HTG Breaks Ground on Affordable Northern Florida Project
The developer aims to complete the 96-unit community in Tallahassee by June 2021.
Housing Trust Group has received financing and started construction on Lafayette Gardens, a 96-unit affordable housing community in Tallahassee, Fla. The development team also includes general contractor Hennessy Construction Services, architect Fugleberg Koch, interior designer Stiles Interiors and landscape architect Wood + Partners. The $21 million project is slated for completion in June 2021.
The development funding came from several sources. Chase Bank provided a $15 million construction loan, while Walker & Dunlop secured $4.8 million in permanent financing through Freddie Mac. Another $16.1 million represent 9 percent LIHTC equity provided by Raymond James.
Lafayette Gardens will come online on almost 6 acres at 1211 E. Lafayette St. The development will encompass four three-story buildings with one- to three-bedroom apartments ranging from 709 to 1,159 square feet. All units will cater to residents earning at or below 33 and 60 percent of the area’s median income. Community amenities will include a clubhouse, pool, playground, media center, fitness center and bike/walk trail. In addition, residents will have access to employment assistance, financial management and literacy services on-site.
The development site is approximately 1 mile east of the city center in the Woodland Drives neighborhood, across the road from Parkway Center. The immediate area holds various entertainment and shopping venues including The Moon, DeSoto Site Historic State Park and Governor’s Square.
In May, HTG broke ground on another affordable development, a 60-unit senior community in downtown Miami. The $18.5 million project is slated for an April 2021 completion.