The Aspire Naples initiative aims to provide Collier County with affordable housing.
A new apartment complex being developed in Collier County will provide 30% of its apartments at below-market prices, which might be excellent news for essential workers like cops and teachers who have struggled for years to find affordable rentals in the county.
Collier County currently has a typical family income of $107,000; no other Florida county has a family income beyond $60,000, according to a recent article by Eileen Kelley of WGCU.
Wealth is the driving force behind many markets, including the rental market, but it is also displacing a significant number of people.
Because there aren’t enough affordable homes in Collier County, almost 40,000 individuals commute in and out of the county every day.
Although there isn’t much affordable real estate in Lee County these days, Bonita Springs was once.
This means that thousands of workers will have even longer journeys, not to mention the strain on cars and the difficulties of commuting to daycare facilities and/or after-school programs that are close to home but far from their places of employment before they close each evening.
It makes sense that Collier County’s largest employers—the school system, the sheriff’s office, and others—say they are having trouble finding and keeping workers.
However, assistance might arrive in around 18 months.
A CIG Communities spokeswoman, Jenna Buzzaco-Foerster, stated, “We’re targeting teachers, nurses, sheriff’s [deputies], and law enforcement officers.”
Late this week, the family-run real estate company began construction on the 233-unit Aspire Naples property, which is located off of Immokalee Road between Livingston and Juliet roads.
Thirty percent of the units—71 in total—will be rented at below-market rates to families earning between eighty and one hundred percent of the area median income. This corresponds to households earning between $79,000 and $107,000 annually.
At market rate, a 700-square-foot apartment would cost roughly $2,100 per month. After that, it would be for a person with little income. around $1,500 per month, according to Buzzaco-Foerster.
The lowest annual income required for individuals to qualify is over $56,000.
“The start of work on this significant community project excites us greatly”, said Gregg Fusaro, a partner of CIG Communities. “We knew that in order to build Aspire Naples, we had to commit to providing residents with an exceptional experience, but we also had to make sure that our units would be affordable for a range of Collier County workers.”
According to CIG information, the first phase of the building will be finished in around 18 months, and people should be able to move in soon after.
The article originally appeared on WGCU