MANATEE COUNTY, FL – A new construction project will see 600 new affordable rental apartments heading to Bradenton, Florida, spread out amongst two separate developments within the boundaries of 301 Boulevard East, 44th Avenue East and 15th Street East in Manatee County, new reports say.
The two projects, meant to offer a cheaper alternative to the ongoing boom of luxury offerings in the region, are managed by national affordable housing builder Lincoln Avenue Capital (LAC), according to the organization’s lead developer, Jordan Richter.
“Given the rent growth the area has seen, providing brand new housing at these prices really fits our mission,” he said.
The two housing complexes will be located just a few hundred feet from one another on the property of a former citrus farm that has been in a state of disuse for the past two decades.
LAC, which are relative newcomers to housing development, purchased the unused land in 2021 for $7.5 million, and in addition to the two projects, is also planning on building a common access road that will be connected to 301 Boulevard East.
The project is envisioned to counter the high rents in the region, which have risen sharply since the COVID-19 pandemic. From the second half of 2021 throughout the start of 2022, rents grew 47 percent in Sarasota County and 42 percent in Manatee County – in contrast to 18 percent nationwide – making those two counties among the fastest-growing in the country at the time. Since 2022, rents have dropped slightly, but have overall remained higher than the national average.
LAC’s rentals are targeting families that earn 60 percent or less than the region’s median income (AMI) of $90,400 a year, which translates to two person households that earn a combined salary of no more than $41,460 a year; three-person households that earn no more than $46,620 a year; and four-person households that earn no more than $51,780 a year.
The first of the two projects is dubbed The 301 Flats and will be a three-story building with 324 units; the second will be a four-story building with 248 units called The Savoy at 301 and is reserved for residents 62 and over.
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.