A Winter Park developer that specializes in affordable housing for seniors just scored a low-interest loan from the City of St. Cloud for a $19 million apartment tower in the city’s Stevens Plantation district.
American Residential Development has a $1 million purchase contract with the city to buy 4.2 acres within Stevens Plantation. ARD sought Low Income Housing Tax Credits from the Florida Housing Finance Corporation (FHFC) at least twice before for the same project.
Construction consultant Stacy Banach told the City Council on Thursday that the local commitment, in the form of a $560,250 loan at 3-percent interest, could help the application earn bonus points in the competitive loan process from FHFC. The loan would be issued when ARD receives its certificate of occupancy and would be paid back in six months.
“Our project can continue financially without the loan,” he assured council members.
The firm successfully secured tax credits in 2012 and 2014 for the two seven-story towers known as Madison Crossings I & II, near the U.S. 192 - FL Turnpike interchange. Banach said the company wants to build a twin development at Stevens Plantation, also in two phases.
“We’re proposing between 70 and 80 units with surface parking in Phase 1,” he said. Ten percent of the total units would be reserved for extremely low-income and special need tenants.
The complex, tentatively named Madison Grove, would be built to National Green Building Standards with energy efficiencies built in, such as Energy Star appliances and windows and programmable thermostats. It would have 24-hour maintenance and card-secure entrances.
Amenities would include a pool, barbecue station, activity and crafts room, library, billiard room and shuffleboard court. The property management company provides on-site supervised daily activities and assistance with light housekeeping and grocery shopping.
The LIHTC application deadline is in November. The agency typically funds only one project per county during the calendar year. Banach said he expects to learn the outcome of by March 2020.
Meanwhile, another fast-growing senior living developer is eyeing a 12.8-acre site on Narcoossee Road for a community where residents could age in place.
Alpharetta, Ga.-based Principal Senior Living Group is planning has applied to rezone the site, at the southwest corner of Narcoossee and Cyrils Drive, for one of its signature “Benton House” assisted living facilities. The company is seeking Low Density Residential zoning, which would limit the density to 8 units per acre.
Company officials and their representatives held a pre-application meeting with Osceola planners in June. During that meeting, they said they envisioned a one-story building and around 30 single family homes. The planning staff noted that the site falls within the Narcoossee Overlay, and the developer should expect some pushback from the neighborhood.
“We would probably want to do a neighborhood meeting anyway,” civil engineer Chad Moorhead said.
Other Florida Benton Houses are located in Clermont, Port Orange and Jacksonville. Benton House of St. Johns in St. Augustine opened this summer. Another is slated for Oviedo.