HUDSON, FL - McDowell Housing Partners (MHP), a leading affordable housing developer and investment company, today announced the financial closing and start of construction on Ekos at Bayonet Point II, the second phase of a three-phase master-planned community that will bring 360 affordable homes to Pasco County. The $38.9 million development will add 120 age-restricted apartments at 7526 McDowell Way in Hudson, one block from HCA Florida Bayonet Point Hospital.
“We saw an acute need in Pasco County for new affordable senior housing, particularly on the west side of the county, where numerous deed-restricted senior communities are aging and hurricane-damaged, the HOAs offer little in the way of amenities, services, or support for vulnerable seniors,” said Christopher Shear, President of McDowell Housing Partners. “We assembled 29 acres in 2023 and rezoned the property in 2024 on the conviction that this site could serve that need at scale. Delivering Phase I with 114 senior units this fall, and breaking ground on Phase II is that conviction taking shape.”
Ekos at Bayonet Point II will consist of a single five-story, elevator-served building containing 120 one-bedroom, one-bath apartments averaging 660 square feet. Rents and incomes will be restricted across three tiers of Area Median Income (AMI) for the Tampa–St. Petersburg–Clearwater metropolitan area: three apartments at 22% AMI, 12 apartments at 40% AMI and 105 apartments at 60% AMI. Six apartments are set aside for residents with special needs.
Each apartment will offer a range of energy-efficiency features, including ENERGY STAR-rated appliances, low-flow plumbing fixtures, SEER 15 HVAC systems and LED lighting throughout. The building is designed to achieve certification under the ICC 700 National Green Building Standard.
Residents will have access to the master plan’s shared amenity package, including a standalone clubhouse with a pool and covered patio, a fitness center, a computer lab, a game and crafts area, and a dog park. Additional site features include gazebos, BBQ grilling areas and a walking trail connecting all three phases. Ekos at Bayonet Point II is expected to be complete in spring 2028.
The development was financed with tax-exempt bonds issued by Florida Housing Finance Corporation (FHFC), 4% housing tax credits, and subordinate financing awarded by FHFC through its SAIL, ELI and HOME-ARP programs. Wells Fargo Community Lending & Investment provided equity through the purchase of the housing tax credits and placed the senior construction financing. Permanent financing will be provided by Freddie Mac and serviced by Wells Fargo Multifamily Capital.
Financing commitments are also in place for the final phase, Ekos at Bayonet Point III, which will add 126 affordable family apartments to the master-planned community.
The project team for Ekos at Bayonet Point II includes FK Architecture as architect of record, High Pointe Engineering as civil engineer, and MHP – Park & Eleazer Construction as general contractor. Bryten Real Estate Partners will manage the property.
McDowell Housing Partners (MHP) is a leading developer and investor of affordable housing. Founded in 2019, MHP ranks #17 nationally on Affordable Housing Finance’s AHF 50 list of top affordable housing developers, measured by units started. The company has secured competitive funding for 22 new affordable communities, providing more than 3,100 units across Florida and Texas. With a vertically integrated team, MHP works closely with local governments and community stakeholders to address the critical shortage of high-quality affordable housing, ensuring access to safe, stable, and affordable homes for families and seniors regardless of socioeconomic status. For more information, visit www.mcdhousing.com