Tampa-based InVictus Development, which earned city approval earlier this year for its "Parramore Oaks" redevelopment of 6.34 acres downtown, is fine-tuning its site plan and preparing a key funding application for December, which will seek up to $21.3 million from the Florida Housing Finance Corporation, president Paula Rhodes told GrowthSpotter.
First reported here in early March and mid-April, InVictus emerged from a competitive bid process to redevelop the city-owned property in Parramore for mixed-income residential, drawing approval from Orlando's CRA Advisory Board and City Council in May.
The land is located on the northwest, southwest and southeast corners of Parramore Avenue and Conley Street, west of Downtown Orlando and just a few blocks south of Orlando City Soccer Club's new stadium.
The developer's next step is a zoning change request, replacing the former Wells Landing PD with a new framework PD for the 211-unit multifamily development and 31 townhouses, to be built in two phases. An affordable housing density bonus of 8.2 dwelling units per acre is needed to allow a net density of 38.2 units per acre.
The application will go before Orlando's Municipal Planning Board on Oct. 18.
"Right now we're involved in planning the architectural and engineering work, the less sexy parts like parking, drainage and that sort," Rhodes said Wednesday. "We're working out the mechanics of how traffic will flow, parking ratios, where stormwater outflow will go."
Once those items are resolved, InVictus will know if a vertical parking solution is needed for the site, she said.
Florida Housing Finance Corp. is expected to issue a request for applications in November for Low Income Housing Tax Credits (LIHTC) that is open only to the state's six large counties that aren't Miami-Dade, which includes Orange. Those six counties are expected to receive one project approval each, Rhodes said.
That application for a 9 percent tax credit will be delivered by InVictus in December, with a response likely in March 2017 on whether key funding will be provided. Their project should get "extra points" in consideration because it has a significant local government contribution, which InVictus would receive via Parramore CRA funds, Rhodes said.
"What we'd anticipate based on our current budget is tax credits of just under $2.1 million to be requested from Florida Housing Finance," she said. "That's something you receive anually for 10 years, and would translate to $21.3 million total equity."
The project's first phase should include 120 units, with apartment buildings as high as five stories that step down in design to four- and three-story buildings, along with townhomes of two and three stories. Green building and energy-saving features would be featured throughout the development.
Twelve units of Phase 1 would rent for $310 per month (one-bedroom units) to qualified low-income residents. Another five units would be made available to the homeless through a city program, and 24 units of the 120 would be rented at market rate, she said.
InVictus' Phase 1 budget has been revised up slightly from April, to $24 million, which includes $460,500 estimated to buy the city's land.
Both phases would be structured as mixed-finance developments, using a combination of LIHTC equity, private debt, and local funds consisting of dedicated CRA Parramore money, Community Development Block Grants, HOME Program funds (from Housing and Urban Development), and State Housing Initiative Partnership funds.
InVictus previously said it would apply for LIHTC funding for Phase 1 in late 2016, close on all financing in mid- to late 2017, finish construction by late 2018 and lease up to full capacity by late 2019. Phase 2 would follow a similar schedule, with construction to finish by late 2019.
The city and Community Redevelopment Agency (CRA), which collectively own the property, detailed in submission requirements published last November that family-oriented housing and communal open spaces were desired, along with potential ground-floor retail along Parramore Avenue to aid in the neighborhood's revitalization.
InVictus' partners on the proposal are Alliant Capital, Ltd. (financing and tax credit syndication), Forum Architecture & Interior Design, Royal American Construction (general contractor), Royal American Property Management, and GLE Engineering (civil engineer).