American Residential Communities and New South Residential have broken ground on Madison Landing, an affordable development in Orlando, Fla., catering to adults aged 55 and over. General contractor Winter Park Construction started work on the project’s first phase, a 110-unit building. The development team also includes Blue Skies Studios as architect and Evans Engineering as civil engineer. The planned second phase would add 86 units to the community slated for a 2021 completion.
Financing sources include low-income housing tax credits from the Florida Housing Finance Corp. and equity investment from Wells Fargo, according to Stacy Banach of New South Residential. Public records show Wells Fargo also provided construction and permanent financing totaling $22.8 million.
The 5.4-acre development site is located at 5800 S. Rio Grande Ave., in the Oak Ridge neighborhood. Upon completion, the seven-story building will have one- and two-bedroom apartments. Of the total, 99 units will cater to households earning 60 percent of Orange County’s area median income, while the remainder will be put aside for residents making less than 33 percent of AMI. Amenities will include a pool, picnic pavilions, a bocce ball court and a health-care services room, among others.
The property is 6 miles southwest of downtown Orlando, just west of Orange Blossom Trail. The surrounding area has various dining and shopping options. The Mall at Millenia is less than 3 miles southwest.