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Feb 09

January - Clearlake Isles Senior Apartment Community

Posted on February 9, 2018 at 3:38 PM by Samantha Senger

Clearlake Isles
On Tuesday, February 6th, 2018, Royal American Companies, the US1 Corridor Community Redevelopment Agency (CRA), and the City of Cocoa celebrated the grand opening of Clearlake Isles Senior Apartment Community, Cocoa's newest and now fully-leased affordable senior apartment community which has revitalized a formerly vacant city owned lot within the redevelopment area of the US1 Corridor (CRA) redevelopment area.

The new apartment community provides 84 one and two bedroom residences for low and very low income seniors 55 years or older who earn between 35% and 60% of the Area Median Income (AMI). Apartment features include fully equipped energy efficient kitchens, washer and dryer in unit, a pantry, walk-in closets, and screened in porches. Community amenities include a central amenity center with a library, community room, computer center, fitness center, and many other amenities & features.

Clearlake Isles has been a long-time vision and joint partnership with the US 1 Corridor Community Redevelopment Agency investing approximately $600,000 through the donation of land, the City of Cocoa also waived $50,000 in permit fees and supported the Low Income Housing Tax Credit (LIHTC) application with the developer, and DFP Enterprises/Royal American Development.  The project is funded by the State of Florida 9% Low Income Housing Tax Credit Program. Total development costs were $12.4 million dollars. 

This project is a shining example of the effectiveness of redevelopment agencies and how CRAs facilitate development and address the needs of affordable housing. The development's 7.85 acre site is located along the US 1 Corridor redevelopment area south of the intersection of Michigan Avenue and Clearlake Road, in the City of Cocoa. The main goal for this project was to revitalize the area off the US 1 Corridor by offering much needed affordable senior housing.