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Charlotte County approves 600-unit multifamily development

Posted at 3:03 PM, Sep 19, 2022
and last updated 2022-09-19 15:03:47-04

CHARLOTTE COUNTY, Fla. — The Charlotte County Commission approved an agreement with Palladium Investment Company, LLC to build a 600-unit multifamily apartment complex that aims to be both affordable and attainable.

In return, after at least 30 years of making affordable unit housing, Palladium will receive a 31.9-acre parcel between Hillsborough and Veteran’s blvd., impact fee credits, utility connections, and with a combined value of up to $13.3 million.

The development will be built in two phases beginning 12 months after the sale closes.

The construction portion of phase one should be done no later than 27 months after the site work begins.

The work for phase two is expected to start 18 months after the site work of phase one is done or at after least 90% of the units are leased or pre-leased. The second phase is expected to be finished no later than 24 months after the work on site is completed.

The creation of building affordable homes in the development is the County Commission's plan. By doing so, the board has directed staff to incentivize the construction of affordable housing by identifying and removing barriers to building it. The goal is to add 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.”

To access the exact agenda and discussion clickhere.