ORLANDO, Fla. — The Beacon at Creative Village is bringing 115 new apartments to Parramore and downtown Orlando as the city works to expand affordable housing options.
According to the city, the development serves households earning at or below 80% of the area’s median income, and is part of Orlando’s broader housing initiative, Orlando Unlocked.
Mayor Buddy Dyer said housing has been part of the vision for Creative Village from the beginning.
“It was important to us that we have not only the work environment and the student environment, but have a wide opportunity, wide availability of housing,” Dyer said.
When the old Amway Arena was demolished in 2012, there was an opportunity to redevelop 68 acres in downtown Orlando into what is now Creative Village, he said.
“We have everything from attainable affordable housing to student housing to market-rate housing, everybody living together,” Dyer said.
Orlando Commissioner Shan Rose, who represents the district where the new apartments are located, said The Beacon connects residents with nearby educational opportunities.
“This is within walking distance of our schools, so this is a true pipeline from cradle to career,” Rose said.
The project brings together the city of Orlando’s Community Redevelopment Agency, Atlantic Housing Partners, Bank of America Community Development Company and Ustler Development, Inc.
“Public-private partnership is really important to creating lifelong goals, dreams and making sure that people have affordable housing in our community,” Rose said.
Dyer said funding for the new apartment complex came with a requirement: the developer has to keep the apartments affordable for 50 years.
Income eligibility depends on household size. The Beacon’s website lists annual household income limits for its 80% category of $64,400 for one person and $91,920 for a four-person household.