NORTH PORT – McDowell Housing Partners announced Sept. 17 that it has closed on the financing needed to begin construction on Ekos at Arbor Park Phase II, a 66-unit affordable housing complex in North Port. Christopher Shear, president of the Miami-based company, told the Herald-Tribune that construction on the 4.4-acre site was scheduled to begin Sept. 22, even though it has not yet received the $1 million grant awarded by Sarasota County from Hurricane Ian-related Resilient SRQ funds.
“There will be equipment out there and earth will start to move next week,” Shear said.
Other financial partners include Truist Bank, Grandbridge Real Estate Capital and Fairview Housing Partners.
The $28.5 million project calls for the homes to be split among three three-story buildings and almost 8,000-square-feet of commercial space.
McDowell Housing Partners is negotiating a long-term lease with a private daycare provider to occupy the commercial space.
“We heard from the city that there’s a daycare desert and they desperately need it,” Shear said.
“We’re going to give them a below market rental rate and they’re going to commit to a longer term,” he added. “A daycare obviously fits our population and we think it’s a good idea to negotiate around a need for the community and provide something that’s of value.”
The construction timetable calls for the complex to be complete in the fourth quarter of 2026.
What is Ekos at Arbor Park Phase II?
The 66-unit affordable apartment complex is being built at 1511 W Price Blvd., which is on the northeast corner of Price Boulevard and Citizens Parkway, just north of Ekos at Arbor Park Phase I, a 136-unit, 55-and-older affordable housing complex built with funding from the Florida Housing Finance Corp. using low-income housing tax credits.
Unlike Phase I, the 66 Phase II apartments could be rented by families of all ages.
The housing mix will be split between 36 one-bedroom, 21 two-bedroom, and 9 three-bedroom units ranging from 644 to 1,206 square feet.
The current proposal calls for 12 units to be available to households that earn up to 30% AMI, which would mean $21,150 for an individual and $31,200 for a family of four; 18 units to rent to households that earn up to 60% of AMI; and 36 units would be rented to those earning up to 70% AMI.
That's similar but not identical earnings breakdowns for applicants to rental units administered by the Sarasota Housing Authority.
Those rent restrictions would be in place for the next 50 years.
How will the complex be built?
Shear noted that the complex will be all concrete block construction with hurricane hardened windows – essentially following the latest hurricane building codes, with Park & Eleazer listed as as the general contractor and FK Architecture as the architect of record.
It will be a green building certified under National Green Building Standards (Bronze Level) and will include a photovoltaic solar system.
Apartments will offer Energy Star-rated appliances, low-flow plumbing fixtures, SEER 15 HVAC systems and LED.
The apartment grounds will include a playground, hardscape courtyard, pet park/wash/waste, and bicycle parking.
Who are McDowell Housing Partners?
Founded in 2019, McDowell Housing Partners are a fast-rising investor and developer of affordable housing though it also builds market-rate homes.
It is ranked 27th nationally by Affordable Housing Finance and has secured financing for 22 new affordable communities that will provide more than 3,100 units across Florida and Texas.
The company opened Ekos Cadenza I, a 160-unit affordable apartment complex in Collier County in 2024; and is building a second 160-unit affordable complex Ekos on Creekside in Collier County that was permitted under the Live Local Act.
McDowell is also building a 144-unit affordable complex, Ekos on Evans in Fort Myers.
The company’s mission is to “ensure access to safe, stable, and affordable housing options for families and seniors, regardless of socioeconomic status.”
For more information, visit https://www.mcdprop.com.
The company also offers residents health and financial planning courses.
“This is housing that should provide upward mobility in life as well as just stable housing,” Shear said. “We need to give people a way to home ownership, which is always our goal.”
Source: https://www.yahoo.com/news/articles/developer-start-construction-66-unit-182800954.html
