The City would like to dispose of the Nichols Apartment complex located at 541 South Cottage Hill Road, Orlando, Florida 32805.

In 2013 FNMA foreclosed and took control of several apartment complexes in Orlando. The properties remained unrentable, vacant, and boarded up in varying degrees of uninhabitable condition. In 2015 in an effort to alleviate the unprecedented blight in the neighborhoods, the City purchased the apartment complexes from FNMA. The City acquired the Nichols Apartment complex for a negotiated price of $400,452. In January of 2015 the apartment complex was appraised for $387,000.

In the summer of 2015, the City solicited proposals from parties interested in redeveloping the properties. Goals included increasing the inventory of safe, affordable housing to serve low and moderate income households; increasing the inventory of permanent supportive housing; and to foster community development that would enhance the surrounding neighborhoods.

The Village of Orlando, Inc. “TVO” submitted a proposal for Nichols Apartment complex that matches the City's goals. TVO offered to pay the same price as what the City had paid for the apartment complex, $400,452.

TVO will acquire the property, renovate and remodel the complex targeted to homeless veterans with children and low income persons or families with a total annual anticipated gross income that does not exceed eighty percent (80%) of the area median income.

TVO plans to renovate and remodel the complex into fifty eight (58) units for permanent attainable housing. TVO has a construction proposal for $2,600,000 ($44,828 per unit) and they have a letter from a lender approving their request for commercial mortgage financing.