Manatee County and LAC officials and financing partners breaking ground. Credit: Lincoln Avenue Capital / PRNewswire.

US-based housing developer Lincoln Avenue Capital (LAC) has broken ground on the 301 Flats and The Savoy at 301 housing projects in Manatee County, Florida, US.

Manatee County and LAC officials and financing partners were present at the ground-breaking ceremony.

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The two housing projects are expected to complete in 2025.

These are LAC’s first construction projects in Florida.

The 301 Flats and The Savoy at 301 will offer 324 affordable housing units for individuals and families and 248 senior housing units, respectively.

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These affordable homes are critically required in the North Port-Sarasota-Bradenton metropolitan area, claimed the company.

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LAC managing partner Eli Bronfman said: “At Lincoln Avenue Capital, we’re always seeking new and innovative ways to deliver high-quality, affordable housing to communities that need it most.

“We are thrilled to break ground on the 301 Flats and The Savoy at 301 and grateful to our partners who helped make this a reality.”

LAC vice-president and project partner Jordan Richter said: “LAC is proud to deliver long-term affordability for families, individuals and seniors facing a housing crisis across Florida and here in Manatee County.

“As a mission-driven company, we’re deeply committed to helping people put down roots in their communities by expanding access to high-quality homes.”

The 301 Flats and The Savoy at 301 will feature community amenities, and several energy-saving measures as LAC prioritises sustainability and resiliency measures across its current portfolio.