Development partners American Residential Communities and New South Residential LLC just broke ground on the first phase of its planned Madison Landing senior affordable housing project near Mall at Millenia.
The partners recently paid $1.3 million for about 5.4 acres of land at 5800 S. Rio Grande Ave., where they have been planning an affordable housing project restricted to people 55 years of age or older.
Development design and construction management consultant Stacy Banach with Parametric Design & Development worked with the developer to bring the project into fruition. Winter Park Construction is the general contractor.
Banach told GrowthSpotter the partners won Low Income Housing Tax Credits from the Florida Housing Finance Corporation in November. Wells Fargo is the direct investor. Orange County provided $747,000 in financing. He said the project is estimated to cost about $23 million.
Plans for the first phase call for 110 units, of which 90 percent will be reserved for households making 60 percent of Orange County’s Area Median Income (AMI), and the remaining units will be reserved for households making less than 33 percent of the county’s AMI.
The first phase will be a seven-story building with amenities that include a pool, picnic pavilions, bocce ball court, indoor activity and exercise rooms, centralized great room and a health care services room.
The buildings will be constructed to last, Banach said. “We use post-tensioned concrete to provide longevity, and keep the building lasting 50-plus years.”
ARC’s projects always feature large art installations on its buildings. Banach said the company has commissioned an artist from Miami to design the mosaic for Madison Landing.
Kyle Wood of Bishop Beale Duncan represented the seller, a company led by the family members of the late Art Grindle, who ran a family-owned car dealership business. In the 1970s and 1980s, Grindle became known for jumping on the hoods of cars and exclaiming, “I want to sell you a CAR!” in television commercials.
As part of the deal, Wood also sold an adjacent 3.9-acre lot qirh a 100 percent occupied strip retail center at 1701 W. Oak Ridge Rd. for $4.6 million. The buyer of that property, Juan Carlos Delaney, is a real estate investor based out of Miami. The deal was part of a 1031 exchange, Wood said.
The first phase of Madison Landing is slated to be complete in about 14 months, Banach said. The second phase will consist of 86 units, if the developer chooses to move forward with plans.
Between 2015 and 2017, ARC completed the Towers at Madison Crossing in Kissimmee. In total, the project features 174 units.