartment complex called The Reserve at Malibu Point.
Roundstone, which specializes in using federal tax credits to build affordable housing, will submit an application to the Florida Housing Finance Corporation this week for the 80-unit complex. The state agency approves such projects on a competitive basis.
Developer Bob Colvard said he and his team from Cross Architects brainstormed the entire morning after his preapplication conference with county planners last week. The initial site plan had called for five 2-story buildings plus a separate one on the seven-acre site, which is located on US 192 just north of Simpson Road.
"We tried to figure out what would be the best way to incorporate all the units and maintain our goal to make sure it stayed aesthetically nice," he told GrowthSpotter.
They came up with a design that consolidates all of the apartment units and amenities into a single 4-story tower built around the swimming pool. "I like the courtyard concept," Colvard said. "It makes everything more accessible. The design is similar to what we do for our senior living projects. We just thought since we have a template for this, all we have to do is incorporate the 3-bedroom units."
If the project lands the tax credit award, construction would likely start in fall of 2016, Colvard said.