Lincoln Avenue Capital pursues tax-exempt bonds to renovate Sanford apartments

GrowthSpotter contributor

New York-based low-income housing developer Lincoln Avenue Capital is pursuing $23.5 million in tax-exempt bonds for rehabilitation of the Logan Heights Apartments in Sanford.

Located at 1000 Logan Heights Circle, the 22.2-acre property features 360 multifamily units spread across 15 two-story buildings, dating to 2000.

Lincoln acquired the then-undeveloped site in 1999 from Jacksonville-based The Vestcor Companies for $2.23 million.

The owner is now planning to invest just under $24.7 million in the garden-style apartments. A hearing with the Florida Housing Finance Corp. is scheduled for Dec. 21 to review the application, initially filed in November 2016. 

Shady Fayed, head of Lincoln's construction team in its Santa Monica office, will serve as construction manager of the project. No civil engineer has been hired as of yet.

Fayed told GrowthSpotter he anticipates construction plans to be filed with Seminole County by February or sooner.

Plans for the development include new Energy Star-rated windows, low-flow bathroom water fixtures and Energy Star refrigerators. Drawings submitted for the site did not include the existing amenities of the swimming pool or community center.

As per the Extended Low-Income Housing Agreement, all of the apartments will be set aside to residents earning 60 percent of the area median income, or lower.

Gallo Herbert Architects will be responsible for design of the new apartments. Pyramid ETC, based in Ramsey, N.J., has been hired on as the project’s general contractor, and WRH Realty Services currently manages the property.

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