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Jacksonville developer pitching two Kissimmee sites for tax credit apartments

Jacksonville developer pitching two Kissimmee sites for tax credit apartments
Vestcor subsidiary TVC Development will apply for affordable housing tax credits at two Kissimmee sites on W192. The larger project, pictured here, would include 102 apartments in four buildings, with a pool and clubhouse. (TVC Development)

Jacksonville-based Vestcor Companies is proposing two affordable housing apartment communities on Kissimmee's W192 corridor.

Kevin Troup, director of acquisitions for Vestcor subsidiary TVC Development, said the developer is hedging its bets, entering both sites in the 2016 lottery for tax credit projects by Florida Housing Finance Corp.

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The state agency selects one affordable housing project for Osceola County with each funding cycle, so entering two sites improves the company's chances of getting picked. Holly Hepler, marketing director for Vestcor, said the company routinely makes multiple submissioners for the same county.

"We've applied for Osceola County before, but we've never been selected," she told GrowthSpotter. "We really like the area, and we believe there's a need for affordable housing there."

Troup met Wednesday with county planners to discuss the two sites. County officials must sign off on a series of forms before TVC can submit the applications.

The first, an 84-unit complex, would be located just outside the Kissimmee city limits at 4555 W. Irlo Bronson Memorial Hwy.  The conceptual plan for the 4.2-acre parcel calls for three buildings, each with 28 apartments – a mix of one, two and three-bedroom units.

Vestcor subsidiary TVC Development will enter two potential sites in the 2016 lottery for affordable housing tax credits. The state selects one Osceola County project in each cycle for funding assistance.
Vestcor subsidiary TVC Development will enter two potential sites in the 2016 lottery for affordable housing tax credits. The state selects one Osceola County project in each cycle for funding assistance. (Osceola County)

The second site is just north on an assemblage of three parcels totaling 6.7 acres. The plan calls for 102 family affordable units utilizing the Florida Housing Finance Corporation tax credits. The community would have four buildings with a pool and clubhouse.

County officials said both locations are zoned Commercial Tourist, which allows for multifamily development. But staff were concerned about emergency vehicle access and wetlands on the smaller site, which doesn't front on W192.

Building department officials told Troup at least one of the buildings would have to include elevators to meet ADA standards, rather than building all of the ADA units on the ground level.

"Thanks," Troup said. "We want to make sure we're on the same page as we move forward."

Vestcor, founded in 1981, has developed dozens of affordable housing communities in Florida and Texas, including two in Sanford and Longwood.

TVC Development develops housing under the Housing Credit and Mortgage Revenue Bond programs, as well as other financing programs that assist in the creation of affordable multifamily rental communities.

Vestcor also has divisions that specialize in student housing and renovation/rehabilitation of historic properties.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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