Dominium Plans 1,600 Affordable Units
The developer is eyeing projects in a trio of Sun Belt states.
Dominium is planning to build 1,654 affordable housing units, including rental homes and senior housing, across Arizona, Florida and New Mexico.
In The Grand Canyon State, the developer could receive up to $234.8 million in bonds for three projects in Surprise, Ariz., and Maricopa, Ariz., according to several meetings of the Arizona Industrial Development Authority.
Arterra and Orchard Springs will total 599 affordable units, to be built in Surprise. Orchard is slated to encompass 211 units designed for seniors. In Maricopa, Dominium’s first single-family rental project, dubbed Saddleback Village at Stonegate, will include 215 affordable rental homes.
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Across the Sunshine State, Dominium’s two projects will take root in Kissimmee, Fla., and Holiday, Fla., featuring a combined 624 units that cater to residents earning at or below 60 percent Area Median Income. The financing package for Maison at Solvita Marketplace in Kissimmee and Cobia Cove in Holiday landed at a total of $244 million, according to Business Observer.
The affordable development in New Mexico will rise in Rio Rancho, N.M., within metro Albuquerque. Sandoval Flats is anticipated to comprise 216 units, and according to Albuquerque Business Journal, and development costs will come in at $98.7 million.
Dominium tapped Pavillion Construction as the general contractor for the New Mexico project while WD Construction—a joint venture between Dominium and Weiss Builders—will handle work on the Florida and Arizona developments. Lifestyle Homes will serve as the general contractor for the Arizona BTR project.
Development partners for the projects include Freddie Mac, Deutsche Bank, Western Alliance Bank, U.S. Bank, the Florida Housing Finance Corp., Arizona Department of Housing, Arizona Industrial Development Authority, as well as Winthrop & Weinstine, to name a few. The five projects also benefited from the LIHTC program.
Dominium’s growing affordable footprint
Dominium owns and manages more than 38,000 affordable units across north of 220 communities throughout the country. The developer’s affordable footprint is slated to expand even further. Last month, Dominium acquired a nearly 30-acre site in New Port Richey, Fla., to build Anchor at Gulf Harbors, a 388-unit affordable project.
Beyond Florida, New Mexico and Arizona, Dominium also operates in Tennessee. In November, the developer wrapped up construction on 900 at Cleaveland Park, a 256-unit community in Nashville. Development costs stood at $90 million.
