Daytona Beach RAD Family

Key Dates

Estimated Closing Date: November 1, 2021

412 Whitney St. | Formerly Palmetto Park

512 Keech St. | Formerly Caroline Village

1200 Ninth St. | Formerly Northwood Village I

1226 Ninth St. | Formerly Northwood Village II

185 S. Dr. Martin Luther King Jr. Blvd. | Formerly Walnut Oak

Intersection of Oak, Fulton & Progressive

Daytona Beach Housing Authority

DETAILS:

Daytona Beach, FL
Number of Units: 351
Total Development Cost: $63,632,396
Development Type: Family
Development Partner: Housing Authority of the City of Daytona Beach
Project Type: 4% LIHTC
Construction Jobs: 971
Permanent Jobs: 31

PROJECTED SOURCES:

First Mortgage: $24,000,000
PHA Funds: $7,479,999
Seller Note: $7,480,000
Cash Flow During Rehab: $1,912,188
Equity: $24,789,821

Total Sources: $63,632,396*

*Final numbers distributed at closing.

PROJECT NARRATIVE:

Daytona RAD Family, LP is a scattered-site project located in central Daytona Beach, FL, and is currently owned by the Housing Authority of the City of Daytona Beach (HACDB). The HACDB has selected a development partner to assist the agency with asset repositioning and leveraging private funds. The HACDB is partnered with BGC Advantage, an experienced RAD and LIHTC developer, to renovate and construct affordable housing units within the City of Daytona Beach. Daytona RAD Family, LP will be converted from Public Housing to Section 8 Project-Based subsidy using the blend of RAD and Section 18. The rehabilitation project for all current public housing sites includes 331 units across five (5) scattered sites, and there are 20 new construction units on one additional site. Combined, the project includes 351 units across six (6) sites. The neighborhood surrounding the sites are comprised of homeowners, rental housing, schools, parks, doctor’s offices, and neighborhood services.

Amenities & Upgrades:

  • Updated kitchen & bathrooms

  • New flooring, doors & lighting

  • Energy-efficient appliances

  • SMART Home Features

  • Modern clubhouses and community spaces

  • Activity & exercise rooms

  • Green spaces, playgrounds, & a fishing dock

  • Improved roads, parking, sidewalks, and drainage

  • Professional landscaping, lighting & signage

PROJECT PARTNERS

Developer
BGC Advantage                 

PHA
Housing Authority of the City of Daytona Beach

Architect
DNA Workshop

General Contractor
Gibraltar Construction Co., Inc.

Property Management
Allied Orion

Financial Partners
Red Stone Equity Partners
Citi Community Capital

UNITS & RENTAL RATES (351 Total Units)

Coral Breeze (100 Units)

2 Bedroom | 55 Units
Contract Rent: $821

3 Bedroom | 45 Units
Contract Rent: $1,127

The Meadows (126 Units)

2 Bedroom | 74 Units
Contract Rent: $842

3 Bedroom | 32 Units
Contract Rent: $1,153

4 Bedroom | 20 Units
Contract Rent: $1,526

The Monarch (20 Units)

1 Bedroom | 8 Units
Contract Rent: $842

2 Bedroom | 8 Units
Contract Rent: $883

3 Bedroom | 4 Units
Contract Rent: $1,153

King Palm (57 Units)

1 Bedroom | 12 Units
Contract Rent: $842

2 Bedroom | 30 Units
Contract Rent: $883

3 Bedroom | 15 Units
Contract Rent: $1,153

Queen Palm (28 Units)

2 Bedroom | 12 Units
Contract Rent: $1,037

3 Bedroom | 16 Units
Contract Rent: $1,284

Sage Harbor (20 Units)

3 Bedroom | 20 Units
Contract Rent: $TBD