Housing Trust Group and AM Affordable Housing have secured financing and broken ground on Legacy Park II, a five-story affordable senior housing development located at 2650 Oak Ridge Court and 2685 Oak Ridge Court in Fort Myers, Florida. The $55 million project will deliver 130 income-restricted rental apartments for seniors aged 55 and older, marking Housing Trust Group’s first development in Lee County.
Legacy Park II is being developed by Housing Trust Group in partnership with AM Affordable Housing, the nonprofit founded by former NBA player Alonzo Mourning. The development is part of broader state and local efforts to expand affordable housing inventory in Southwest Florida following recent storm impacts and ongoing recovery initiatives.
Credit: Housing Trust Group.
The community will provide housing for seniors earning at or below 30, 60, and 70 percent of the area median income. Monthly rents for qualifying residents are expected to range from $574 to $1,608. Select apartments will be reserved for special needs households.
“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,” said Matthew A. Rieger, President and CEO of Housing Trust Group.
“By investing in high-quality, service-enriched housing for seniors, local and state partners are helping ensure that recovery translates into lasting stability for residents – particularly those living on fixed incomes.”
The development consists of two residential buildings rising five stories and will include modern apartment finishes such as quartz countertops, vinyl plank flooring, and stainless-steel appliances. Amenity spaces will include a swimming pool, fitness center, clubhouse with cyber café, library, and game room. Residents will also have access to supportive services including assistance with light housekeeping, laundry, grocery shopping, daily activities, and resident assurance check-in programs. The project is being built to National Green Building Standard and Energy Star criteria.
Legacy Park II is located in central Fort Myers with access to healthcare providers, retail destinations, major roadways, and regional employment centers. The project builds on recovery efforts following Hurricane Ian, after which Lee County’s unmet housing recovery needs were estimated at nearly $4.6 billion, prompting expanded use of Community Development Block Grant Disaster Recovery funding to support affordable housing development.
Financing for the project includes Low-Income Housing Tax Credit equity through Raymond James, a $29 million construction loan from Fifth Third Bank, and a $11.83 million permanent loan from Freddie Mac through Grandbridge Real Estate Capital. Additional funding includes $8.95 million in Rental Recovery Loan Program and Extremely Low-Income loans from the Florida Housing Finance Corporation, along with $10.27 million in Community Development Block Grant Disaster Recovery funding from Lee County.
The project team includes BDI Construction as general contractor, Realization Architects as architect, EnSite, Inc. as civil engineer, Foster Conant & Associates as landscape architect, and V Starr as interior designer.
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Nice looking building and nice scale for low income residences. Looks like at market rate condos. Well done.Hope it’s built well, too.