Altamonte Springs-based Wendover Housing Partners has made a pre-application to the city of Sanford to build 68 affordable apartment units for tenants 55 and older.
The proposed project, called “Norton Commons,” will cost an estimated $15.6 million to develop, according to information provided by Wendover. The building site will be on 4.35 acres at 2580 Ridgewood Ave., about 1700 feet southwest of Ridgewood’s intersection with H.E. Thomas Jr. Parkway.
The land is currently owned by multiple parties, but Wendover expects to close on the property in the fourth quarter of this year, according to a company spokesperson. The company will pay $750,000 for the land, according to documents filed with Florida Housing Finance Corp.
Wendover, a privately held real estate company that specializes in affordable and mixed-income housing, has been approved for $1.36 million in competitive housing tax credits for the project from Florida Housing. The credits, which provide a dollar-for-dollar reduction in a taxpayer’s federal income tax, are usually sold to private investors to help finance a housing development.
Norton Commons will consist of one three-story building with 68 garden style apartments, half of which will be one-bed, one bath, and the others two-bed, two-bath. Each unit will include full-size washer/dryers and kitchen islands.
Community amenities will include a fitness center, clubhouse, swimming pool, a kitchen/activities room, computer room, library, dog walk and garden.
Rents, which are established by the U.S. Department of Housing and Urban Development (HUD), will likely run $708 for a one-bedroom apartment and $837 for two bedrooms, according to the company.
Wendover executives declined to be interviewed.
The company is currently building another Sanford development, “Warley Park,” an affordable housing apartment complex for the homeless and mentally disabled that provides on-site social services. Wendover anticipates residents moving into Warley Park in February, according to a company spokesman.
Wendover said the demand for affordable housing is rising in Central Florida as rents continue to escalate on market-rate housing.
“That is a particular burden on the senior population, with people often having to forgo things like prescriptions or food in order to pay their rent at the beginning of the month,” the company said.
Wendover is also developing Hawthorne Park, a 120-unit, senior affordable community in the Orange County community of Pine Hills, and Weston 4 Hundred, a 205-unit, market-rate community that will rise adjacent to the SunRail station in downtown Kissimmee.