Commercial Land in Palmetto to Become Affordable Housing for Seniors

Minnesota-based Dominium, the nation’s fourth-largest provider of affordable housing, closed on over six acres of land at 705 Haben Boulevard in Palmetto today for $2.1 million. Susan Goldstein, CCIM, MBA of MSC Commercial facilitated the transaction, representing both the buyer and seller. The future Reef at Riviera affordable housing development is planned to have more than 200 residences and cater to those 62 and older earning at or below 60% of area median income. The land went under contract in November 2018 and continued moving toward a successful close, even as the coronavirus pandemic began creating new challenges for the local commercial real estate market.

“The Reef at Riviera is a new construction development of much-needed, senior affordable housing,” said Devon Quist, Development Associate with Dominium. “The development utilized 4% tax credits and bonds without any competitive financing or “gap filler.” For that reason, this project is additive to regional and statewide goals because it does not drain annual coffers such as those made available under the Sadowski fund. Florida’s annual resources are not enough to solve the affordable housing crisis, so it’s important to utilize other non-competitive resources like 4% credits and bonds to make affordable housing projects work.”

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