$55M Fort Myers affordable housing project secures financing

A new affordable housing community for seniors is being built in Fort Myers through a partnership between two organizations. Miami-based developer Housing Trust Group is working with nonprofit AM Affordable Housing, founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, to construct Legacy Park II.

When complete, the Fort Myers community will include 130 apartments for adults 55 years old and up. Tenants must earn at or below 30%, 60% or 70% of the area median income. Monthly rent will range from $574 to $1,608, according to a statement.

The $55 million affordable housing complex for seniors will be located at 2650 Oak Ridge Court and 2685 Oak Ridge Court in Fort Myers. Legacy Park II will consist of two buildings, including one that is five stories. Apartments will feature quartz countertops, vinyl plank flooring and stainless-steel appliances. Certain units will be reserved for households with special needs, according to a statement.

Amenities will include a clubhouse with cyber cafe, library and game room as well as a swimming pool and fitness center. Tenants will have access to assistance with laundry, light housekeeping, grocery shopping and daily activities as well as check-in programs.

Funding for Legacy Park II includes a $29 million construction loan provided by Fifth Third Bank; $22.96 million in Low-Income Housing Tax Credit equity through Raymond James; an $11.83 million permanent loan from Freddie Mac through Grandbridge Real Estate Capital; $10.27 million in Community Development Block Grant Disaster Recovery funding from Lee County; and $8.95 million in Rental Recovery Loan Program and Extremely Low-Income loans from the Florida Housing Finance Corporation.

"Legacy Park II reflects a coordinated public-private commitment to rebuilding housing inventory, strengthening affordability and ensuring seniors can remain in the communities they call home,” Housing Trust Group President and CEO Matthew Rieger says in a statement. 

Legacy Park II is the first development in Lee County for HTG, which has developed at least 10 other affordable housing projects in Florida with Mourning and AM Affordable Housing, totalling over 1,000 units. Among them is Astoria on 9th, an affordable senior housing complex that opened in Bradenton last spring.

AM Affordable Housing is a nonprofit dedicated to addressing the affordable housing shortage in Florida by partnering with leading developers to create sustainable, high-quality housing for families, seniors and veterans, according to a statement.

Nationwide, HTG has developed 53 communities, including affordable and workforce housing, market-rate and mixed-use developments. With the addition of Legacy Park, the company has 10 communities under construction. 

In addition to AM Affordable Housing and HTG, the team behind Legacy Park II includes general contractor BDI Construction of Miami, Coral Gables-based architecture firm Realization Architects, civil engineer EnSite of Fort Myers, landscape architect Foster Conant & Associates of Orlando and South Florida-based interior designer V Starr.

Construction is expected to be complete in late 2027.