Manatee’s largest affordable housing complex is under construction. When does it open?
It’s a 100% affordable housing development, and when completed will be the largest of its kind in the Bradenton area.
Technically, The Savoy at 301 and The 301 Flats at 4498 12th St. Ct. E. in Oneco are two projects.
The 301 Flats will provide 324 units of affordable housing for families and individuals and The Savoy at 301 will provide 248 units for seniors. Altogether, 572 units of multi-family affordable housing are planned.
They are both being developed on the same 42-acre parcel by Lincoln Avenue Capital and represent the company’s first ground-up construction project in the state of Florida.
Company leaders hope it won’t be Lincoln Avenue Capital’s last.
Lincoln, which serves residents across 22 states, with a portfolio of 119 properties comprising 20,000-plus units, is looking at other projects in the Bradenton area, Jordan Richter, Lincoln vice president, said Monday afternoon at a groundbreaking ceremony.
“We would like to provide as much affordable housing as we can in Florida,” Richter said.
Since starting planning for The Savoy and 301 Flats in 2020, the company has experienced the most challenging construction climate in recent memory with inflation, rising interest rates and ballooning construction costs, he said.
The new apartments are forecast to open in 2024 and 2025, Richter said.
Manatee’s largest affordable housing complex
Amanda Ballard, who was elected to the Manatee County Commission in 2022, said the community is “behind the eight ball” in regard to affordable housing.
Fellow County Commissioner George Kruse, who has long championed affordable housing and workforce housing projects, said it’s difficult to pinpoint exactly how much Manatee County needs.
“If you use the metric that you shouldn’t spend more than 30% of your income on housing, we could be short 10,000 to 20,000 units. But everything helps,” Kruse said.
Monday’s groundbreaking was held on a road that runs past Callaghan Tire, off 44th Avenue East. That will eventually be a secondary entrance to The 301 Flats and The Savoy at 301.
The primary entrance will be to the south on a planned new multi-lane road connecting to 301 Boulevard East.
The new affordable housing projects are for those making no more than 60% of the area’s median income. The senior housing area will be for those 62 and older.
Based on income data from the federal government, monthly rent should be set between $900 and $1,100, depending on the tenant’s apartment size.
Lincoln did not provide information about how to apply to live in the upcoming complex Monday afternoon. Typically, applications become available a few months before construction is completed.
“It is designed to look no different than any market apartments and be a source of pride for the district and Manatee County,” Richter said.
Eli Bronfman, managing partner of Lincoln Avenue Capital, said the projects represent a new chapter for the company, being its first ground-up venture in Florida.
Housing in the Bradenton area ranks among the nation’s most expensive, according to several studies.
Finding affordable rentals and places to buy are significant challenges for households of all ages.
The Manatee Young Professionals, a program of the Manatee Chamber of Commerce, presented a home buying panel last week on getting into the Bradenton area home market.
Key takeaways included knowing your credit score, getting pre-approved for a loan a year ahead of time, and frequent communication between the prospective buyer and real estate agent.
This story was originally published March 6, 2023 at 3:54 PM.
