The Acacia at Youngtown is now leasing! Click here to apply!
The Acacia at Youngtown is now leasing! Click here to apply!
Orlando, Fla. – Ulysses Development Group (UDG), a mission-driven developer and owner of affordable and workforce housing, celebrated the groundbreaking of Osprey Sound today, officially taking the first step towards bringing 100 high-quality, affordable homes for those 62+. Osprey Sound is centrally located at 5453 S Rio Grande Ave, ensuring residents have easy access to transit options, restaurants, and grocery stores. Upon construction completion, residents who are 62+ and earn between 50-70% of the area median income will enjoy thoughtful amenities such as a furnished clubroom and craft room, a fitness center, and an outdoor swimming pool.
The groundbreaking celebration brought together financing partners, local community members, friends, and family from across the state, underscoring the importance of safe, stable housing as the cornerstone of stability.
Today’s groundbreaking at Osprey Sound marks a significant investment in the future of Orange County,” says Orange County Mayor Jerry Demings. “This development demonstrates how collaboration and shared vision can create real solutions to our region’s housing challenges. Together, we’re building more than affordable homes, we’re building opportunity, dignity, and a stronger community for all.”
“We’re honored to bring Osprey Sound to life here in Orlando and deeply grateful to be part of this community. Every project we develop is about more than housing; it’s about creating spaces where people feel connected, supported, and proud to call home,” said Ryan Watt, assistant vice president of development at UDG. “This milestone reflects the incredible partnerships and shared commitment that make meaningful progress possible.”
“The groundbreaking of Osprey Sound represents a powerful step forward in expanding access to affordable, high-quality housing for Orlando’s seniors. Orange County is proud to support this project through an award of $7 million through the Affordable Housing Trust Loan Fund,” said Orange County Commissioner Mike Scott.
Osprey Sound is made possible thanks to the following local and state financial support.
• $22.38 million in tax-exempt bonds, $2 million in low-income housing tax credits, and $4.3 million in subordinate Viability Loan Funds from the Florida Housing Finance Corporation (FHFC).
• $7 million from Orange County through the Affordable Housing Trust Loan Fund
• Tax credit equity investment, and construction debt from Synovus Bank.
• Permanent loan from Freddie Mac, serviced by Berkadia Commercial Mortgage.
###
Ulysses Development Group (UDG) develops, acquires, and invests in affordable housing, using proven methods and sustainable solutions that benefit residents in the communities we serve. Founded in 2021, UDG owns 2,230 apartments in communities across five states and has plans to build or preserve 2,000 more by the end of 2026. For more information, visit UDG’s website at https://ulyssesdevelopment.com/.