City and county officials celebrated a ribbon-cutting ceremony for the third phase of The Verandas of Punta Gorda, a $25.7 million affordable housing development that replaces family units destroyed by Hurricane Charley in 2004.
Located at 24420 Airport Road, the 72-unit complex is the final phase of the Verandas project, developed through a partnership between the Punta Gorda Housing Authority and Tampa-based construction firm Newstar Development LLC. The units are reserved for households earning up to 60% of the area median income, as defined by the U.S. Department of Housing and Urban Development.
A number of residents living in the 147 affordable housing units destroyed by the Category 4 storm on Aug. 13, 2004, left the area, while others stayed. Over the years the need for more affordable housing units grew amid soaring home and rental prices. Today, about 1,000 people remain on the waitlist for affordable housing in Punta Gorda, Housing Authority Executive Director Kurt Pentelecuc said.
Brian Evjen, president of Newstar Development LLC, said a number of obstacles were overcome to build the complex, including the COVID-19 pandemic and rising construction costs for the third phase.
Phases one and two of the Verandas were completed in 2016 and 2017, providing 120 units for residents 55 and older.
The Verandas III community features four two- and three-story garden-style residential buildings and a centrally located clubhouse. The 72 apartment homes comprise 36 one-bedroom, 26 two-bedroom and 10 three-bedroom units, ranging in size from 712 to 1,323 square feet. Rents range from $987 to $1,370, depending on unit size and affordability.
Each unit features an open floor plan, granite countertops, Energy Star appliances and private balconies or porches. Community amenities include a fitness center, playground and enrichment training room. Support services, such as job placement, financial literacy workshops and homeownership counseling are available, and residents may also enroll in HUD’s Resident Opportunity and Self-Sufficiency Program.
The project broke ground in October 2023 and welcomed its first residents in December 2024. It is now fully occupied and managed by Norstar Accolade Property Management.
The development was financed with the support of Charlotte County, city of Punta Gorda, Bank of America, Florida Housing Finance Corp., Punta Gorda Housing Authority and HUD, said Alexia Martin, a Punta Gorda Housing Authority commissioner.
Martin said the Verandas was the first project in Charlotte County to receive funds from the Charlotte County Housing Trust Fund through the Charlotte Homes application process.
Charlotte County Commissioner Joe Tiseo, who has served on the Affordable Housing Advisory Committee, said affordable housing remains a priority, and that it “does not happen organically.” The county loaned $1.4 million for Verandas III through its Housing Trust Fund.
“Too many families, seniors and working individuals are being priced out of the community they’ve lived in and contributed to for years,” and teachers, first responders, seniors, service workers and young professionals should be able to afford housing, he said.
