McDowell Housing Partners has secured financing and begun construction on the first phase of Ekos at Bayonet Point, a master-planned affordable housing community in Pasco County.
Located at 7555 McDowell Way, just west of Bayonet Point Regional Medical Center, phase one will deliver 114 senior apartment homes, in a four-story building designed for residents earning at or below 60% of the area median income.
The development is funded by a combination of 9% housing tax credits, issued by Florida Housing Finance Corporation, a construction loan from Truist Bank, a permanent loan through Freddie Mac, originated by Grandbridge Real Estate Capital, and support from the National Housing Trust Fund and Pasco County’s Community Development HOME loan program.
Phase two, currently in final design review, will add another 120 senior units. Phase three, still in planning, will introduce 126 affordable apartments for families and individuals of all ages. In total, the Ekos at Bayonet Point community will offer 360 affordable units, a statement said.
The first phase is expected to be completed by the third quarter of 2026.
Rendering courtesy of McDowell Housing Partners