ORLANDO, Fla. — Winter Park Construction has broken ground on Madison Landing, an affordable seniors housing community in Orlando.
Development partners American Residential Communities and New South Residential paid $1.3 million for 5.4 acres of land for the project. The first phase will be a 77,473-square-foot, seven-story building totaling 110 units. Development costs for Phase I are estimated at $23 million.
Completion of Phase I is scheduled for September 2021. A second phase, not yet approved, would add 86 more units. The developers are pursuing future funding from Florida Housing Finance Corporation (FHFC) to complete Phase II.
Phase I will be 90 percent reserved for households making up to 60 percent of area median income (AMI), with the remaining units for those making less than 33 percent of AMI. The county reports that AMI is $68,100.
Winter Park Construction is the general contractor for the project, Blue Skies Studios is the architect and Evans Engineering is the civil engineer.
“The partners were awarded Low Income Housing Tax Credits from the Florida Housing Finance Corporation in March,” says Stacy Banach of New South Residential. “Wells Fargo is the equity investor. Madison Landing was selected by an Orange County selection committee to obtain a funding commitment for $747,000, which allowed the applicant to compete for a LIHTC award at FHFC. Financing.”