{"id":11646,"date":"2014-11-07T17:35:44","date_gmt":"2014-11-07T22:35:44","guid":{"rendered":"http:\/\/mcreativepr.com\/?p=11646"},"modified":"2014-11-07T17:35:44","modified_gmt":"2014-11-07T22:35:44","slug":"two-new-affordable-housing-communities-open-in-fort-myers-revitalized-properties-providing-212-affordable-units-open-months-ahead-of-schedule","status":"publish","type":"post","link":"https:\/\/mcreativepr.com\/2014\/11\/07\/two-new-affordable-housing-communities-open-in-fort-myers-revitalized-properties-providing-212-affordable-units-open-months-ahead-of-schedule\/","title":{"rendered":"Two new affordable housing communities open in Fort Myers; Revitalized properties providing 212 affordable units open months ahead of schedule"},"content":{"rendered":"

\"\"<\/a>\u00a0\u00a0\"\"<\/a><\/p>\n

FORT MYERS, Fla. (Nov. 7, 2014) \u2013 The revitalization of two former public-housing properties that now provide 212 affordable housing units have been completed months ahead of schedule and are giving low-income families a new lease on life.<\/p>\n

The development sites for Landings at East Pointe (formerly Sabal Palm Apartments) and East Pointe Place (formerly Palmetto Court) were existing complexes owned by the Housing Authority of the City of Fort Myers (HACFM)<\/a>. They are located just north of the Dr. Martin Luther King, Jr. Boulevard (SR 82) corridor and west of Interstate 75.<\/p>\n

The revitalized Landings at East Pointe consists of 126 units, and the new East Pointe Place offers 86 units, both with an effective mix of floor plans and bedroom sizes. Previous units at East Pointe Place were demolished in preparation for the new buildings to be constructed. Both developments were expected to be completed and fully leased by mid-2015, but thanks to the diligent effort of the development, construction and property management team, construction and lease-up came in months ahead of schedule.<\/p>\n

The combined $38.3 million dollar investment was made possible through a public\/private partnership between Pinnacle Housing Group, LLC and Southwest Florida Affordable Housing Choice Foundation, Inc., a 501(C)(3) nonprofit created by the HACFM.<\/p>\n

\u201cI am so pleased that the efforts of the Southwest Florida legislative delegation and Florida Housing Finance Corporation are bearing fruit in Fort Myers, with the grand opening of Landings at East Pointe and East Pointe Place,\u201d said Senator Lizbeth Benaquisto. \u201cThe sound policies that have led to allocating much needed Housing Tax Credits for these two developments have ensured quality new housing, jobs, opportunity and future economic growth for the citizens of our community.\u201d<\/p>\n

\u201cEast Pointe Place is a nice place to live, and I have been given a second chance for myself and my daughter,\u201d said an anonymous female resident who was able to move into the new community after leaving Abuse Counseling & Treatment\u2019s shelter.<\/p>\n

A Grand Opening Dedication and Ribbon Cutting will take place on Thursday, Nov. 13 beginning at 10:30 a.m. at the Landings at East Pointe\u2019s new Clubhouse. Special guests will include officials from partnering agencies including the City of Fort Myers, U.S. Department of Housing and Urban Development, Wells Fargo Bank, N.A., Florida Housing Finance Corporation, Pinnacle Housing Group, the Southwest Florida Affordable Housing Choice Foundation Inc., and the HACFM.<\/p>\n

\u201cThese two developments are such a major improvement over what was there before; as a result, the quality of life of each family living in these developments will be tremendously enhanced, and the surrounding neighborhoods will also benefit from the positive energy from each development,\u201d said Marcus D. Goodson, HACFM executive director.<\/p>\n

\u201cThese types of projects show what can happen when public and private sectors are both invested in revitalizing a community,\u201d said Senator Bill Nelson at the projects\u2019 groundbreaking in 2013. \u201cFamilies in the area will have more affordable housing options, and construction of the new units will bring much needed jobs to the region.\u201d<\/p>\n

Combined, development contractors for the two projects had an average of 46 percent minority participation and 71 percent Section 3 participation.<\/p>\n

\u201cThe overall condition of these properties had deteriorated due to functional obsolescence and were in need of significant rehabilitation,\u201d said Goodson. \u201cThe buildings had aged significantly, and the operation of the development was inefficient due to the condition of the structures plus the inefficient nature of the complexes themselves.\u201d<\/p>\n

Goodson and his HACFM team realized that both complexes required a long-range plan for the ultimate redevelopment and restoration of both properties. Thus, the HACFM sought out private development partners. The HACFM is an experienced agency in the redevelopment of affordable housing having successfully administered the multi-phase, mixed-use for numerous other similar initiatives in the Fort Myers area. The HACFM selected Pinnacle Housing Group, LLC as its co-developer, a Florida-based firm that is among the largest and most successful affordable rental-housing developers nationally with a significant positive track record in PHA redevelopment joint ventures.<\/p>\n

\u201cIt\u2019s a great day when public\/private partnerships work together to better the lives of families who need it most while revitalizing an entire neighborhood and offering job opportunities throughout the process,\u201d said Timothy P. Wheat, vice president of Pinnacle Housing Group. \u201cFor Pinnacle Housing Group, affordable housing is about more than providing places to live; it\u2019s about bringing communities together and instilling a sense of pride in our residents. The end result at these two communities is a great testament to these core values.\u201d<\/p>\n

East Pointe Place was entirely demolished and replaced with a more efficiently master-planned and designed community, taking advantage of an FHFC preference for PHA redevelopment and revitalization ventures. Virtually all of both developments\u2019 units received some form of project-based rental assistance in order to compete in these preferential set-asides.<\/p>\n

Through this public\/private partnership, the HACFM and Pinnacle secured Low Income Housing Tax Credits from the Florida Housing Finance Corporation. The partnership then utilized the private debt and equity markets for the syndication of LIHTCs, which were purchased by Wells Fargo Bank N.A. Most importantly, the HACFM secured the long-term commitment of the U.S. Department of Housing and Urban Development to provide continued rental assistance for no less than 20 years.<\/p>\n

\u201cWe asked HUD to think outside the box in terms of its future support for these two developments, one of which was considered \u2018public housing\u2019 and the other \u2018assisted housing\u2019 under their regulatory structure, and in the end, it approved an innovative plan that allowed us to move HUD resources between the properties,\u201d Goodson noted.<\/p>\n

The development plan is unique as it combined both the substantial \u201cgut\u201d rehabilitation of Landings at East Pointe along with demolition and new construction to create East Pointe Place.<\/p>\n

\u201cThe scope of the rehabilitation for Landings at East Pointe will be so significant that the end product is virtually in \u2018new\u2019 condition now that it\u2019s complete,\u201d said Goodson.<\/p>\n

In addition, the redevelopment strategy resulted in:<\/p>\n