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County Approves Affordable Housing Development Agreement

CHARLOTTE COUNTY, Fla. (Sept. 16, 2022) – The Charlotte County Commission on Tuesday approved a purchase and sale agreement with Palladium Investment Company, LLC to build a 600-unit multifamily development, containing a mix of both affordable and attainable apartments.

In return for making units available for affordable housing for at least 30 years, Palladium received a 31.9-acre parcel between Hillsborough and Veterans boulevards, impact fee credits and utility connections with a combined valued up to $13.3 million.

The development will be built in two phases beginning 12 months after the sale closing. Construction must be completed on Phase 1 no later than 27 months after sitework begins. Work on Phase 2 must begin 18 months after sitework begins on Phase 1 or when 90% of Phase I units are leased or pre-leased. Phase 2 must be completed no more than 24 months after sitework begins.

Creating opportunities for developers to build affordable housing is one of the goals in the County Commission’s strategic plan. The board directed staff to incentivize the construction of affordable housing by identifying and removing barriers to building it. The board set a target of adding 200 units of affordable housing annually.

“We’re excited about this partnership with Palladium to create opportunities for those who have struggled to find secure long-term housing in the county,” said Charlotte County Administrator Hector Flores. “The County Commission has identified housing as a critical area of concern for our community’s economic growth and quality of life and I’m proud of my team’s efforts to bring this project to the finish line.”

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