Universal Orlando Resort has announced it will make 20 acres available for developers to build 1,000 units of affordable housing near the upcoming Epic Universe theme park.
Besides the 20 acres, Universal will also provide three acres to be used “for future transportation planning near the future theme park. That land could be used to develop light rail or other options.”
Orange County has seen a boom lately and there is a demand for “affordable housing” and it’s something the city is working towards and taking very seriously.
Orange County Mayor, Jerry Demings said this about the project:
“While details are still being worked out, Universal is serving as a prime example of a private entity teaming up with a public entity to address the affordable housing crisis in Orange County.”
Bizjournal added:
“Currently, there is no timetable to develop the land, and a plan to release the land has not been finalized, John Sprouls, executive vice president and chief administrative officer for Universal Parks & Resorts, said during the media event. Universal is looking at methods to do so, including potentially leasing the land for $1 a year to an entity that has yet to be determined or by placing deed restrictions on the land to allow only affordable housing there.”
This all comes at the time when the Orange County commissioners will vote today, December 17th, on a 10-year affordable housing plan. “Under that proposed plan, the county would create 11,000 units of affordable housing for families with household incomes of $26,000-$83,000, with another 19,300 units for families with household incomes of $83,000-$97,000. That would represent 35% of the projected 86,100 housing units — including market-rate units — expected to be built by 2030 in the county.”
Orlando has been ranking low in the area of affordable housing, so this would all go a long way in helping to alleviate some of the housing prices.
What do you think? Comment and let us know!
Source: Bizjournal
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