Atlantic Housing Partners recently received site plan approval for an affordable housing project set to rise on Lake Geneva in Fruitland Park.
Located on 14.07 acres north of Spring Lake Road, just over a half mile west of U.S. Highway 441, WaterVue at Lake Geneva is planned by Atlantic Housing as a 92-unit affordable housing community.
According to project plans, the development will consist of 36 villas and 56 lakefront apartments.
Seeking funding to aid project development, Atlantic Housing received a $460,000 commitment from the Lake County Board of County Commissioners last month under the condition that the project receive approval from the Florida Housing Finance Corporation, or FHFC, Low Income Housing Tax Credit program.
With Lake County’s support and financial contribution, Atlantic Housing intends to receive 9% competitive Low Income Housing Tax Credits to build the units for incomes at a mix of 30%, 60% and 80% of the area median income, or AMI. As part of the FHFC requirements, Atlantic Housing is committing to an affordability period of 50 years.
Broken down, 14 units will be for people making at or below 30% AMI while 57 units will be for those making at or below 60% AMI. A total of 21 units will be for those making 80% AMI or below.
“The application has not been published yet, but the workshop agenda from the Florida Housing Finance Corporation indicates that it will be published in June and due in August,” Atlantic Housing Partners Principal Scott Culp said.
According to Culp, the application will then go through the FHFC review committee in September and the results will be taken to the FHFC Board for discussion during its September 25 meeting in Miami.
“We will be permit-ready by the time the applications goes in,” he said. “Construction documents have already been completed; they’ve been through third-party review with the third-party reviewer.”
The community will be fully funded without third-party financing, according to Atlantic Housing, with Culp putting the total cost at “just over $33 million.”
The project site plan indicates the community will have a mix of unit types and densities, including a two-story apartment building overlooking Lake Geneva and a neighborhood of one- and two-bedroom garden villas connected by an outdoor courtyard and communal green space.
All units will have access to shared amenities, including a clubhouse, fitness center, sports court, and boardwalk with a lake view.
Along with WaterVue at Lake Geneva, Atlantic Housing is either under construction or in the planning phase with other projects in Central Florida.
Construction is underway on The Beacon, a $40 million apartment complex at the corner of Parramore Avenue and Amelia Street in downtown Orlando. Co-developed by Atlantic Housing and Banc of America CDC, the development will reach five stories and contain 115 units.
Atlantic Housing is planning to start construction in early 2027 on a parking garage with retail and housing next to St. Cloud City Hall, committing to making half of the 150 apartments affordable.
Atlantic Housing was selected last year through a competitive bid to partner with the City of St. Cloud on the $60 million City Center project.
The affordable housing units would have rent restrictions in place for low-income and very-low-income residents. The other 75 units would be for “missing middle” renters earning up to 120% of the area median income.
The garage will increase the number of public parking spaces on the lot from 75 to 250.
Culp said Atlantic Housing has completed all due diligence and initial conceptual design related to the project, identifying challenges tied to soil conditions and stormwater management for the property.
“The City of St. Cloud has some deficiencies in their current stormwater management system, and we’ve had to try and address how we can develop this community with the current stormwater management system they have,” he said. “We think that’s probably going to need to have some improvements to it before anything else can be developed in downtown St. Cloud, so that’s been part of the process.”
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