PALM COAST, FLA. — Housing Trust Group (HTG) has developed The Palms at Town Center, an 88-unit affordable housing community located at 470 Bulldog Drive in Palm Coast. The property is 100 percent occupied. The development opened in February 2021 and cost $17.8 million to build.
The Palms at Town Center features three three-story buildings and a clubhouse. The new community offers a mix of units including 30 one-bedroom, 50 two-bedroom and eight three-bedroom units. Units feature open floor plans, full-sized Energy Star appliances, ceiling fans and washers and dryers. Community amenities include a swimming pool, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations.
The affordable apartment complex is a mixed-income community, consisting of 32 units for families at or below 30 percent of the area median income (AMI), eight units for those at or below 60 percent of AMI and 48 units for those at or below 80 percent of AMI. Rents will range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents were made possible through the use of the federal Low Income Housing Tax Credit program and Florida Housing SAIL program.
The Florida-based construction and design team for The Palms at Town Center includes Fugleberg Koch of Winter Park as the architect; Orlando-based Singhofen & Associates as the civil engineer; Foster Conant & Associates of Orlando as the landscape architect; Maitland-based Christina Stiles Interiors as the interior designer; and Gomez Construction Co. of Orlando as the general contractor. The leasing broker and land manager is Douglas Property & Development. HTG Management, an affiliate of HTG, is the property manager.
Florida Housing Finance Corp. provided an $8.5 million SAIL loan, and Fifth Third Bank provided a $6 million construction loan. Chase Bank provided a $3 million construction loan that converts to a permanent loan, and Raymond James Tax Credit Funds provided $6.2 million in 4 percent LIHTC equity. The Palm Coast Innovation District Kick Start Program also provided $440,000 toward water/sewer fees to make the development feasible.