NORTH PORT – A developer interested in using State Apartment Incentive Loan funding to build a 136-unit seniors apartment complex at the southeast corner of West Price Boulevard and Citizen’s Parkway will apply on Tuesday $ 50,000 to the North Port City Commission in support of its claim.
McDowell Housing Partners, a subsidiary of Miami-based McDowell Properties, envisions the $ 25 million complex, dubbed Arbor Park, as a mix of three- and four-story buildings.
The developer wants to respond to “an elderly population,” according to a letter from Senior Development Director Daniel M. Lopez, but it also wants “to provide much-needed relief from the economic hardships our workforce faces today by providing them with a quality affordable place to call home.
McDowell COO Chris Shear said the head of the household must be 55 or older to live in Arbor Park.
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“There are a lot of people in the workforce well into their sixties these days,” Shearer said, then added that the resort is designed for independent living.
In order for McDowell to meet Florida Housing Finance Corp. application requirements, the City of North Port is asked to commit $ 50,000 in the form of a loan, grant, fee waiver, or fee deferral. .
Ten percent of the units, or 14 residences, would be reserved for households that do not exceed 30% of the median Sarasota County household, with half of those reserved for people with special needs.
The remaining 90% of dwellings would be reserved for households not exceeding 60% of median household income.
A total of 76 units would be one bedroom and one bath, which, calculated at 60% of the median annual income, would rent for $ 861 per month. The other 60 units would be two-bedroom, two-bathroom units and would be rented at $ 1,033 per month under the same criteria.
The complex would be built according to green design standards.
The restrictions on qualifying income and the associated maximum rents will be in effect for 50 years, which effectively matches the functional life of the complex, Shearer said.
The deadline to apply for funding from Florida Housing Finance Corp. is November 12, with projects usually chosen the following June. If Arbor Park is chosen in this round, the expected completion date is October 2023.
Arbor Park would be immediately west of The Shoppes at Price Crossing, the Publix anchored shopping center at the intersection of Price and Toledo Blade boulevards.
It would be right across from Citizen’s Parkway from Palm Port, an affordable apartment complex of 126 units immediately north to North Port Fire Station 84.
Southport Development Inc., which is building Palm Port under a subsidiary, SP Port LLC, built Grande Court Apartments, which opened in 2005, as a complex comprising both subsidized apartments and apartments at market price.
Palm Port would consist of six two- or three-story buildings that would contain a total of 50 three-bedroom, two-bathroom units; 72 two-bedroom, two-bathroom units; and four one-bedroom, one-bathroom apartments.
One bedroom apartments would be 750 square feet; two-bedroom units 950 square feet; and the 1,200 square foot three-bedroom units.
Palm Port is funded by the Low Income Housing Tax Credit program and is said to be the first new such complex in the city since 2005.
Southport Development is still in the process of clearing the site for Palm Port.
The Palm Port management company is also said to offer residents employment assistance, financial management and adult literacy programs, as well as an after-school child care program.
Shearer said that McDowell Housing Partners generally would not seek to set up a development next to another complex; however, current needs and projected market growth make both viable.
The North Port City Commission will meet at 10 a.m. at the North Port Town Hall premises, 4970 City Hall Blvd., North Port. The Arbor Park item is the last item on the agenda under general business, but the committee could move it earlier in the meeting.