Rents at The Palms at Town Center range from $273 to $1,242 per month for qualifying residents.
Palm Coast, Fla. (March 2, 2021) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has officially completed The Palms at Town Center, an 88-unit apartment community located at 470 Bulldog Drive in Palm Coast, Florida. The property is already 100 percent occupied.
The Palms at Town Center is HTG’s largest ‘workforce housing’ community, providing affordably priced apartments for residents who are both low income and those who are marginally above what would allow them to traditionally qualify for affordable housing.
“Housing Trust Group is appreciative of Flagler County and Palm Coast officials for recognizing the need for more housing for working families in this community, and working with us to complete The Palms at Town Center,” said Matthew A. Rieger, President and CEO of HTG. “The COVID-19 crisis has had a significant impact on the economic stability of the entire country, so having attainable housing accessible to as many as possible is key to ensuring the well-being of those who have been hit the hardest.”
The Palms at Town Center is a garden-style development of 3 three-story buildings and a full featured clubhouse. The new community offers a mix of units including: 30 one-bedroom, 50 two-bedroom and 8 three-bedroom units. Units feature open floor plans, full-sized Energy-Star appliances, ceiling fans and washers and dryers. Amenities at The Palms at Town Center include a swimming pool, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations.
The Palms at Town Center is a mixed-income community, consisting of 32 units for families at or below 30 percent of the area median income (AMI), 8 units for those at or below 60 percent AMI, and 48 units for those at or below 80 percent AMI. Rents will range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents, made possible through the use of the federal LIHTC program and Florida Housing SAIL program will vary depending on each eligible resident’s income.
The construction and design team for The Palms at Town Center includes Fugleberg Koch of Winter Park (architect); Singhofen and Associates of Orlando (civil engineer); Foster Conant & Associates of Orlando (landscape architect); Christina Stiles Interiors of Maitland (interior designer); and Gomez Construction Company of Orlando (general contractor). The leasing broker and land manager of the Town Center at Palm Coast CDD is Douglas Property and Development and HTG Management is the property manager.
Financing sources for The Palms at Town Center was provided through a $8.5 million SAIL loan from Florida Housing Finance Corporation, a $6 million construction loan from Fifth Third Bank, a $3 million construction loan that converts to a permanent loan from Chase Bank and $6.2 million in four percent housing tax credit equity from Raymond James Tax Credit Funds. The Palm Coast Innovation District Kick Start Program also provided $440,000 toward water/sewer fees to make the development feasible.
Prospective residents interested in leasing should contact HTG Management at 386-569-6449 or thepalmsmgr@htgf.com. With social distancing guidelines still in place in many places across the country, HTG’s leasing team is also offering virtual tours and conducting business online to better serve future residents.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, Georgia, Texas and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com.