Affordable housing developer plans fourth Manatee County project. This one’s for seniors
A well-known developer is asking local officials for millions of dollars in funding to help turn plans for a senior affordable housing complex into reality.
Housing Trust Group plans to build a five-story, 120-unit complex for seniors on the northwest corner of Ninth St. W. and 23rd Ave. W. in Bradenton. It’s the latest project for the Miami-based developer that has already opened two other affordable housing complexes in Manatee County.
“We’re going to be proud of this one,” said Rodrigo Paredes, a developer with HTG.
Paredes presented his request to the Manatee Board of County Commissioners in July. He said rising construction costs on the $35 million project have created a $2.3 million budget shortfall and asked county leaders to provide about half of that money.
County commissioners voted unanimously to approve a $1.2 million loan to be repaid over 17 years. HTG also plans to reach out to city leaders in Bradenton to request the remaining financial assistance to make the project work.
“I think this is a great project with Housing Trust Group, who has shown that they have a serious focus on Manatee County,” Commissioner George Kruse said. “This isn’t someone coming and doing one project. This is their fourth project in Manatee County.”
HTG brings more affordable units to Bradenton
Since 2019, HTG has opened the 90-unit Addison apartments, 702 Sixth Ave. E., Bradenton, and the 96-unit Oaks at Lakeside complex, 5260 34th Street Cir. E., Bradenton. Riverview6, an 80-unit affordable housing complex near downtown Bradenton, is also in the works and set to open in early 2024.
Astoria on 9th would be the HTG’s first complex in Manatee County that is aimed at people who are 62 or older. The company has built and operated other complexes for seniors in other Florida cities, including Lakeland, Miami and Ocala.
The development plans for Astoria on 9th require the used car lot on the two-acre property at 2116 Ninth St. W. to be demolished to construct the five-story apartment building.
HTG’s housing developments, which remain locked in at affordable rates for 50 years, provide apartments for tenants who make between $16,000 and $60,000 a year. Rent rates are determined based on the tenant’s income.
Other commissioners were also impressed by the company’s commitment to building affordable housing units in the area.
“I think is exactly what we’ve been looking for,” Commissioner Misty Servia said. “This is where we need to set the bar. Right here.”
“We have a real problem with people being able to afford to live here, whether it be renting or owning,” added Commissioner Vanessa Baugh. “This is the only way to do it.”
City funds also needed for senior apartments
Officials in Bradenton say they are still negotiating the amount of financial assistance they can provide HTG. Representatives from the company are expected to make their proposal to the Bradenton City Council at a public meeting by the end of August.
“You’ve seen our city, through the City Council and the [Community Redevelopment Agency], be proactive to make affordable, workforce and senior housing more attainable,” said Bradenton Mayor Gene Brown. “That’s something we’re all in on.”
In an interview with the Bradenton Herald Thursday, Katerina Gerakios-Siren, executive director of the CRA, spoke highly of the board’s partnership with HTG on affordable housing developments.
“We’ve had great products come out of HTG and the collaboration with them is wonderful,” Gerakios-Siren said. “There is a need right now to support all types of housing.”
If HTG gets money from the city, the planned complex is expected to move forward. Company executives say the building will provide “first-class” amenities, including a dog park, adult literacy programs and assistance with light housekeeping.
HTG did not share a construction timeline for Astoria on 9th apartments.
