Blue Sky Breaks Ground on Florida Affordable Housing Project
The development received financing from local and state authorities, as well as JP Morgan Chase.
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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.
