NRP Group Breaks Ground on 88-Unit Affordable Housing Community in Kissimmee
The NRP Group announced the financial closing and groundbreaking of Alora Lofts, an 88-unit affordable housing community in Kissimmee, Florida, located 18 miles south of Orlando. According to the company, the development will serve individuals and families earning between 30% and 70% of the Area Median Income.
Bill Zunamon, Vice President of Development at The NRP Group, stated this marks the company’s first affordable housing project in Florida in over a decade. The development is positioned to address what the company describes as housing affordability challenges in a region experiencing population growth.
The property consists of a single, 4-story building on a 4.49-acre site at 1300 Windsor Drive along the John Young Parkway corridor. The community will feature a mix of 1 to 3 bedroom apartments. The company reports the location provides access to public transit, with multiple LYNX bus stops less than 1 mile away on North John Young Parkway.
FK Architecture designed the community, which will utilize concrete construction designed to address Florida’s weather conditions and hurricane risk. Planned amenities include a fitness center, outdoor resort-style swimming pool, multipurpose room and community kitchen, outdoor grill area, and tot lot.
Kissimmee Mayor Jackie Espinosa commented that the project represents an investment in the city’s housing landscape and will support the local workforce.
Financing for the development includes housing tax credits from the Florida Housing Finance Corporation, along with tax-exempt bonds and Community Development Block Grant Disaster Recovery funding administered through HUD. The disaster recovery funding was allocated in response to Hurricane Ian. Additional financing partners include Truist and Grandbridge.
The NRP Group reports it has developed more than 68,000 apartment homes nationwide since 1994 and currently manages over 33,000 residential units across the United States. In Florida, the company owns and manages over 1,700 apartment homes statewide. The company also recently broke ground on Adria and Maren, 2 market-rate communities totaling 665 apartment homes and townhomes in Venice, Florida.
Construction is underway with completion scheduled for December 2027.