Developer closes on financing for North Port affordable housing project

Miami-based affordable housing developer McDowell Housing Partners recently closed on the financing for the second phase of its project Ekos at Arbor Park in North Port. The development will deliver 66 apartments for families earning at or below 70% of the area median income to south Sarasota County.

At 1511 W Price Blvd., Ekos at Arbor Park II will consist of a trio of three-story buildings. Apartments will range from one to three bedrooms and 644 to 1,206 square feet. Plans call for 36 one-bedroom, 21 two-bedroom and nine three-bedroom apartments.

The community will feature a playground, pet park and pet wash, bike parking and courtyard. Situated off West Price Boulevard near Toledo Blade Boulevard, Ekos at Arbor Park II will be close to grocery stores, restaurants, medical centers and recreational options, according to a statement.

Clearwater-headquartered Park & Eleazer will be the general contractor for the project, while FK Architecture of Maitland is the architect of record. Project officials expect construction to be finished in the fourth quarter of 2026.

While McDowell Housing Partners did not immediately disclose the amount of financing it received, it says in a statement that its financial partners include North Carolina-based Truist Bank and its subsidiary Grandbridge Real Estate Capital, as well as New York-headquartered Fairview Housing Partners.

Ekos at Arbor Park II also received a Community Development Block Grant from Sarasota County’s Resilient SRQ program, which provides disaster recovery funds allocated through the U.S. Department of Housing and Urban Development.

The new community will be adjacent to Ekos at Arbor Park, a 136-unit apartment complex for people ages 55 and up who make 20% to 70% of the area median income. McDowell Housing Partners completed that $40 million project earlier this year.