The largest-ever affordable housing project in Manatee County is coming to Bradenton
Paperwork for perhaps the largest affordable housing project in Manatee County history is being fast-tracked through the county’s permitting process.
A total of 572 units of multi-family affordable housing are planned for 4505 12th Street Court E., Bill Logan, Manatee County’s information manager, confirmed in an email on Tuesday.
Included are 324 units of family housing, called 301 Flats, and 248 units of senior housing called The Savoy at 301, Logan said.
The project is 100%, four-story affordable housing, he said.
The developer is Oneco 51 Family Gp LLC of Santa Monica, Calif.
The highest rent that could be charged would be about $1,800 for a three-bedroom and $1,200 for a studio, but the actual rent is determined by the tenant’s income, according to a land-use restriction agreement between Manatee County government and the developer.
As part of the agreement, Manatee County agreed to loan the developer $3,079,584 to fund a portion of the project.
“I think it’s a great location and sorely needed, Glen Gibellina of the Manatee County Affordable Housing Advisory Committee, said Tuesday.
“I know they are getting some federal funds, which is a good thing,” Gibellina said, referring to restrictions on raising rents.
George Kruse, the Manatee County commissioner most identified with the affordable housing issue, said the project first came before the county commission in 2021.
Lincoln Avenue Capital, the company behind the Oneco project, is one of the bigger affordable housing developers in the county, Kruse said.
There is no reason that the project shouldn’t go forward, now that Lincoln has the financing, the land and the plan, he said.
“I can’t imagine this company just walking away from the project. This is what they do,” Kruse said.
The shortage of affordable housing has been a crisis for working families, seniors and the companies and organizations that need essential workers.
“Rents are going up a lot. When you are talking about fixed incomes, they aren’t going up nearly as fast as rents,” Kruse said.
Margi Dawson, development director for Turning Points, a nonprofit that helps the homeless population, recently put the rent problem into perspective.
“We have seen clients’ rent going up $500 a month when their lease is up for renewal. Clients who have been with the same landlord/apartment for the past five years or so,” Dawson said.
The Oneco project is proposed on a triangular piece of wooded property, bounded by 44th Avenue East on the north, 15th Street East on the east and 301 Boulevard East on the west.
A groundbreaking has not been announced for the project.
Lincoln Avenue Capital invests in affordable housing to strengthen communities, the company’s website says.
“Our company develops quality, affordable homes while delivering social, environmental, and financial returns. Our team of top-tier professionals cares about our impact and results. We create and implement a range of innovative solutions to support our residents and communities.” Lincoln says.
Lincoln Capital has built more than 19,000 affordable housing units for more than 50,000 residents across 18 states.
Other Lincoln projects in Florida are in Orlando, West Palm Beach, Cutler Bay and Fort Lauderdale.
Manatee County government reporter Ryan Callihan contributed to this report.
This story was originally published December 20, 2022 at 4:57 PM.
