Posts Tagged with Development News

InVictus has partnered with The Panama City Housing Authority and Royal American Development on the development of three housing complexes destroyed by Hurricane Michael. Fletcher Black, Fletcher Black II, and The Park at Palo Alto will be new construction developments bringing back 284-units of affordable housing. All will begin construction in the 3rd or 4th quarter of 2021. A second phase of Fletcher Black, 64-units, has been funded and will close in the 4th quarter of 2021. .

Parramore Oaks was recently presented with the “Golden Brick Award for Residential Development” honored for projects representing the values of the Downtown Orlando Partnership.

The Following is an Excerpt from The Downtown Orlando Website concerning the Golden Brick Awards.

Every year the Golden Brick Awards allow us to reflect upon the past year’s successes and project those impacts into the future. Each submission, finalist, and winner remind us that strong partnerships build the best Downtown Orlando. Unique projects spin a web of connective influence on our community’s potential. From new office development to celebrations of diversity, to long-fought achievements for sustainability, each and every GBA nominee creates change, paying dividends for decades to come. Congratulations to all the winners and for their dedication to keeping downtown Orlando an amazing place to live, work, and play.

Parramore Oaks Phase I was a Silver Award Winner for “Best Multifamily Housing Community up to 4 Stories for Rent” in the most recent 41st Annual Aurora Awards presented by the Southeast Building Conference.

WHAT ARE THE AURORA AWARDS?

Established in 1979, Aurora Awards are presented annually to outstanding builders, planners, architects, developers, designers, interior merchandisers and other housing-related professionals. Residential and Commercial construction professionals actively involved in projects located in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas, Virginia and the Eastern Caribbean are eligible to participate.

Parramore Oaks Phase Two, 91-units, is currently under credit underwriting with the hope of starting construction third quarter of 2021. Construction should be completed in the first quarter of 2023.

The development will be in similar style to Phase I as to the unit and building design. There will be eleven 1-Bedrooms, fifty-eight -2-Bedrooms, and twenty-two 3-Bedrooms. There is a range of income levels including 30, 40, 60, and 80% of AMI.

The architect is Forum Architects, civil engineer is Hamilton Engineering, and General Contractor is First Florida Constructors. The equity provider will be Truist, construction lender Truist, and the permanent loan will be with Churchill Stateside. Financing includes 4% tax credit equity, CDBG-DR Funds, City of Orlando Funds, with bonds from Florida Housing.

Parramore Oaks Phase I in Orlando, Florida is a 120-unit two, three, and four-story affordable and market rate development close to downtown Orlando. The leasing office can be contacted at (850)-914-3238 from 8:30 – 5:30 Monday through Friday. For more information, please click on the following link: www.ParramoreOaks.com.

Invictus Development has closed on the funding for a 9% affordable housing sites in Georgia. In partnership with the Zimmerman Group, the site is in Ringgold, Georgia close to Chattanooga. Units will be available early in 2022.

The Lodges on Lincoln, a 56-Unit HOME and tax credit financed development in Selma, Alabama is 100% leased and recently had its long delayed ribbon cutting delayed due to the Covid pandemic.  The equity provider for the development is Freddie Mac syndicated by RBC Tax Credit Equity.  The units are managed by Olympia Management n Albertville, Alabama.

The development consists of 32 two-bedroom and 24 three-bedroom units in four buildings with an additional clubhouse building that includes a laundry, fitness area, community room, and leasing office.   The development is off of Lincoln Drive in Selma with the clubhouse address being 55 Tower Drive, Selma, Alabama.

Questions regarding leasing should be directed to Debbie Smith (256) 894-2382 with Olympia Management, Inc.  debbie.smith@olympiamanagement.net.

The Appaloosa Run Apartments in Andalusia, Alabama has been completed and is currently 100% leased.   The long awaited ribbon cutting was recently completed for the development.  The development consists of 34 2-Bedroom, 2-Bath and 22 – 3-Bedroom, 2-Bath apartments on Shreve Road.

The units are income restricted to between 60-30% of Area Median Income.

The site features a community building with a laundry, fitness center, and community area.   The site will also have a children’s playground, outdoor fitness area, and a outdoor picnic pavilion.

The units feature granite counter tops with wood cabinets, stainless appliances, and 9′ ceilings.   Each unit has washer and dryer hookups.   The refrigerator and dishwasher are Energy Star™ rated.   Ceiling fans are in every bedroom.

Questions regarding leasing should be directed to Debbie Smith (256) 894-2382 with Olympia Management, Inc.  debbie.smith@olympiamanagement.net.

InVictus Development is a certified State of Florida as a Women-Owned Business Enterprise.

Click this link for a copy of the certificate.  OSD_MBE_Certificate

Paula Rhodes has resigned as Chair of CAHP but continues to serve on the board.   Ms. Rhodes has been a board member for the past seven years.  Ms. Rhodes was the second female board chairman in CAHP’s 21 years of existence but chose to resign based on her availability.

The Coalition of Affordable Housing Providers (CAHP) is a strategic alliance of developers and professional services providers in Florida, designed to: advocate legislative initiatives; promote the affordable housing industry through networking and disseminating information; and, act as a liaison to the Florida Housing Finance Corporation to promote the private sector interests in affordable housing development in Florida.