Lincoln Avenue Capital proposes senior affordable housing project by Lake Buena Vista – GrowthSpotter

Growthspotter

Feb 23, 2022 11:49 AM

The proposed 200-unit senior affordable housing development is next to the Lake Buena Vista Factory Stores and is near the Sunrise City mixed-use development in Osceola County.

The proposed 200-unit senior affordable housing development is next to the Lake Buena Vista Factory Stores and is near the Sunrise City mixed-use development in Osceola County. (Orange County Property Appraiser/Orange County/GrowthSpotter)

Affordable housing development, investment and management company Lincoln Avenue Capital wants its next Central Florida project to be close to Disney’s theme parks and attractions.

The company is seeking to rezone 7.27 acres near Lake Buena Vista in order to construct 200 age-restricted affordable dwelling units, according to a recently submitted Development Review Committee application.

The wooded property lies directly south from the Lake Buena Vista Factory Stores and would need to be rezoned from Agricultural Rural (A-2) to Planned Development (PD).

A conceptual site plan shows a 5-story multifamily building and a 2-story clubhouse. Amenities include a swimming pool, fitness center, crafts room, and a large lounge area with a fire pit. Units will feature a mix of one-, two- and three bedrooms, equipped with kitchen islands and balconies.

The company is known to utilize 4% and 9% tax credits to help fund its development projects and specializes in rehabilitating old affordable housing complexes while keeping rent restrictions in place.

A conceptual site plan for the proposed Jade Bridge Senior Apartments project shows a 5-story multifamily building that connects to a central community clubhouse.

A conceptual site plan for the proposed Jade Bridge Senior Apartments project shows a 5-story multifamily building that connects to a central community clubhouse. (Orange County)

Longwood-based Jade Bridge Inc. has owned the property since the 1980s.

The Orange County project, called Jade Bridge Senior Apartments, is located west of Vineland Road/S.R. 535 and northeast of South Apopka Road, near the Publix-anchored Sunrise City mixed-use development in Osceola County.

In 2020, Tampa-based 2nd Wave Development completed Prime, another multifamily community in the Sunrise City mixed-use community that consists of 340 units and is situated on 11 acres at 3251 Prime Park Circle. Just north of that, Lantower Residential, a subsidiary of H&R REIT is building a 321-unit apartment complex on 40 acres.

LAC was founded by brothers Eli and Jeremy Bronfman in 2016. Since its establishment, the company has grown to own approximately 15,000 units across about 88 properties in 14 states.

The Bronfman brothers are scions of the Bronfman family empire whose members founded the spirits company, Seagrams. Their father, Matthew Bronfman, is the main shareholder in IKEA Israel and supermarket chain Shufersal; and their great-aunt, Phyllis Bronfman Lambert, is a prominent philanthropist and architect in Canada.

In Central Florida, the company owns the Timber Sound Apartments in southwest Orlando and the Stratford Point and the Logan Heights multifamily communities in Seminole County.