Affordable housing specialist American Housing Development LLC (AHD) is scheduled to break ground next month on a second phase of Madison Crossing -- the first of two new age-restricted apartment towers planned for Osceola County.
The Winter Park developer has applied for a building permit for a seven-story, 86-unit tower right next to the existing tower on E192, just east of the Florida Turnpike interchange. The first building was completed in 2015.
Construction consultant Stacy Banach told GrowthSpotter the developer expects to close on the property next month and will break ground within a week. The valuation, based on the building permit, would be higher than $9 million.
Like the first tower, Madison Crossing II was approved for tax credit financing in 2014 from the Florida Housing Finance Corporation.
Banach said the closing was slightly delayed because the tower lies within the E192 CRA district, which currently has a building moratorium. The county issued a special exemption for the project on July 18.
Patrick E. Law, a principal with Magnolia Advisors, is managing member of AHD. Wells Fargo is the equity parter and lender. Scott Krehl is the architect, and AHD is currently in the process of selecting a general contractor.
Law has developed similar projects in Tampa, Spring Hill and Ormond Beach - all bare the "Madison" name. Now he's eyeing a location in Poinciana for a third Osceola senior living tower.
Banach has filed applications to change the land use and rezone a 2.4-acre parcel on Orange Blossom Trail, east of Ham Brown Road, for a similar seven-story tower. Both cases head to the county's Development Review Committee on Wednesday. The property is owned by Earl Huggins.
Banach said demand for affordable senior housing is so strong in Osceola county, "anywhere you put that you'll have a waiting list."
The Huggins property is a particularly good site because it's close to the future SunRail station and will have Lynx bus service to the station.