2010 Hanson Street

The Bloom

In answer to the region’s affordable housing shortage, 2010 Hanson Street brings more workforce housing to Fort Myers! Tentatively renamed “Bloom,” the project will add 336 apartment units to the Cleveland Avenue redevelopment area

2010 Hanson Street, or Bloom, will be developed on the site of the old Araba Shrine Hall. The event center and surrounding buildings will be razed to fully dedicate the 5.7 acre property to providing workforce housing. The 336 high-quality apartments will be complemented by a 506-space parking garage. Developer Redburn Development Partners, LLC, plans to offer rents affordable to local firefighters, teachers, nurses, police officers, and other professions where salaries may limit housing options within the City of Fort Myers. Units in this project will be available for middle-income workers that earn between 80% and 120% of the area median income for Lee County. Workforce housing rates are substantially lower than the monthly rents in regional luxury apartments and homes. 2010 Hanson Street/Bloom has been approved for an $8.2 million CRA increment rebate.

Commencement Date

January 31, 2024

Proposed Completion Date

October 31, 2026

Address

2010 Hanson St. Fort Myers, FL 33901

Map Tour
STATUS UPDATES

Still working on application for CDBG-DR funding and FHFC tax credit.

4/9/24
STATUS UPDATES

We plan to apply to the CDBG-DR multi-family grant, and are investigating potential use of the 4% LIHTC credits for a portion of the
project. We have spent over $SM to date on the project and committed to seeing it finished. However, until commercial banks start lending at the loan size required for our project, the only financing available are from private equity debt funds at exorbitant rates (12% plus).We have spent over $5M to date on the project and committed to seeing it finished. However, until commercial banks start lending at the loan size required for our project, the only financing available are from private equity debt funds at exorbitant rates (12% plus). We are already starting to hear it easing up very slightly but we need the FED to drop SOFR. etc. rates to move forward.

1/8/24
STATUS UPDATES

Demolition is just wrapping up. Working on financing as you know it’s a challenging environment. Targeting a closing on financing before the end of the year and start date before the end of the year. Everything else still roughly the same.

10/6/23