A Dual Affordable Housing Project Is Headed to Bradenton
Amid the luxury condo building boom and a local housing crisis, almost 600 affordable rental units are headed to Bradenton, within the boundaries of 301 Boulevard East, 44th Avenue East and 15th Street East in Manatee County.
The units come in two separate projects, both spearheaded by national affordable housing builder Lincoln Avenue Capital (LAC). Both projects will be within a few hundred feet of each other and street addresses are forthcoming since the sites— former citrus farms gone unused for the past 20 years—are new to housing. LAC acquired the land in 2021 for $7.5 million and plans to build a new common access road via 301 Boulevard East.
“Given the rent growth the area has seen, providing brand new housing at these prices really fits our mission,” says Jordan Richter, LAC’s lead developer on the two Bradenton projects.
Indeed, since the pandemic, area median rents have skyrocketed, leaving many residents stranded. In the latter half of 2021 through the beginning of 2022, nationwide rents grew by almost 18 percent, compared to 47 percent in Sarasota County, and 42 percent in Manatee County. The numbers for the Sarasota-Bradenton-North Port metro were among the fastest-growing of the 100 largest metro areas in the country, and those prices have barely come back to Earth.
LAC's projects are aimed at those earning 60 percent or less than North Port-Sarasota-Bradenton MSA’s area median income (AMI) of $90,400 a year. That means two-person households must earn no more than $41,460 a year, three-person households must earn no more than $46,620 a year, and four-person households no more than $51,780 a year to qualify.
“It's difficult to get affordable housing done," says Richter. "So building 572 affordable units and making a large impact was very exciting for us and our partners at the HFA [Housing Finance Authority of Manatee County], which provided the tax-exempt bonds that made this possible."
“Given it's more of an infill location residents will have many amenities close by like retail, grocery, pharmacy and it's close to schools and highway access for easy commuting," he adds.
The 301 Flats, as it will be called, will be a three-story, garden-style apartment building with 324 units. It will also have a standalone clubhouse with a kitchen and social space and a separate yoga and fitness center. An outdoor pool, a large playground space and a multi-use sports court will also be part of the project. The built space will span 340,000 square feet and offer 36 one-bedroom units, 144 two-bedroom units, 123 three-bedroom units, and 24 four-bedroom units.
The other project, called The Savoy at 301, is earmarked for residents 62 and over. The four-story building will have 248 units comprised of 143 one-bedroom units, 93 two-bedroom units and 12 three-bedroom units. It will include amenities like a fitness center and an art and craft room located in the interior main building for easy accessibility. A standalone clubhouse will include a kitchen, community seating and space for organized activities. A small library space with computers and an outdoor space with grills will also be on the site.
Both projects will share color themes and architectural elements, but will have “enough bifurcation to separate their look," Richter says. They’re also on the same schedule with site preparation happening simultaneously. The first phase for units at The 301 Flats project will commence delivery in early 2024. The Savoy at 301 is slated to be delivered toward the end of 2024. Both will wrap up in 2025.
The Savoy at 301 and The 301 Flats is the company's first ground-up new development in Florida and its second overall project in the Northport-Bradenton-Sarasota metropolitan area. It has also acquired Tuscany Lakes in Ellenton and rehabbed other projects north and south of the region.
Overall, LAC has more than 19,000 units across 18 states.
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