Santa Monica-based Lincoln Avenue Communities is prepping to break ground on a new 300-unit affordable housing community in Orlando’s Parkwood Plaza after securing over $77 million in financing this week.

LAC Vice President Jordan Richter told GrowthSpotter construction would start before the end of the month and expect to be completed by late 2025.

“Orlando has suffered from a chronic housing shortage, and 52 at Park will add 300 units of high-quality, affordable homes for families making 60% of the Area Median Income,” Richter said. “We’re especially proud that the community will host a solar array that will fully offset electric usage, making 52 at Park the first affordable housing community in Florida to deliver 100% solar offsetting to its residents.”

A LAC affiliate purchased the 13-acre site in 2022 for $5.98 million and filed a new deed Monday for the property near the intersection of W. Colonial Drive and John Young Parkway. The general contractor, WPC, filed a notice proceed that same day.

On Dec. 1 the Orange County Housing Finance Authority approved mortgage documents for a $55.5 million non-taxable loan for the project, which will be renamed “52 at Park,” along with a taxable $17.85 million loan from Duetsche Bank. The project also received a $4.3 million SAIL loan from the Florida Housing Finance Authority to cover construction inflation costs.

The Lincoln plan calls for 10 3-story walk-up apartment buildings with a large clubhouse building, pool, playground and separate dog park. Kimley-Horn designed the site plan, which retains an existing cell tower on the property. The development matrix includes 38 one-bedroom units, 134 two-bedroom units, 104 three-bedroom units and 24 four-bedroom units.

Source:  GrowthSpotter