Green Mills Group has announced the official groundbreaking for Poinciana Parc, a new real-estate development that will serve seniors in Osceola County, Florida.
Poinciana Parc will be a $26 million, new-construction, mid-rise, affordable housing community in Osceola County that serves low-income seniors. Future residents of the 86-unit building will enjoy access to a fitness studio, business center, club/game room, 24-hour laundry room, pool, and on-site management/maintenance.
“We’re excited to close financing and start construction on Poinciana Parc,” says Mitchell Rosenstein, one of Green Mills’ co-founders and principals. “Soon, 86 senior households in Osceola County, which is part of the Orlando/Kissimmee statistical area, will have new, fully-amenitized, professionally managed homes that are actually affordable. Poinciana Parc will be another great representation of Green Mills Group’s commitment to providing best-in-class affordable communities throughout Florida.”
Poinciana Parc was awarded a competitive 9% tax credit allocation from the Florida Housing Finance Corporation in May 2023. Additional funding is being provided by Green Mills Group, TD Bank, Raymond James Affordable Housing Investments, and Neighborhood Lending Partners.
“At TD Bank, we’re committed to closing the affordable housing gap in our regions, and providing housing for at-risk seniors is just one example of this commitment coming to life. Central Florida continues to grow, and our seniors need a place to call home,” Nathan Perlmutter, TD Bank Market Leader, Commercial Real Estate Lending said. “Osceola County is a market that will benefit greatly from investment in affordable housing, and TD is excited to partner with the Green Mills Group to make this project a reality. Living spaces that provide this peace of mind to dozens of families by providing affordable access to on-site facilities and public transportation is essential to creating a thriving community.”
Green Mills Group, based in Fort Lauderdale, specializes in the development of sustainable multifamily apartment communities with a focus on affordable/workforce housing and neighborhood revitalization. The company’s mission is to create new housing communities that are catalysts for positive change, improving residents’ lives with stability and easy access to transportation, employment, medical care, schools, grocery stores, and other important amenities.
The firm recently completed its 13th affordable housing community in Florida, has three more developments under construction, and has four more scheduled to break ground in the next 12 months. The company’s completed portfolio totals approximately $270 million in development costs. Green Mills Group and its principals have never sold any of its developments’ ownership interests, illustrating the firm’s long-term approach and commitment to its residents.
