A national leader in the affordable housing industry is looking to double its position in Poinciana’s Solivita Marketplace with a second multifamily community, bringing the total number of apartments in the planned development to nearly 800.
Minneapolis-based Dominium started construction last November on Osprey Park, a 383-unit affordable senior housing community on the 22 acres just north of the Merrill Gardens Senior Living community and HCA Florida Poinciana Hospital. The $116 million development is slated to open in summer 2023. Dominium acquired the land from Taylor Morrison in July of 2021 for $4.55 million and financed the construction using 4% tax credit financing and tax-exempt bonds.
Development analyst Banks Collier told GrowthSpotter Dominium has a purchase contract with Taylor Morrison for another 20 acres within the Solivita Marketplace Planned Development and plans to build a second phase with another 396 dwelling units — only this time it will be designed for people of all ages, including families with children. Collier said the contract is scheduled to close this month.
“We are hoping to have our financing in place by the end of the year, upon which we will then begin to move into construction. Our expected completion date will be in 2025,” he said.
The development matrix calls for 216 two-bedroom units and 180 three-bedroom units in the project. Collier said the Poinciana workforce housing will be similar to the dual senior/workforce communities planned for Apopka. “We will set aside 100% of our units at 60% of the Area Median Income, as defined by HUD. Our residents represent an incredibly diverse set of individuals and families,” Collier said.
In Osceola County, that equates to about $35,000 per year for an individual or just under $50,000 for a family of four.
Dominium has engaged Bohler Engineering to assist with site planning and architect Bessolo Design Group. They have requested a pre-application meeting with Osceola County’s Development Review Committee and submitted a conceptual design showing 15 apartment buildings with a separate clubhouse and pool with a splash park and two additional playground areas. The entrance road from Cypress Parkway would be extended north to Stepping Stone Boulevard for the primary access, while a second driveway and connection to Merrill Gardens would allow access directly onto Marigold Avenue.
“For families, we provide various amenities, including but not limited to playgrounds, a clubhouse, fitness room, arts and crafts space, splash pads, green space, swimming pools, dog parks, school bus shelters, and more,” Collier said. “Our amenities are designed to enhance the life experience of the residents by creating opportunities for gathering spaces for social events as well as everyday use, provide connections to the greater community so that residents can seamlessly fit into their new home, create visually appealing features at a scale and location from their homes to make them both pleasing to view as well as easy to access, and create family friendly areas with safety as a high priority.”
A grocery-anchored shopping center is in the works just south of the build site, and the neighboring HCA Florida Poinciana Hospital recently announced plans for a $9.9 million expansion.
Osprey Park was Dominium’s first new-build project in Central Florida, and the company followed that up with a second Osceola senior community in Kissimmee. Heron Ridge will add 331 age-restricted units to the 18.5-acre site just east of Old Vineland Road.
In Orange County, Dominium is partnering with the nonprofit affordable housing real estate organization The Partnership Inc. on a 288-unit senior living community near the University of Central Florida. The proposed Colonial Greens community sits on about 10 acres just off the interchange with the Central Florida Greeneway (S.R. 417) and Colonial Drive (S.R. 50).
Earlier this year Dominium applied to rezone 34.7 acres at 1255 and 1277 Plymouth Sorrento Rd. in Apopka in order to build side-by-side affordable housing communities with up to 492 units. The plan calls for 312 workforce housing units called “Mira” and a 180-unit age- and rent-restricted community called “The Waters.” The company is under contract to purchase the property sometime before 2023. Construction is planned to begin after the sale.