New Apartments Open in Pensacola

New Apartments Open in Pensacola PENSACOLA, FL - Officials from the Carlisle Development Group and local dignitaries officially cut the ribbon on Silurian Pond Apartments today, welcoming 72 new affordable housing units to Pensacola. "This almost took my breath," said County Commissioner Marie Young, whose district includes the complex off of Hollywood Avenue. "This has been a dream come true. It's been in the workings for a long time. ... This is all about providing appropriate housing for people in our community."

Miami-based Carlisle partnered with CIRCLE Inc., on the project. CIRCLE — which stands for Calvary Institution for Recreation, Community Life and Education — is a local community development corporation dedicated to serving the Montclair community and Escambia County.

The complex consists of 36 two-bedroom/two-bath units and 36 three-bedroom/two-bath units. Amenities include a swimming pool, community center, fitness center and playground. Two bedroom units rent for $645 per month, while three-bedroom units rent for $719 per month.

A family of four must earn $34,260 or less annually to live at Silurian Pond.

The project cost about $12 million to construct. It received $3 million in tax credits through a federal income tax credit program administered through the state. Those credits are sold to third parties as investments to raise money for construction.

Founded in 1998, Carlisle has developed, leased and managed developments throughout Florida totaling over 7,000 residential units and more than half a billion dollars in total development costs.
Source: PNJ.com

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