(9/10/2014 5:08 PM, Mary Shanklin)
Atlantic Housing Partners has started work on the first affordable-housing development in downtown Orlando since the recession. Located at Hughey Avenue and West Concord Street, immediately west of Interstate 4, Lexington Court will have 104 units in four stories. Monthly rents are expected to be in the mid-$700 range — far below the going rate for the downtown area. The relatively low-cost apartment project follows the construction of several market-rate complexes downtown. The average rent for the downtown area was $1,206 during the first quarter, according to Real Data Apartment Index. Asking rents are more than $2,200 monthly for several premium units at the new SkyHouse midrise, which is next to the Orange County Courthouse. Pricing for Lexington Court will fluctuate with the area’s median income. "Our goal is to provide high-quality rental housing in a downtown location near public transportation at an affordable price point," said Lori Trainer, vice president of corporate public relations for Southern Affordable Services Inc.
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