Dominium Eyes Poinciana Site for Up to 500 Affordable Senior Apartments

Jun 20, 2019 In the Community

One of the nationʼs largest owners and developers of for-profit affordable housing has a 20-acre site near Poinciana Medical Center under contract for a proposed senior housing development.

Minneapolis-based Dominium is eyeing the site just across the county line from the Solivita retirement community for up to 500 apartments in two phases. The site is part of the former AV Homes Poinciana land portfolio currently being marketed by CBRE on behalf of new owner, Taylor Morrison Homes.

Dominium currently owns a dozen rental properties with over 3,000 units in Central Florida. It was the third largest developer of affordable housing in the nation last year, and this would be its first “new build” in Florida in several years.

“We have ample experience with very similar projects in Minnesota (Dominiumʼs home state), having completed and stabilized 26 of similar affordable housing new construction projects in the Twin Cities using similar methods, financing, and overall execution,” development associate Devon Quist said. "We are also building new affordable housing like this in Texas, Arizona, Colorado, Washington, Tennessee, Georgia, and we hope to add Florida to that list soon.”

Quist said the company sees the Poinciana site as a demonstration project to prove that it can successfully build affordable multifamily housing without going after competitive Low Income Housing Tax Credits or other subsidies. He said they love the site, especially its proximity to the Poinciana Parkway.