MANATEE COUNTY, Fla. — A new workforce housing project aims to help the affordable housing crisis in Manatee County.
One Stop Housing is partnering with 12 local companies to build the complex and said that the county has agreed to a $5 million loan that will help with construction costs.
What You Need To Know
- One Stop Housing said it will take about three years until Forest Cove is complete
- S&B Metal Products said it will have seven units available for their employees when the complex is ready
Creating something from a vision is a skill Neil Sipes has polished.
He has been a press brake operator at S&B Metal Products in Bradenton for five years and has worked in the industry for more than a decade. Part of his job includes putting pieces of metal together to make a final product.
“I like the projects that we do. They’re very creative. I have a lot of creative freedom,” he said.
But when he first moved to Florida, one thing stood out.
“It is an expensive area,” he explained.
A dozen companies in Manatee County are investing in a workforce housing complex called Forest Cove that will be built in Bradenton. There will be two five-story buildings with 156 units. Mark Vengroff, the CEO of One Stop Housing, says it’s a way to provide workers with affordable housing and help companies retain employees.
“A lot of times, a lot of these companies that we’ve been hearing is that they finally find the right candidate. They fly them over (for) the interview, they love the company, they love the job. But then they drive around, they realize, ‘I can’t afford anything on that salary,’” he said.
One Stop Housing data shows 40% of Sarasota and Manatee County residents are cost burdened, meaning 30% of their total annual salary is spent on housing. The rental rates at Forest Cove would range from just under $1,000 for a studio to nearly $1,700 for a two-bedroom apartment. Sipes is hoping to live in a one-bedroom unit so he can save money.
“For a year or two years until I can get a down payment on a house,” he said.
Sipes, like so many, is fighting the rising cost of living. But now his company is fighting too, helping its employees battle the housing crisis.
One Stop Housing said it will take about three years until Forest Cove is complete. S&B Metal Products said it will have seven units available for their employees when the complex is ready.
Julia Hazel
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