UPDATED: March 23, 2016 2:18 PM — An affiliate of developer Picerne Real Estate Group plans to put up seven affordable housing buildings on a nearly 22-acre Altamonte Springs parcel, for which it paid $2.86 million earlier this month.
The apartment complex, Pointe at Merritt Street, will contain 102 units and occupy a parcel that for years contained a church that is now in the process of coming down.
The property is located at 1130 Merritt St., near the U.S. Highway 17/92 and S.R. 436 intersection, with about six of its acres submerged in Lake Mobile.
Picerne, serving as developer and general contractor, has been pulling permits for the project over the last few weeks, beginning with demolition of the church and site work. Forum Architecture & Interior Design is the project architect.
With final assessments now done, it's estimated the project can be finished at the beginning of next year. Picerne representatives declined to comment on Monday.
Picerne's affordable housing arm received an $11.6 million construction loan for the Altamonte Springs project from PNC Bank, documents show.
Picerne also got a $1.51 million tax credit award through Florida Housing Finance Corporation. The total construction cost is estimated to be $19.6 million, documents show.
The seller of the 21.96-acre property was Foundation Capital Resources, a Springfield, Missouri-based provider of loans to churches and ministries.
Foundation Capital paid $2.47 million for the land in 2009, teaming up with Head Quarters Ministries, which is no longer active at the site, property records show.
No taxes were paid on the land until 2007, because it operated as a church. After that, levies began, Seminole property appraiser records show.
A representative for Foundation Capital did not return calls seeking comment, and Head Quarters Ministries could not be reached.
Picerne is largely known as a developer, builder, investor and manager of both affordable and market rate apartments. The company also builds military housing and single-family homes and manages office buildings, shopping centers and industrial properties.