Hibiscus on the Creek, 180 units on Yates Road, and Kissimmee Cove, 73 on Hoagland Boulevard, are moving ahead. Rents start at $491 a month.

Two income-restricted apartment complexes are moving ahead on Kissimmee’s west side, about half a mile apart. Together they would add 253 apartments with capped rents.

The larger one, Hibiscus on the Creek, is a 180-unit complex planned at 2100 Yates Road. Staff at the Florida Housing Finance Corporation recommended its board approve the project’s financing on Friday, Nov. 6. The item was on the consent agenda in the board package for the Nov. 6 meeting. The agency had not posted the outcome by Monday.

The smaller one, Kissimmee Cove, is already under construction at 1790 N. Hoagland Blvd. Developer HTG said Oct. 28 it had closed its financing and broken ground, in an announcement published by Yield PRO.

Hibiscus on the Creek: 180 apartments on Yates Road

The parent owner is Dominium LLC. The project was called Dominium Kissimmee Family until Sept. 25, when the state agency approved the new name and a new unit mix, the credit underwriting report in the board package says.

The report, dated Oct. 26, lays out the plan:

  • 180 apartments in six three-story buildings, plus a seventh, non-residential building
  • 9.98 acres, zoned mixed-use planned unit development
  • 48 two-bedroom, 85 three-bedroom and 47 four-bedroom apartments
  • 171 apartments for households earning up to 60% of the area median income
  • nine for households at or below 35%, five of them set aside for people with special needs
  • 289 parking spaces
  • a swimming pool

The city’s code would require 360 parking spaces for 180 units. The developer got the city’s approval for a 20% reduction, which brings the minimum to 288, the report says.

What it costs and who pays

The total development cost is $86,157,211, or about $478,650 an apartment. That is up $12,836,097, or 17.5%, from the $73,321,114 in the original application, the report says. It blames higher construction, development and financing costs and new lease-up reserves.

The land costs $5,050,000, bought from Talisman Partners LLC. The main sources of money are:

  • $30.6 million in Osceola County Housing Finance Authority bond financing
  • about $32.6 million from investors buying the project’s federal housing tax credits
  • a $4.14 million state SAIL loan and a $1 million extremely-low-income loan
  • a $4.14 million loan from the developer’s own affiliate
  • $20,000 from the City of Kissimmee

The city’s share is a zero-interest, forgivable loan from its State Housing Initiatives Partnership money. It pays the permit fees for one apartment. That apartment must be rented to a household at or below 35% of the area median income for at least 20 years. The city committed the money in a Sept. 9 letter, the report says.

The developer estimates city impact fees of $2,881,966. The report says the developer will also build water, sewer and drainage lines the city required, and hand them to the city.

Affordable for 99 years

The developer plans to apply for Florida’s full property tax exemption for affordable housing. That requires a 99-year commitment. Rents stay capped at the 35% and 60% levels for 50 years. After that, the apartments must go to households earning up to 120% of the area median income for another 49 years, the report says.

The construction contract, with WD Construction LLC, runs 793 days, or about 26 months, from the start of work. The report does not give a start date.

Kissimmee Cove: 73 apartments on Hoagland Boulevard

Kissimmee Cove is a single four-story building on 2 acres near Hoagland Boulevard and West Columbia Avenue. The state agency’s credit underwriting report for Kissimmee Cove, in its March 20 board package, sets out:

  • 62 one-bedroom and 11 two-bedroom apartments
  • 11 apartments for households at or below 30% of the area median income
  • 29 at or below 60%, and 33 at or below 70%
  • 109 parking spaces
  • a total development cost of $24,426,579

The biggest single source of money is an $8.4 million federal Community Development Block Grant Disaster Recovery loan. It comes from Hurricane Ian recovery money that the state agency handed out in its 2024 funding round for Ian recovery counties.

The building contract gives 451 days, about 15 months, to finish once work starts, the report says. HTG’s page for Kissimmee Cove lists completion in early 2028. It lists a pool, fitness center, business center, library and bike station. Park & Eleazer is the general contractor.

What the rents would be

The state reports list the rent each apartment can charge before utilities. These are the 2025 and 2026 underwritten figures. They change each year as income limits change.

Complex Apartment Income limit Monthly rent
Kissimmee Cove 1-bedroom 30% $491
Kissimmee Cove 1-bedroom 60% $1,084
Kissimmee Cove 1-bedroom 70% $1,282
Kissimmee Cove 2-bedroom 30% $581
Kissimmee Cove 2-bedroom 60% $1,293
Kissimmee Cove 2-bedroom 70% $1,530
Hibiscus on the Creek 2-bedroom 35% $827
Hibiscus on the Creek 2-bedroom 60% $1,474
Hibiscus on the Creek 3-bedroom 35% $953
Hibiscus on the Creek 3-bedroom 60% $1,700
Hibiscus on the Creek 4-bedroom 35% $1,058
Hibiscus on the Creek 4-bedroom 60% $1,891

HTG’s announcement gives Kissimmee Cove’s rents as about $592 to $1,660. Those are the gross limits, which include an allowance for utilities. The state report shows both.

Bar chart of monthly rents before utilities at two planned Kissimmee affordable complexes: Hibiscus on the Creek four-bedroom at 60% of area median income $1,891, three-bedroom at 60% $1,700, two-bedroom at 60% $1,474 and two-bedroom at 35% $827; Kissimmee Cove two-bedroom at 70% $1,530, two-bedroom at 60% $1,293, one-bedroom at 70% $1,282, one-bedroom at 60% $1,084, two-bedroom at 30% $581 and one-bedroom at 30% $491.
Rents before utilities at the two complexes. Chart by Kissimmee Now.
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For comparison, Zillow put Kissimmee’s typical asking rent at $1,926 in September, across all sizes, in its rental data.

What it means for you

  • Neither state report nor HTG’s page gives a date to apply. HTG lists Kissimmee Cove as “coming soon.”
  • Every apartment has an income limit. Applicants must show their household income is at or below the limit for the unit.
  • Hibiscus on the Creek still has to close its financing. The state’s recommendation is valid for six months from the Oct. 26 report.
  • The Yates Road site sits by Shingle Creek. Our Shingle Creek neighborhood guide covers the area, and our home prices page tracks what homes sell for in the city.

We will update this story when the state agency posts the board’s decision and when either complex opens for applications.