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Pine Island is the largest island on the Gulf Coast of peninsular Florida. To combat a steep inventory decrease for all property types, a dramatic increase in housing costs, and damage to the island’s infrastructure after Hurricane Ian, Atlas stepped in to develop a fast and permanent housing solution in the affected areas. After acquiring 20 acres of underdeveloped land (including a 5-acre lake), Atlas will oversee the side development of the property, which is expected to take 12 months to complete. After site development, Atlas will offer ground-leases for an estimated 52 single family homes. Given the limited availability of single family homes on the island and significant demand, Atlas expects to lease 90% of the lots over a period of 11 months at an average monthly lease rate of $1000.

Through vertically integrated affiliates, Atlas has retained the development as affordable despite fluctuating costs at a price point of $200k-400k per home with additional community amenities to service the home owners. Based on the alternative ownership structure that benefits both the developer and the end buyer, Atlas has successfully exceeded the initial profile return expectations. The total land acquisition and site development costs for this project will be approximately $1,260,000 and $1,118,000, respectively. Total development cost including all fees will be approximately $3,025,701.