American Residential Development LLC (ARD) currently has a $1 million purchase contract for 4.5 acres in Stevens Plantation, a special district in the city of St. Cloud.
Construction consultant Stacy Banach told GrowthSpotter that ARD sought Low Income Housing Tax Credits from the Florida Housing Finance Corporation (FHFC) in 2016 for the project. The existing contract contained two year-long extensions -- at $25,000 -- allowing the developer to re-apply in 2017 and 2018.
The developer is asking the district's governing board to replace the contract for a 2.3-acre lot in the Stevens Plantation Corporate Campus.
But first the governing board and City Council would need to amend the Stevens Plantation Planned Unit Development to allow multifamily residential uses in the corporate campus. The board is also considering a PUD amendment to allow congregant living facilities, such as assisted living homes.
The FHFC deadline to apply for the 2017 cycle is Nov. 17. The agency usually only picks one project per county in each funding cycle, so it's common for developers to improve their odds by making multiple submissions.
ARD applied for two locations in Osceola County last year. The firm successfully secured tax credits in 2012 and 2014 for the two seven-story towers known as Madison Crossings I & II, near the U.S. 192 - FL Turnpike interchange. Banach said the first residents are moving into the second tower this month.
Patrick E. Law, a principal with Magnolia Advisors, is managing member of ARD. He has developed similar projects in Tampa, Spring Hill and Ormond Beach, all with the "Madison" name.