ORLANDO, Fla., Feb. 09, 2021 (GLOBE NEWSWIRE) -- Wendover Housing Partners, one of the Southeast’s premier multi-family housing developers, today announces that is has broken ground on Monroe Landings, a new multi-family affordable housing community in Sanford’s Goldsboro neighborhood.
In partnership with the Orlando Housing Authority, Monroe Landings will serve as a stimulus for an area in need of affordable housing and is intended to help revitalize the historic Sanford neighborhood.
In Nov. 2013, Housing of Urban Development (HUD) demolished an existing run-down affordable housing community that took up several parcels of land in the area after being deemed uninhabitable. Monroe Landings will serve as the first phase of development for the revitalization of the Goldsboro neighborhood, being the first large-scale development there in more than 20 years.
Several hundred residents were displaced at the time the community was demolished. Wendover has made it a priority to reach out to these former residents and offer them the option to live at Monroe Landings when completed.
“Central Florida is one of the most challenging locations in the country to find affordable housing, and the short supply is an increasing problem, especially in areas like Sanford,” said Jonathan L. Wolf, CEO and founder of Wendover Housing Partners. “We are proud to be chosen as developer of choice and partner with Orlando Housing Authority to build a new community to revitalize the area and provide people with a safe, affordable and quality place to live.”
Located at 375 Oleander Ave. in Sanford, Monroe Landings will be a 60-unit, multi-family affordable community with one, two and three-bedroom units. Additional community amenities will include a clubhouse with a gathering area and fireplace, resident computer center, pool, tot lot, gazebo with picnic tables and outdoor grills, as well as a community gardening area.
Rent is expected to start at $766/month for one-bedroom units, $908/month for two-bedroom units and $1,041/month for three-bedroom units.
To finance the project, Wendover received $11.5 million in tax credit equity, $1.26 million from the Orlando Housing Authority and a $2.8 million permanent loan through Neighborhood Lending Partners.
Construction of the $16.3 million community is being overseen by Roger B. Kennedy Construction. Wendover expects to move residents in by the end of 2021 or beginning of 2022.
In addition to Monroe Landings, Wendover currently has three other affordable communities in development or under construction in Central Florida as well as four affordable active communities, totaling over 750 units.
For additional information about Wendover Housing Partners, visit www.wendovergroup.com.
About Wendover Housing Partners
Headquartered in Altamonte Springs, Florida, Wendover Housing Partners, LLC is a privately held real estate development, investment and management company founded in 1995. As one of the Southeast’s premier housing companies, Wendover specializes in the development of single and multi-family homes, apartment communities, senior communities, and transit-oriented development. Wendover’s expansive portfolio of affordable and mixed-income developments demonstrates the company’s success in creating housing opportunities in a variety of economically and socially diverse neighborhoods. www.wendovergroup.com
