Related Group’s affordable housing arm, Related Urban Development Group, has begun seeking financing for a possible third phase of its very first project in the Orlando submarket, a director at Related Urban told GrowthSpotter.
Brett Green, director of acquisitions, said the firm has additional development rights in the area that could provide enough leeway to construct another 90 to 100 affordable senior housing units.
Its Emerald Villas affordable housing project roots back to 2011 when the Miami-based developer paid $5.5 million for a foreclosed 444-unit apartment complex in Orange County’s Pine Hills neighborhood, formerly known as Seville Place.
At the time, some 60 percent of units were so dilapidated that the developer had to embark on a thorough renovation plan that involved the demolition of 180 units.
Located at 3124 N Pine Hills Rd., the first phase consisted of renovating 264 units for families at the cost of about $21 million to complete.
On Wednesday, the developer broke ground on the second phase, which will consist of 96 housing units set aside for very low-income seniors. The total construction cost of the second phase is geared at about $18 million.
Nearly eight years in the making, the development took a combined commitment from multiple private and public lenders, including Orange County’s Housing and Community Development Division, the Florida Housing Finance Corporation and Bank of America.
Once complete, phase two will consist of a mix of one- and two-bedroom units reserved for residents earning 40, 50 and 60 percent of the Area Median Income (AMI). The units will be subject to the affordability program for 50 years.
Phase two is expected to be complete by late next year.
As testimony to Related Urban’s commitment to the Orlando area, RUDG principal and president, Alberto Milo, Jr., told GrowthSpotter the company is looking for office space in Orlando in order to fit its RUDG division.
Outside of Orlando, the developer is embarking on several large-scale restoration projects, including the revitalization of Tampa’s 44-acre West River area — an investment slated to cost about $120 million, according to the Tampa Bay Times. The project is poised to bring more than 675 mixed-income housing units.
In Miami-Dade, RUDG is redeveloping an old public housing complex called Liberty Square. Once complete, the community will feature more than 1,500 residential units that will include a mix of workforce housing units and units set aside for very low-income residents with special needs and low-income seniors.