Florida’s largest developer of affordable housing is one of three companies eyeing a 1.5-mile stretch of Kissimmee’s W192 tourism corridor for new mutlifamily projects.
Miami-based Housing Trust Group has filed conceptual plans for a 102-unit apartment complex near the intersection of Old Vineland Road called “Sky Lofts.” The developer has already received the affordable housing verification letter from Osceola County needed to nominate the site for competitive 9-percent Low Income Housing Tax Credits during Florida Housing Finance Corporation’s fall 2019 cycle.
VP of Development Jake Zunamon told GrowthSpotter the company is nominating the site for a $10.4 million affordable complex to serve seniors. “We put it in last year, as well,” he said. The company has requested a pre-application meeting with Osceola County’s Development Review Committee next week.
The project would utlize a 7-acre assemblage and would consist of a single 4-story building with a separate clubhouse, pool and sport courts. The development matrix by Fugleberg Koch calls for 82 one-bedroom units and 20 two-bedroom units.
Last year HTG also pitched a similar project on a site next to Shingle Creek Regional Park. Zunamon said the firm is drawn to the Kissimmee area because of its high occupancy and strong market within the FHFC portfolio of deals.
If the HTC doesn’t get the tax credits on its second try, the firm might still proceed with the $1.5 million property acquisition.
“Our bread and butter is definitely the affordable housing, but our market rate division is growing internally,” Zunamon said. “If we’re not able to secure funding we’ve told the seller we might consider this site for market rate.”
HTG maintains a corporate office in Coconut Grove. The company has completed two affordable housing developments in the region: Chapel Trace Apartments in Greater Orlando that were completed in 2004, and Valencia Grove in Eustis, completed in 2016. The company has requested a pre-application meeting with Osceola County’s Development Review Committee next week.
Orlando-based Equity Investment Services is also nominating a site on the tourism corridor for the competitive tax credit. President Christopher Savino met last month with Osceola County’s DRC to discuss two potential affordable housing sites, but only one met the eligibility requirements. It’s located on 5.8 acres on Siesta Lago Drive, just west of U.S. 192 and south of Lake Cecile.
Equity is proposing a 105 units divided among two L-shaped, 3-story buildings, with a pool in the center. “We’re trying to bring back what was previously approved,” Savino told the DRC.
TVC Development, a subsidiary of Jacksonville-based Vestcor Companies, is also eyeing a 5.3-acre site on Lake Cecile for a 102-unit affordable housing complex. The company has a $2 million purchase contract on two adjacent parcels at 4820 and 4830 W. Irlo Bronson Memorial Highway and estimates the construction cost at $10.176 million, according to documents filed with the county.
The community would be called Jackson Terrace and would feature amenities including a pool, clubhouse, fitness center, computer lab and outdoor grilling area. The apartments would be in a single 4-story, wood-frame building with a mix of one-bedroom and two-bedroom units. The property is at a new signalized intersection directly across from the main entrance to Lennar’s Story Lake resort.