An affordable housing complex is under construction in downtown Orlando
Atlantic Housing Partners has started work on the first affordable housing development in downtown Orlando since the recession.
Located at Hughey Avenue and West Concord Street, immediately west of Interstate 4, Lexington Court will have 104 units in four stories. Monthly rents are expected to be in the mid $700 range far below the going rate for the downtown area.
The relatively low cost apartment project follows the construction of several market rate http://www.cheapjerseys11.com/ complexes downtown. The average rent for the downtown area was $1,206 during the first quarter, according to Real Data Apartment Index. Asking rents are more than $2,200 monthly for several premium units at the new SkyHouse midrise, which is next to the Orange County Courthouse.
Pricing for Lexington Court will fluctuate with the area’s median income.
“Our goal is to provide high quality rental housing in a downtown location near public transportation at an affordable price point,” said Lori Trainer, vice president of corporate public relations for Southern Affordable Services Inc.
Bill O’Dell, director of the University of Florida’s Shimberg Center for Housing Studies, said the area of downtown just west of I 4 has a significant share of affordable housing but that the new SunRail commuter line creates opportunities for affordable rentals.
“If your question is whether the downtown Orlando area needs additional affordable housing, the answer is absolutely especially if that housing is being built in relative proximity to new SunRail stations or otherwise serviced by Lynx transit,” O’Dell said.
The Shimberg Center is expected to complete a cheap jerseys report in the next month on affordable housing and SunRail for the East Central Florida Regional Planning Council.
Atlantic Housing Partners LLP is the developer, CPG Construction is the general contractor and Southern Affordable Services is a partner on the project.
Concord Management Ltd. is marketing Lexington Court for its proximity to the rail system, which runs from south Orlando to DeBary. The new project will be about a third of a mile from the SunRail station on Amelia Street. Other marketing points include a fitness center and clubhouse.
Concord Lexington LLC purchased the 2.07 acre site in September for $1.25 million from OCP Land LLC. Concord’s managers include Paul Missigman, Scott Culp and Tricia Doody, all of Winter Park.
Financing for the project included $21.09 million of tax credits issued through the Florida Housing Finance Corp. Southern Affordable Services was unable to confirm details about the credits.