Born out of a public-private partnership consisting of Related Urban, Orlando Neighborhood Improvement Corporation and Orange County government, the sod was turned Thursday, to transform Seville Place Apartments on Pine Hills Road into a redeveloped affordable housing community. Renamed Emerald Villas, once completed, the $22 million project, will boast 264 rental units, a club house, business center, computer library, fitness center, tennis courts and a pool.
Over two years in the planning and organizational stages, Orange County contributed $7 million from the Neighborhood Stabilization Program and an additional $1.6 million from a state funded affordable housing program, to help finance the redevelopment project.
Orange County Mayor Teresa Jacobs said, the plan is to transform the former Seville Place Apartments into a vibrant and fully renovated affordable housing community, which will be a perfect complement to the new Evans High School.
“The synergy between doing them both at the same time is really important because you not only have a school to be excited and proud about, but you have a brand new place to live, right across the street,” said Jacobs. “And to have it affordable, with all those amenities that make it a wonderful place to live, is really important.” People who live in Pine Hills deserve great schools and deserve great places to live, she added.
Jacobs, who had high praise for the community leaders that worked on putting the project together, said she believes the new Emerald Villas development would help change the culture of the community and assist in crime reduction in the area.
“The more that we can do to get people out of their homes, get them connected and to take a stake in the ownership of the community, the more this would help to stifle and limit crime,” she said. This project is aimed at helping to change that culture, Jacobs added.
Jacobs also said, the lack of access to jobs continues to be a major challenge and a way had to be found to allow people with varying skills sets, to gain employment.
“A lot of focus is on high tech and that’s important,” she said. “But we need jobs for all skill sets–for people that have a college education, for people that have a high school degree, for people who didn’t graduate from high school …everybody needs an opportunity to be able to make an honest living.” She added that the re-development project would also support job creation in the area.
Matt Allen, Executive Vice President and COO of The Related Group said he is excited about the partnership that has been assembled for the project.
“This redevelopment effort could not have been realized without the tremendous collaboration between the public and private sectors. Orange County government has been an essential partner in this endeavor,” he said.
The new Emerald Villas re-development project also received construction financing to the tune of $10.5 million of tax exempt bonds which were issued by the Orange County Housing Finance Authority and secured by Bank of America. Tax credit equity is also being provided by Raymong James Tax Credit Funds.
“Bank of America is honored to be a part of this community and a part of the team that is rehabilitating Emerald Villas into safe, affordable rental housing,” said John Moskos, Central Florida market president for Bank of America.
Today’s ground breaking drew representatives from the private and public sectors, including Orange County Commissioners, Fred Brummer (District 2), Tiffany Moore Russell (District 6) and S. Scott Boyd (District 1).
Emerald Villas is expected to be completed in December 2012.
