Manatee County employers want to help workers find affordable housing. Here’s how

Manatee County leaders and employers are supporting a developer’s effort to build a new affordable apartment complex for Bradenton-area workers.

At a meeting earlier this month, the Manatee County Commission agreed to negotiate a $5.6 million loan for One Stop Housing to build new apartments at its Forest Cove property at 1478 45th Ave. Circle W. in Bradenton.

The site is currently home to 36 affordable apartment units, according to One Stop Housing’s website.

But the developer is partnering with 12 local employers to expand its offerings.

The new development plans call for two four-story buildings with 155 apartments and a mix of studio, one- and two-bedroom units. The amenities would include a daycare center, playground, dog park, pool, clubhouse, BBQ area and a telehealth center.

The developer promised to keep rent at or below 30% of a worker’s yearly salary. Per month, renters would pay $926 for a studio, $1,380 for a one-bedroom and $1,700 for a two-bedroom, according to figures from the developer.

The employers who have signed on to the project would pay roughly $300,000 to help build Forest Cove in exchange for at least 12 apartments for their workers. The employers include Oysters Rock Hospitality, Cirrus Aviation, Goodwill Manasota, Spirit Movers and Saint Stephen’s Episcopal School.

The estimated cost to build the development is $28 million, according to One Stop Housing. It would be funded through investments from local businesses, a bank loan and the proposed loan from Manatee County, with an estimated completion of summer 2026.

Bradenton economic expert: ‘We’ve got to do something’

Sharon Hillstrom, president and CEO of the Bradenton Area Economic Development Corporation, said some employers struggle to attract and keep workers because of the lack of affordable housing in the area.

“We’ve got to do something,” Hillstrom said.

Manatee County workers on average make $55,068 a year, according to data from the U.S. Bureau of Labor Statistics.

As a rule of thumb, people should not spend more than 30% of their income on housing. For example, a person making the average annual income in Manatee County should not spend more than $1,376 a month on rent.

Bradenton renters on average pay $1,529 for a studio, $1,759 for a one-bedroom and $2,038 for a two-bedroom, according to data from Rent Cafe.

When people spend more than they should on housing, they can rack up credit card debt, lose quality child care, spend less money on food for their family and forgo preventive health care, Hillstrom said.

Bradenton employers: Affordable housing is ‘a critical step’

Mark Vengroff, CEO and managing partner of One Stop Housing, said he hopes to give workers a chance to save money for a home.

“In the old days, the pathway to home-ownership was if you were living in a place you could afford, you could put some money away, and then one day that would be what you use for your down payment,” Vengroff said. “Today, with the rents so high, they’re working multiple jobs, it’s very difficult for employees.”

Eleni Sokos, executive vice president of Oysters Rock Hospitality, is one of several employers who want to offer affordable housing for their workers.

“We all know housing costs are the foundation of every family’s budget,” Sokos said. “While this project won’t solve inflation or all cost of living pressures overnight, for the hospitality industry, it’s a critical step in making our careers viable for long-term success in our community.”

Nayda Cattin, vice president of Cirrus Aviation, said Florida is one of the top four states for aviation, but the high cost of living makes it hard to compete with employers in South Carolina, Georgia, Alabama and Tennessee.

“Everyone in the world knows that the FAA model is the model for flight training,” Cattin said. “It’s where you get the best flight training with the most hours in the airplane. But what’s killing us is the housing.”

Margie Genter, vice president of mission services at Goodwill Industries Manasota, said the company struggles to find affordable housing for their workers.

“If someone loses their housing, we have lots of problems with that individual,” Genter said. “It creates an incredible retention problem. Not good for the employee, not good for the business, not good for the community.”

Manatee commissioners support affordable housing project

Commissioner George Kruse and several other commissioners told the developer they are interested in securing affordable apartments for county workers should the loan agreement go through.

“I’m also curious, because we’re in the negotiating stage, if everyone else has put up $300,000 and getting some units that they have first dibs on, why doesn’t the county get first dibs on some units,” Kruse said.

Commissioner Tal Siddique said the affordable apartment complex would help brighten the area near U.S. 41.

“I think a lot of people in this town would like to see something new happen there,” Siddique said. “This is probably the first step in a long time to really rethink what we can do for 41 and kind of bring back that pride of what Tamiami Trail used to be like back in the day and what it could be in the future.”

The loan will come back to the board for approval at a later date.

This story was originally published December 24, 2024 at 5:50 AM.