Manatee Businesses Invest in Developing New Affordable Homes

MANATEE COUNTY, Fla. — A new workforce housing initiative is set to address the affordable housing crisis in Manatee County. One Stop Housing has joined forces with 12 local companies to construct a new complex, with the county approving a $5 million loan to assist with construction expenses.

Neil Sipes has refined his ability to create from vision. As a press brake operator at S&B Metal Products in Bradenton for five years, with over a decade in the industry, he expertly pieces metal together to realize a final product.

“I enjoy our projects; they allow for a lot of creative freedom,” he shared.

However, relocating to Florida revealed a crucial challenge.

“It is an expensive area,” he noted.

In response, a dozen companies in the region are putting their resources into Forest Cove, a new workforce housing complex being developed in Bradenton. This project will consist of two five-story buildings featuring 156 units. Mark Vengroff, CEO of One Stop Housing, explained that this initiative aims to provide affordable housing for workers, contributing to employee retention for local businesses.

“Too often, companies find the right candidate, bring them in for an interview, and everything seems great. But when the candidate explores housing options, they realize that, ‘I can’t afford anything on that salary,’” he recounted.

According to data from One Stop Housing, around 40% of residents in Sarasota and Manatee counties are cost-burdened, spending 30% or more of their annual income on housing. At Forest Cove, rents will range from just under $1,000 for a studio to approximately $1,700 for a two-bedroom apartment. Sipes is looking to secure a one-bedroom unit to save for a future home purchase.

“I hope to stay there for a year or two while I save for a down payment on a house,” he said.

Like many, Sipes is grappling with rising living costs. Fortunately, his employer is stepping up, aiding employees in the fight against the housing crisis.

Forest Cove is expected to take three years to complete. S&B Metal Products announced plans to set aside seven units for their staff once the development is operational.