PALM COAST, FL - Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on a new workforce housing development, The Palms at Town Center, an 88-unit apartment community located at 470 Bulldog Drive in Palm Coast, Fla.
A groundbreaking ceremony will be held today, May 22, 2019, at 2:30 p.m. Officials providing remarks include Scott Osman, COO of HTG; Mayor Milissa Holland and former City Manager Beau Falgout of the City of Palm Coast; Jeffrey Douglas, President, Douglas Property & Development, Inc.; as well as representatives from Raymond James, Fifth Third Bank, and Chase Bank.
The property is designated for a combination of affordable and workforce housing, consisting of 32 units for families at or below 30 percent area median income (AMI), 8 units for at or below 60 percent AMI, and 48 units for at or below 80 percent AMI. Rents will range from $234 for a one-bedroom up to $1,101 for a three-bedroom apartment home. The reduced rents, made possible through the use of the federal LIHTC program and Florida SAIL program, will vary depending on each eligible resident’s income.
Funding sources for The Palms at Town Center include an $8.5 million SAIL loan from Florida Housing Finance Corporation, a $6 million construction loan from Fifth Third Bank, a $3 million construction loan that converts a to permanent loan from Chase Bank and $6.2 million in four percent housing credit equity from Raymond James Tax Credit Funds.
“The Palms at Town Center is HTG’s largest ‘workforce housing’ community, providing affordably priced apartments for residents who are not technically low-income but whose incomes are marginally above what would allow them to qualify for affordable housing,” said Matthew A. Rieger, President and CEO of HTG. “This is a demographic that we believe desperately needs attention, as these individuals – teachers, police, firefighters, service workers, and others – are the backbone of our society. We are pleased to be able to kick start Palm Coast’s Innovation District with the first new development in the area, which will help stimulate the local economy.”
The contributions of Mayor Milissa Holland and Interim City Manager Beau Falgout proved instrumental, alongside the support of Jeff and Walker Douglas with Douglas Properties, in the development of this new workforce apartment community.
The Palms at Town Center will be a garden-style development of 3 three-story buildings and a clubhouse. It is scheduled to be delivered in Q1 2020. The new community will offer a mix of units ranging from 30 one-bedroom, 50 two-bedroom and 8 three-bedroom units. Units feature open floor plans, full-sized Energy-Star appliances, ceiling fans, and washers and dryers. The property amenities include a swimming pool, volleyball court, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations.
The construction and design team for The Palms at Town Center includes Fugleberg Koch of Winter Park (architect); Singhofen and Associates of Orlando (civil engineer); Foster Conant & Associates of Orlando (landscape architect); Christina Stiles Interiors of Maitland (interior designer); and Gomez Construction Company of Orlando (general contractor).
HTG has won several awards for its affordable housing properties throughout Florida, and currently has several other affordable housing communities in various stages of development across the U.S.
About Housing Trust Group: Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, the Southeastern U.S. and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com