The Key West City Commission on Tuesday approved a developer, moving the affordable housing project at the Truman Waterfront – commonly called the 3.2 acres – another step toward completion.
The City will now move forward to draft regulatory documents and contracts with Lofts at Bahama Village GP, LLC to create 118 residential workforce housing units with a mix of rentals and homeownership. The partnership is comprised of the Vestcor Companies/TVC Development, Inc., Charley Toppino & Sons, Inc., A.H. of Monroe County, Inc., Smith Hawks, P.L., PQH Group Design, Inc., Marino Construction Group, Inc., and Mike Flaugh Landscape Architect.
The awarding of the project is the result of a request for proposals seeking a group to build affordable housing specifically for the people of Bahama Village. The proposal by Lofts at Bahama Village also includes space for commercial development.
The City and the Bahama Village community are working together to construct deed-restricted affordable workforce housing at the site. During multiple workshops this year, the community expressed the needs of local families, especially those members of Bahama Village that are struggling to remain in their community despite the high cost of living.
The City hired Florida Housing Coalition, a statewide affordable housing non-profit organization, as a consultant to provide technical assistance and help draft the RFP, designed to represent the needs of community members and ensure the development of both rental and homeownership units that would be reserved for at least 99 years as deed-restricted affordable workforce housing on this site.
The next step is the January 18th referendum in which voters will be asked to approve leasing the 3.2 acres to Lofts at Bahama Village for up to 99 years. The lease ensures that the developer can afford to build while assuring rents and homeownership prices stay affordable in perpetuity.
Mail ballots will go out on December 15th, and early voting begins on January 5th, extending to January 15th.
“This affordable housing development will only move forward if approved by the voters,” said Vice Mayor Sam Kaufman.