Commercial Bowline Apartments Approved - 162 units north of Walmart

[Jim Tucker]

Bowline Apartments about 1/2 mile north on Goldsby Rd from Walmart on US 98 on 10 acres. Devloper had stated 20% for "workforce" housing that would cost $980/month for 1 bedroom. However, tune has since changed to $1,828 for1BR, $2,104 for 2BR, $2,534 for 3BR.

 

[Matt J]

Don't you have to qualify for the $928? Plus it's only 20% of their one bedroom stock right?

 

[bob bob]

Don't you have to qualify for the $928? Plus it's only 20% of their one bedroom stock right?

What I saw was 1,2,3 BR prices. I doubt they will have real verification of income.
Meanwhile it's totally unaffordable for teachers, cops or firefighters.

 

[Jim Tucker]

Developer intends:
72 1BR
75 2BR
15 3BR

Workforce units and projected rents:
15 1BR - $1,800/month
12 2BR - $2,200/month
3 3BR - $2,600/month

Developer John King transferred development order to an Atlanta based developer and said he doesn't recall ever saying 1BR rent would be $980/month.

 

[Matt J]

I know $1800 is usually the going rate so I'm not sure how that's affordable.

 

[bob1]

I know $1800 is usually the going rate so I'm not sure how that's affordable.

Exactly. There is no affordable housing in SoWal that is decent and likely never will be.

 

[Matt J]

Exactly. There is no affordable housing in SoWal that is decent and likely never will be.

Actually I believe that businesses will ultimate build it for their employees. I know of a business wanting to do that, but financing is sticky because it's housing, this is a whole new frontier in commercial financing in this area. I'm sure that exists as you have remote work camps in multiple different market segments.

 

[Dawn]

Actually I believe that businesses will ultimate build it for their employees. I know of a business wanting to do that, but financing is sticky because it's housing, this is a whole new frontier in commercial financing in this area. I'm sure that exists as you have remote work camps in multiple different market segments.

Wouldn’t it be cheaper to pay employees more?

 

[Matt J]

Wouldn’t it be cheaper to pay employees more?

If you have high turnover or seasonal jobs that's more the issue as well.

 

[Dawn]

If you have high turnover or seasonal jobs that's more the issue as well.

OK so for seasonal workers you need "temporary" housing. I would think higher pay might help with high turnover if you mean more skilled workers and management.

I know St. Joe is building apartments with lower rents in Panama City Beach for workers. I'm not sure who else could afford that except maybe Sandestin or a group of restaurant owners?