Blue Sky Breaks Ground on Florida Affordable Housing Project
The development received financing from local and state authorities, as well as JP Morgan Chase.
Blue Sky Communities has broken ground on Sandpiper Place, a 92-unit affordable housing garden-style property in Bradenton, Fla. Completion is scheduled for the summer of next year.
Blue Sky started the development with support from the Manatee County Government, which provided $354,000 in financing. The initial investment qualified the project for a $15 million loan from the Florida Housing Finance Corp. Additional financing came from JP Morgan Chase.
Sandpiper Place will comprise a mix of one-, two- and three-bedroom units. Planned common-area amenities include a clubhouse, swimming pool and playground.
Located at 26th St. W., the property is within 6 miles of Sarasota-Bradenton International Airport. The surrounding area has several retail and dining options, including Centre Point Commons, which is 1 mile from the project. The site is also 8 miles from a 324-unit community, which changed hands in January. The Praedium Group acquired the asset from Picerne Real Estate and Equity Resources.