TAMPA, FL – Housing Trust Group (HTG), a leading real estate developer in Florida, has closed on financing and broken ground on the initial phase of Park at Wellington, a new $37.9 million, 220-unit affordable housing community for working families in Pasco County, located approximately 30 miles north of Tampa, Fla. Phase I development funding sources include $16 million in 9% Low Income Housing Tax Credit Equity provided by City Real Estate Advisors of Indianapolis, IN.; and a $15.5 million construction loan provided by KeyBank of Cleveland, OH., which converts to a $3.5 million permanent loan after completion.
Construction on Phase I of the apartment community, which includes 110 units and is slated to open in late 2017, began on Monday, July 18, 2016. The units will be set aside for renters earning at or below 40% to 60% of area median income (AMI). Rents will range from $367 to $783 per month. Construction of Phase II is expected to start in November 2016.
Currently, HTG has five affordable housing communities under construction in Florida. Other developments in progress include Valencia Grove in Eustis, Freedom Gardens in Brooksville, Wagner Creek in Miami and Courtside Family Apartments in Miami (a joint venture with Alonzo Mourning). All aim to fill a void in the market by providing much-needed, quality affordable housing to working families, seniors and individuals.
“Apartment rents are soaring in Pasco County and throughout Florida,” said Matthew Rieger, president & CEO of Housing Trust Group. “Park at Wellington aims to ease the burden on working families by providing modern, affordable housing in a safe, friendly neighborhood environment.”
Located in the city of Holiday, off of US Highway 19 at 4369 Sunray Drive, Park at Wellington is mid-rise garden-style apartment community composed of 18 one-bedroom/one-bath units; 62 two-bedroom/two-bath units; and 30 three-bedroom/ three-bath units for families. Units range in size from 676 square feet to 1379 square feet. Ninety-eight of the units will be set aside for residents earning at or below 60% AMI; 12 will be for tenants at or below 40% AMI.
Designed in the traditional Florida vernacular style (Victorian tropical), with elements derived from Frank Lloyd Wright’s architecture, the centerpiece of the community is a Grand Clubhouse featuring a cyber café, pool, exercise room, after-school care, laundry facility, offices and maintenance area. Residents will also enjoy the on-site playground, dog park and walking path around a central lake with various seating and gathering areas. The community is conveniently located directly across from a Publix grocery store, an elementary school and various other residential apartment communities.
The project team for Park at Wellington includes architect Fugleberg Koch, PLLC; civil engineer High Point Engineering, Inc.; and general contractor HTG Hennessy, LLC.