NORTH FORT MYERS, Fla. — In just a few weeks, you'll start to see construction on a lot in North Fort Myers off of Cleveland Avenue and Littleton Road. The lots will be the home of 160 new multi-family units for anyone 62 and older.
It's called Hermosa, being built by ReVital Development Group, specializing in affordable housing.
"Specifically the demographic was seniors with the preference for veterans," said Michael Allan, president of the development company.
Watch below to see some of the renderings of the complex, as reported by Senior Reporter Kaitlin Knapp:
He said the decision to make it for seniors only came from the need in this area based on Census data and other information gathered from multiple sources.
"It's close proximity to the VA Hospital and surrounding demographics and income as well," Allan said.
The units will be one or two bedrooms with a pool, clubhouse and more.
"All of the units are going to be no more than 60% of the area median income," Allan said.
This is also called AMI, which changes yearly based on data from the U.S. Department of Housing and Urban Development.
Allan says the rent will never go over 60% of the AMI. He says nine units will be 40%, eight for 33% and about four for 22%.
"A lot of seniors are going to qualify, especially in that surrounding demographic," he said.
According to the National Council on Aging, more than 11 million seniors were housing cost-burdened in 2021, spending over 30% of their income on housing.
"We know a lot of them are struggling with a fixed income, inflation and everything else along those lines," Allan said.
The project is still in the every early stages.
"It's a complicated business, it's a lengthy time as well," Allan said. "It’s not as easy as just finding the land and raising some capital and getting permits and starting construction."
He says there's competitive funding from the Florida Housing Finance Corporation, which is the hardest part about gaining money for the projects.
On Tuesday, developers got $5.25 million from Lee County as part of the federal Hurricane Ian relief money, which will go towards phase two of the project.
"The first of 72 units is going to start in October in which we received $2.75 million contribution from the county," Allan said.
The other 88 units will break ground in December.
Allan anticipates opening the first round by the end of 2025, then the rest in December 2026.
