McDowell Housing Partners (MHP) has begun construction of a 100-unit affordable housing developer in Rockledge, Florida.
Ekos at Rockledge Park will provide housing for families making between 30% and 70% of the area median income.
The development will provide 70 one-, 25 two-, and five three-bedroom units, ranging from 593 to 1,026 square feet.
“Ekos at Rockledge Park marks a milestone in local workforce housing, offering 100 modern apartments with rents significantly below market rate. This community is designed to empower working families, allowing them to live where they work and truly transform their lives,” said W. Patrick McDowell, chairman and CEO of MHP.
On-site amenities will include a clubhouse with on-site management offices, a state-of-the-art fitness center, a media/business center with computer stations, a multipurpose clubroom with a kitchenette and game tables, and a pool.
Ekos at Rockledge Park is being built to National Green Building Standards to help residents keep their utility bills down. Apartments will feature Energy Star-rated appliances, low-flow plumbing fixtures, impact windows, and LED lighting.
Financing for the $38.2 million development includes 4% low-income housing tax credits, tax-exempt bonds, and Community Development Block Grant-Disaster Recovery funds issued by Florida Housing Finance Corp. Bank of America is the tax credit investor and construction lender, while Cedar Rapids Bank & Trust is providing permanent financing.
The project team includes architect of record Slocum Platts Architects, general contractor MHP Park & Eleazer Construction, and civil engineer Kimley Horn.
The new development is MHP’s 18th affordable housing project to start construction in Florida and its first in Brevard County. Founded in 2019, the firm was ranked No. 17 on Affordable Housing Finance’s list of top developers this year.