BRADENTON, Fla., June 5, 2020 /PRNewswire-PRWeb/ -- Blue Sky Communities' latest project, Sandpiper Place, is a 92-unit multifamily rental housing complex that is expected to be move in-ready around this time next year. Located on 26th Street W, three blocks south of Cortez, the community will provide working families with an affordable place to live.
Blue Sky Communities began this development with the support of the Manatee County Government who provided $354,000 in initial investment, with additional funding possibly coming this summer. Funding was supplied from the Southwest Count Improvement District (SWD) under Ordinance No. 14-28. This District, established by the Manatee County Board of County Commissioners, was created to undertake, carry out or arrange for redevelopment and related activities within Manatee County's urban area.
According to Geri Lopez, Director of Redevelopment and Economic Opportunity at the Manatee County Government, "This is the first affordable rental development in the Southwest District, and we are excited to see it happen."
The initial $354,000 community investment was enough to qualify the development for extra points on its major funding application to the Florida Housing Finance Corporation (FHFC) last year, which resulted in an investment of nearly $15 million from the FHFC. Additional bank financing came from JP Morgan Chase with Raymond James serving as its official corporate investor.
Sandpiper Place will have several garden-style buildings, a clubhouse, pool, and playground for families. The site plan is graciously arranged to provide a quiet setting for all residents, and a lakeview for many units. The community is targeted to support working families, and will offer a mix of 1 bedroom, 2 bedroom, and 3 bedroom units. Rental rates are scheduled to range from $399 a month to $1,277 a month. The maximum income for a 4-person family will be $45,900.
Shawn Wilson, President and CEO of Blue Sky Communities shared, "My job is to help local governments achieve their own goals in the area of Affordable Housing. We participated with folks at Manatee County on several panels and we became aware of the kind of projects they wanted to target. With this information, we created Sandpiper Place. As Blue Sky's first venture in Manatee County, we are thrilled with their cooperation and forward thinking."
About Blue Sky Communities:
Blue Sky Communities, based in Tampa, FL, was formed in 2012 and to date has successfully completed 11 affordable housing developments throughout the region and the state. They specialize in working with non-profit organizations to develop new and rehabilitate existing multifamily housing communities that benefit working-class families, seniors, and disabled veterans.
Blue Sky Communities was recently ranked 36 on the Top 50 Affordable Housing Developers in the USA (Affordable Housing Finance magazine, May 2020 edition). Its President and CEO, Shawn Wilson serves on the City of Tampa's Affordable Housing Advisory Committee and was instrumental in lobbying the Florida legislature to fully fund the Sadowski Trust fund for 2020.
SOURCE Blue Sky Communities
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