More affordable housing coming to the Bradenton area. New apartments being built
More affordable housing is coming to the Bradenton area, and one of the new projects, Oaks at Lakeside, is already 48 percent pre-leased, even before it opens to residents in November.
Housing Trust Group has begun leasing for the 96-unit affordable housing development at 3505 53rd Ave. E. The development is scheduled to be fully completed and open by December.
Apartments at the new development are set aside for households with incomes ranging from $16,080 to $62,160 annually. The one-, two- and three-bedroom apartments are available for income-qualifying residents. Rent prices range from $335 to $1,270 a month. Prospective residents interested in leasing should contact oaksatlakeside@htgf.com.
NDC Construction Company of Bradenton this week announced that it is constructing another affordable housing project, Sandpiper Place Apartments, a new Blue Sky Communities neighborhood, at 4605 26th Street, W.
Sandpiper Place will consist of four residential buildings that include 92 two-bedroom and three-bedroom apartments along with a separate clubhouse facility. NDC Construction crews initially broke ground in early May with an expected completion date set for spring 2021.
NDC Construction Company officials said in a press release that they are working with the owner and the architect, Architectonics Studio Inc., to provide quality affordable housing opportunities for the Bradenton community.
The lack of a sufficient supply of affordable housing has been a continuing — or perhaps worsening — problem in Manatee County where the sale of existing single-family homes hit a post-Great Recession high in July.
Home prices rose 27 percent in July, compared to the same month a year ago, and the median sales price surged, too, hitting $358,963, up 10.5 percent over 2019, according to the Realtor Association of Sarasota and Manatee.
New home sales have been hot, too. Lakewood Ranch sold 189 new homes in August, up from 115 in 2019, and has sold 1,197 new homes through the end of August, exceeding last year’s sales numbers by 8 percent.
Even with pandemic restrictions in place, buyers have been purchasing homes – in many cases, sight unseen – with the help of interactive chats and virtual community presentations, according to Laura Cole, senior vice president for LWR Communities, LLC.
Neal Land & Neighborhoods this week announced the opening of a new neighborhood, Riverfield, at North River Ranch, located in Parrish. Riverfield will feature three- and four-bedroom single-family homes and townhomes for sale over phases, with early anticipated average home sale prices in the mid-$200s.
High demand despite pandemic
Pre-leasing at Oaks at Lakeside, and at a sister property, The Addison, has been strong, despite the COVID-19 pandemic.
The Addison, which opened in 2019 at 702 Sixth Ave. E., offers 77 affordable apartments and 13 market-rate apartments, with monthly rents ranging from $299 to $1,325.
“The COVID-19 pandemic has deepened the income divide in this country and exacerbated the affordable housing crisis in cities across Florida, including Bradenton which has a large population of workers in the tourism and retail sectors who were particularly hard hit,” HTG President and CEO Matthew A. Rieger said in a press release.
“One of our missions is to eradicate the stigma surrounding affordable housing by developing high-quality properties that enhance the communities that they’re in. That’s why our communities like The Addison and Oaks at Lakeside in Bradenton feature amenities like pools, media centers and state-of-the-art gyms, along with services like unemployment assistance and childcare for residents.
You really can’t tell the difference between our affordable communities and a more high-end market rate property, and that’s something we’re proud of. Economic uplift — helping people escape from cycles of poverty — really starts with safe, clean and affordable housing, and we’re working with local, state and federal lawmakers to direct more resources to this sector,” Rieger said.
The new $18.2 million multifamily Oaks at Lakeside community was made possible through the use of Low Income Housing Tax Credits, a federal program administered through the state to provide financing for the development of affordable housing. The project must meet affordability criteria for 50 years.
Oaks at Lakeside has four three-story buildings, each with 24 units, on 16.3 acres of land. The 96 apartments including one, two- and three-bedroom units range from 673 to 1,150 square feet. Amenities at Oaks at Lakeside include a 4,300-square-foot clubhouse, a swimming pool, a picnic and barbecue pavilion, a dog park, a playground and gazebos.
HTG has delivered over 7,000 affordable apartments to Florida residents since its inception, and currently has several other affordable communities under development across the Southeast.
“The need for additional affordable housing options has been a recognized challenge for years. Add the immediate financial difficulties so many residents are facing given the pandemic and you have an even larger need going forward,” Jacki Dezelski, president and CEO of the Manatee Chamber of Commerce, said in an email.
“This is an issue that impacts our workforce and their families and no single industry, agency, or level of government can solve it. This challenge will require ongoing, collaborative, public-private partnerships. The Manatee Chamber has been an advocate and convener on this issue to share the business community’s perspective,” Dezelski said.
This story was originally published September 11, 2020 at 5:00 AM.
