Verandas III Ground Breaking

CONSTRUCTION OF VERANDAS PHASE III APARTMENT HOMES BEGINS,

SUPPLYING MORE AFFORDABLE HOUSING TO CHARLOTTE COUNTY

Construction has begun on The Verandas of Punta Gorda III (Verandas III), the third phase of the Verandas of Punta Gorda, which will help address the need for more affordable housing options in Punta Gorda and Charlotte County.

Verandas III includes 72 apartment homes, joining the 120 apartment homes already in place in the first two phases of the Verandas. Located at the northwest corner of Airport Road and Cooper Street in Punta Gorda, Verandas III includes four 3-story buildings with 1-, 2- and 3-bedroom apartment homes that feature open floor plans, granite countertops, energy-star appliances and balconies/porches.

In addition to the features within the apartments, Verandas III will have a business center, fitness center, and playground. Verandas III will also offer enrichment opportunities including education, job training and placement programs, along with computer and financial literacy programs to promote self-sufficiency. 

The Verandas of Punta Gorda III marks the final phase in the redevelopment of the Punta Gorda Housing Authority's (PGHA) public housing apartment homes, which were lost during Hurricane Charley in 2004. The first redevelopment site, Gulf Breeze Apartments, was completed in 2008.  The second and third phases, Verandas I and II, were completed in November 2017.

Currently, the Punta Gorda Housing Authority has over 650 applicants on the waitlist for an affordable apartment home. Verandas III will help to address the critical need for affordable housing in Charlotte County, which stems from rising home values and higher rental rates. 

"We are excited to complete final redevelopment of PGHA's public housing developments," said Kurt Pentelucuc, Executive Director of PGHA. "There are plenty of people in Charlotte County looking for the opportunity to live in a quality community at an affordable price."

Funding for the project includes Charlotte County funds, City of Punta Gorda funds, a Viability Loan from Florida Housing Finance Corporation, PGHA funds, and low-income housing tax credit (LIHTC) equity and construction and permanent loans from Bank of America. 

Also, Verandas III is the first affordable housing development awarded funds from the Charlotte County Housing Trust fund through the Charlotte Homes Application process.

Verandas III is being co-developed by Newstar Development, Norstar Development USA, and PGHA, and will be managed by Norstar Accolade Property Management. The development team includes Forum Architecture, Banks Engineering, and NSBF as the general contractor.

"The Verandas III is a great example of how quality affordable housing can help a community," said Brian Evjen, President of Newstar Development. "We are proud to be the developer for the project, and working with the Punta Gorda Housing Authority has been an absolute pleasure for us."