Kissimmee-based developer Titan Land Company is seeking $11 million in tax-exempt bonds for 120 units of affordable senior housing near Valencia College's new Poinciana campus.
The Florida Housing Finance Corporation is scheduled to hold a public hearing, known as a TEFRA hearing, on Dec. 19 in Tallahassee. The hearing is required by the IRS before a developer can utilize tax-exempt bonds.
Palos Verdes is one of two affordable housing projects Titan is planning on vacant commercial land adjacent to the Publix-anchored Village Shops at Bellalago. The developer has also applied for Low-Income Housing Tax Credits for 100 units of multifamily workforce housing, in a community to be called Los Altos.
Titan CEO Domingo Sanchez had identifed five potential sites for affordable housing in the current FHFC funding cycle. The neighboring projects at Bellalago were both selected.
"Both of the developments will be located in Bellalago at the corner of Bellalago Drive and Bellalago Academy Loop," he told GrowthSpotter. "While they are separately financed and serve different demographic populations, they will be designed to be complimentary and to fit nicely within the community."
He said the team expects to submit development permits before the end of the month, and to close on the financing and begin construction towards the end of First Quarter 2018.
Palos Verdes, to serve residents age 62 years or older, will consist of a single, three-story building with a club house and pool. Half of the apartments would be one-bedroom units, and the balance made up of two-bedroom units (48) and three-bedroom units (12).
Los Altos would consist of seven two-story residential buildings, plus a club house and pool. It is planned for a total of 100 units (10 one-bedroom, 74 two-bedroom and 16 three-bedroom).
Birdsong Housing Partners will be the owner of the developments, and are being co-developed with Banyan Development Group. Steve Auger, former executive director of FHFC, is now with Birdsong and is running point on the project, Sanchez said.