Dominium has purchased a site for its third ground-up development in Florida, a 331-unit affordable senior housing project dubbed Heron Ridge in Kissimmee, Fla. The company paid $4.3 million for the vacant land, Osceola County records show.
Dominium expects to break ground on the age-restricted development, that will welcome residents aged 62 and over, by the end of the year. The construction is slated for completion by August 2023.
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The developer has tasked Bessolo Design Group with designing the $96 million senior housing project. The team also includes the city of Kissimmee, WD Construction, Kimley Horn, Nelson Mullins, Winthrop & Weinstine and Commercial Partners Title.
The four-story Heron Ridge will take shape at 4351 Little Egret Road, just off Yates Road and U.S. Highway 192, and will comprise open-floorplan apartments with balconies or patios. Planned amenities include a beauty salon, cards and craft room, community room equipped with a kitchen, fitness center, swimming pool, spa, theatre, library, dog park and outdoor grilling areas and other social spaces.
Financing the project
The Osceola County Housing Finance Authority has allocated $52.8 million of 2021 Series B tax-exempt bonds for Heron Ridge. The financing was later converted to a Freddie Mac TEL loan and will be serviced by Grandbridge. OCHFA has also provided funding for Dominium’s 383-unit senior housing project in Poinciana, Fla.
Additional financing includes 4 percent Low-Income Housing Tax Credits allocated by the Florida Housing Finance Corp., an equity bridge loan serviced by Bremer Bank, as well as a $9.8 million financing package originated by Truist Bank, public records show.