Recently proposed plans in Orange County show Minneapolis-based Dominium is setting forth plans for side-by-side affordable housing communities just outside of Apopka.
According to a Land Use Plan application, Dominium is seeking to rezone 34.7 acres at 1255 and 1277 Plymouth Sorrento Rd. in order to build up to 492 affordable housing units.
Development associate Devon Quist told GrowthSpotter Dominium wants to build two affordable housing communities, one offering 312 workforce housing units called “Mira” and a 180-unit age- and rent-restricted community called “The Waters.”
“All 492-homes are designated for affordable housing servicing tenants earning 60% or less of the area median income,” he said in an email statement. The company is under contract to purchase the property sometime before 2023. Construction is planned to begin after the sale.
D. Wayne Simpson and Susie F. Simpson, acting as a personal representative of the estate of Rodney T. Simpson, are the current owners of the property. Records show the Simpsons and their family members have owned the land for decades.
Dominium is working with Lowndes to change the property’s agricultural zoning to Planned Development. Chris Lall at Bohler Engineering is the civil engineer for the project. Bessolo Design Group is the architect.
Dominium has been bullish in the Orlando market. The Minneapolis-based multifamily developer is in the middle of planning several affordable housing projects throughout Central Florida.
It has at least three different communities in the works in Osceola County, including two senior housing projects across from the Solivita retirement community and the 331-unit Heron Ridge community next door to Vineland Landings.
In November, the developer bought the land for the $96 million rent-restricted community.
The project is financed using a Freddie Mac TEL serviced by Grandbridge; tax-exempt and taxable construction loans originated and serviced by Truist Bank; an equity bridge loan serviced by Bremer Bank; and an equity investment in the 4% low-income housing tax credits from Truist Bank.
In addition, Dominium received support from the Florida Housing Finance Corporation in obtaining 4% Low Income Housing Tax Credits, and from the Osceola County Housing Finance Authority in allocating tax-exempt bonds, according to its website.
Heron Ridge is Dominium’s third new construction project in Florida. Its first new-build community in Florida was in Palmetto.
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).
The developer is known to go after the non-competitive LIHTC to help fund rent-restricted projects.
Orange County’s Housing Trust Fund is another source of financing developers are tapping into for new affordable housing developments.
Access to affordable housing has been difficult in the Orlando area, so much so Orange County’s Mayor Jerry Demings created a 38-member Housing For All Task Force to address the region’s scarcity of affordable housing for low-wage workers.
The task force hopes to add 11,000 new affordable housing units to Orange County within the next 10 years.