Workforce housing project breaks ground in North Fort Myers
Bayshore Pines to offer 180 units in amenity-plentiful community
Lee County has been striving to make housing more affordable. On March 31, another complex — one with a 99-year commitment to workforce housing — broke ground in North Fort Myers.
Onda Housing Group ceremoniously began work on Bayshore Pines, a 180-unit community at 5361 Bayshore Road.
Andrew Cribbs, CEO and co-founder of Onda Housing Group, said his group has more than 2,000 units in development.
“These developments are for working class people and families making under $65,000 per year. They will be one-, two-, and three-bedroom apartments, with plenty of room for the family,” Cribbs said. “I’m excited to bring this important project to North Fort Myers.”
Bayshore Pines will provide affordable housing for qualified Lee County residents, with rent on a two-bedroom set to be about $1,200 per month as opposed to $2,000 per month for a unit at the current market rate.
The complex will feature a clubhouse, fitness center, a pool, playground and other amenities. The complex also will be elevated an additional four feet above flood plain to reduce the risk of flooding and block construction.
“We’re building for the long term. We’re expecting it to be affordable for 99 years. We’ve committed to doing that with Florida housing,” Cribbs said. “This is going to be a real market driver to the community.”
The total construction cost is about $70 million. Onda secured $17 million in disaster recovery funds from Lee County from Hurricane Ian. The state added $3.2 million in tax credits.
In close partnership with Lee County, Florida Housing Finance Corporation delivered $33 million in bonds, Citi Community Capital and RBC Community Investments.
Ryan Benson, who is on the board of directors on the Florida Housing Finance Corporation, the state’s affordable housing agency, said this project will serve a much-in-need group.
“They’re making 60 percent of the area’s median income or less. We need this. Look at what the rents are doing. With the disparity of what people are earning and what they can afford, we need a correction and the only way to do that is more units,” Benson said. “The more affordable units we get, the faster we get there.”
The complex is expected to be completed some time next summer. Applications will be accepted in the months before opening. Benson said it is advisable that applications are put in ASAP, as previous affordable housing projects have seen applications exceed units as much as tenfold.
“We have a multi-billion-dollar problem as a state. The governor has filled the need to get us out of this hole. But it’s a big hole we got ourselves into and it’s going to take a while to get out,” Benson said.