TVC Development, a subsidiary of Jacksonville-based Vestcor Companies, is seeking to develop a new affordable housing complex in Orange County’s Pine Hills neighborhood.
According to a recently filed Preliminary Review Item application, the developer is eyeing about 10 acres of vacant land along North Hiawassee Road, just south of Alta Westgate Drive roadway, which was built in 2006 in conjunction with the adjacent Alta Westgate apartment community to the north.
The property TVC is pursuing has remained vacant for years and is linked to the family members of Francis Evans Hubbard, who founded Hubbard Construction. The family built roads throughout Disney property and much of Central Florida.
Through entity Orlando Paving Co., the family sold the nearly 15-acre Alta Westgate site in 2005 for $2.5 million.
TVC is proposing to develop a 128-unit affordable housing community that features a mix of one- and two-story bedroom apartments. It’s unclear what kind of affordable housing development TVC is proposing. A representative at the company declined comment.
If approved, the project would add to recent endeavors in the neighborhood that aim to bring more affordable and workforce housing unit for low-income residents and seniors.
Miami-based Related Group, recently broke ground on the second phase of its Emerald Villas affordable housing project, which will consist of 96 housing units that will be set aside for very low-income seniors. The first phase consisted of renovating 264 units.
Earlier this month, a director at Related Urban Development Group told GrowthSpotter the company has begun seeking financing for a possible third phase that could provide enough leeway to construct another 90 to 100 affordable senior housing units at the Emerald Villas site.
In Maitland, Vestcor is close to breaking ground on a new assisted living facility within the 100-acre Town Trelago community that’s being master-planned by Winter Park-based Battaglia Group and Related Group.
The company, founded in 1981, has developed dozens of affordable housing communities in Florida and Texas, including one called Heritage Village Commons in Longwood.
TVC Development develops housing under the Low Income Housing Tax Credit and Mortgage Revenue Bond programs, as well as other financing programs that assist in the creation of affordable multifamily rental communities.
Vestcor also has divisions that specialize in student housing and renovation/rehabilitation of historic properties.