Financing has been secured to develop a 130-unit affordable housing community for seniors in Fort Myers, Florida.
Legacy Park II is the latest collaboration of the Housing Trust Group (HTG), one of the nation’s largest affordable housing developers, and AM Affordable Housing, the nonprofit founded by basketball legend Alonzo Mourning. The two organizations have teamed on several affordable housing communities in Florida.
The development marks HTG’s first development in Lee County.
"Legacy Park II reflects a coordinated public-private commitment to rebuilding housing inventory, strengthening affordability, and ensuring seniors can remain in the communities they call home,” said Matthew A. Rieger, president and CEO of Housing Trust Group. “By investing in high-quality, service-enriched housing for seniors, local and state partners are helping ensure that recovery translates into lasting stability for residents, particularly those living on fixed incomes.”
The development will provide income-restricted rental housing for seniors 55 and older earning at or below 30%, 60%, and 70% of the area median income. Monthly rents for qualifying residents will range from $574 to $1,608.
The new two-building, five-story community will feature modern apartments with quartz countertops, vinyl plank flooring, and stainless steel appliances. Select units will be set aside for special-needs households. Community amenities include a resort-style swimming pool, a state-of-the-art fitness center, a clubhouse with a cybercafe, a library, and a game room. Residents will have access to assistance with light housekeeping, laundry, grocery shopping, daily activities, and resident assurance check-in programs.
Funding sources for the $55 million development include $22.96 million in low-income housing tax credit equity through Raymond James Affordable Housing Investments; a $29 million construction loan provided by Fifth Third Bank; an $11.83 million permanent loan from Freddie Mac through Grandbridge Real Estate Capital; $8.95 million from the Rental Recovery Loan Program and extremely low-Income loans from the Florida Housing Finance Corp.; and a $10.27 million in Community Development Block Grant Disaster Recovery funding from Lee County.
The design and construction team includes BDI Construction as general contractor, Realization Architects as architect, EnSite as civil engineer, Foster Conant & Associates as landscape architect, and V Starr as interior designer.
HTG has 53 communities in operation nationwide. With the addition of Legacy Park II, the company has 10 communities under construction.