By JOE POTTER
ZEPHYRHILLS – Orange trees are being bulldozed in Zephyrhills to make way for a 160-unit apartment complex to provide affordable housing for senior citizens.
The four-building complex located on the west side of Wire Road will be known as Grand Reserve. Plans call for it to open in approximately 10 months said Bob Miller, CEO of First Florida, the project’s developer.
A community center and leasing office will face Wire Road and the remaining three buildings will be constructed behind the community center. The community center will contain 40 apartments. One of the other three buildings will contain 42 units while the remaining two will have 39 units each, Miller said.
Each of the buildings will be have three stories.
First Florida, based in Miami, will do all the site work, including clearing the 12 acres located 1,100 feet north of the southwest corner of Daughtery Road and Wire Road; installing landscaping and infrastructure; and constructing the buildings.
First Florida will be paid $11.65 million for its services, Miller said.
A subcontractor, Central Site Development of Lakeland is clearing the land that is owned by Finlay Interest 13, Ltd. of Jacksonville.
Rental rates for one-bedroom apartments are expected to range from $572 per month while rent for two-bedroom units will range from $688 per month said documents filed with Florida Housing Finance Corporation. The corporation is a state agency that provides low interest loans to developers of multifamily housing for low-income and/or elderly populations.
Finlay has obtained a $7.5 million low-interest loan from Florida Housing Finance Corporation to help finance a portion of the project’s cost.
Finlay purchased the property from Adventist Health System in 2006 for $960,000, Pasco County Property Appraiser’s Office records said. The property is currently appraised for tax purposes at $363,938 the Property Appraiser’s Office said.
