The Vestcor Companies announced today that they’ve officially broken ground on The Quarry, an affordable housing community in Big Coppitt Key, Florida. The new community is a welcome addition to the area. The Florida Keys continue to rebuild after Hurricane Irma, one of strongest Atlantic hurricanes on record, hit the region last fall destroying hundreds of homes and parts of U.S. Highway 1.
“We are excited to begin developing our first community in the Keys, which will be the largest affordable housing community in the area”, said Vestcor President Steve Moore. “This community would not be possible without all of our partners, particularly Frank, Richard and Danny Toppino and their family.”
The Quarry is a 208-unit affordable housing community, which includes nine buildings, a clubhouse, swimming pool, dog park, outdoor pavilion and the option of one, two or three-bedroom units.
The Quarry clubhouse and initial apartment building will be complete next year with full community completion expected January 2020.
Development of affordable housing is a major priority for Vestcor who owns 22 affordable housing communities across the state. The units at The Quarry are income-restricted based on the following requirements:
- 40 percent of the units are reserved for individuals who make less than 60 percent of the area median income for Monroe County.
- Five percent of the units are for those who make less than 28 percent of the median income.
- 55 percent of units are for those who make less than 120 percent of the median income.
Development costs total approximately $60 million. This project was financed using low income housing tax credits allocated by Florida Housing Finance Corporation, as well as a State Apartment Incentive Loan from FHFC. BB&T provided a $37.8 million construction loan. Wells Fargo purchased the tax credits and SunTrust as a Fannie Mae lender provided the permanent loan. Summit Contracting Group is the contractor and PQH Group is the architect.
The groundbreaking celebration is taking place September 10th. Check out a video of the Quarry development here: http://bit.ly/2Ow1lNu
About The Vestcor Companies:
Over the last 35 years, The Vestcor Companies has built a reputation of excellence in all areas of multifamily housing. Since formation, Vestcor has developed or acquired more than 14,000 multifamily units, consisting of retirement, affordable, luxury and student apartment communities. The Vestcor team has the experience to successfully complete all phases of a real-estate investment, from initial concept through long-term management of the asset.