Florida developer to build affordable housing units in Bay area

Ceremonial groundbreaking on "The Addison," a new affordable housing complex set to begin construction in Bradenton, Monday, June 4, 2018. (Dave Jordan, staff)

BRADENTON, Fla. — A Florida-based developer has broken ground on two affordable housing complexes in the Tampa Bay area.

Housing Trust Corp. based in Coconut Grove Construction on "The Addison" slated to begin in a few days Property in Lakeland geared toward seniors

Construction on "The Addison" is slated to begin in a few days and will be completed within 12 months. The new complex will be built at 702 6th Avenue E in Bradenton.

Apartments will range from 600 to 1,000 square feet. Rent will be about $1 per square foot.

The project is being spearheaded by Housing Trust Corp., based in Coconut Grove. CEO Matthew Rieger said the need for this kind of housing is continuing to climb.

"Really, it’s a supply and demand problem," Rieger said. "We have to build it as fast as we can, and the supply is taken up as soon as we deliver the goods."

Housing Trust also broke ground on property in Lakeland that will house senior citizens. The first phase of that project should be completed by January 2019.

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