The proposed Emerald Villas Phase Two is the second phase the Emerald Villas apartment community that was formerly known as Seville Place Apartments. Prior to purchase by Seville Place Holdings, Ltd., a joint venture owned by RUDG, LLC (“Related Urban”) and Orlando Neighborhood Improvement Corporation (“ONIC”), Seville Place was 444 total units. The property was purchased in 2011 and 180 of the 444 units was demolished in order to deconcentrate the high level of poverty and low-income families in this neighborhood. The venture completed a $21.8MM rehabilitation of the remaining 264 units in 2012. Since rehabilitation, the property has realized occupancy levels consistently over 98% and crime has been substantially reduced.
Emerald Villas Phase Two will be the new construction of 96, elderly, affordable housing units on the portion of the site where the units were previously demolished. The building is a single story with 1-bedroom and 2-bedroom units, as well as high quality features and amenities designed specifically for elderly residents. This development will provide much needed housing for elderly residents with income less than 40% and 50% of Area Median Income.
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