Community leaders, neighbors, and partners gathered today for a special ribbon-cutting celebration at The Verandas of Punta Gorda III, the newest addition to Charlotte County’s affordable housing landscape. The event, held at 24420 Airport Road, marked the official opening of a thoughtfully designed 72-unit apartment community that aims to bring high-quality, attainable housing to local families.
The Verandas III is the latest chapter in a long-term effort to rebuild and expand housing options in the area following the devastation of Hurricane Charley in 2004. Developed by Newstar Development and the Punta Gorda Housing Authority (PGHA), and managed by Norstar Accolade Property Management, this $25.7 million project broke ground in October 2023 and began welcoming residents in December 2024.
A community united
The community consists of four attractive garden-style buildings and includes one-, two-, and three-bedroom apartments. Each unit features modern amenities such as open floor plans, granite countertops, Energy-Star appliances, and private balconies or porches. Rent prices range from $987 to $1,370, depending on size and income eligibility, and all units are reserved for families earning 60% or less of the area median income (AMI).
Residents can also enjoy a host of on-site amenities, including a fitness center, playground, and a clubhouse equipped with a training room for enrichment programs. In addition to comfortable homes, families will have access to supportive services like financial literacy workshops, job placement assistance, and homeownership counseling. The community also participates in HUD’s Resident Opportunity and Self-Sufficiency (ROSS) program.
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The project received funding from several public and private partners, including Charlotte County, the City of Punta Gorda, Bank of America, and the Florida Housing Finance Corporation. Notably, it’s the first development in the area to benefit from the new Charlotte County Housing Trust Fund.
Designed by Forum Architecture and built by NSBF, LLC, Verandas III also earned Silver-level certification from the National Green Building Standard, thanks to the efforts of Two Trails sustainability consultants.
Reimagining public housing
This opening marks the final phase of PGHA’s vision to rebuild and reimagine public housing in Punta Gorda—a vision that began with Gulf Breeze Apartments in 2008, followed by Verandas I and II in 2017.
With over 800 families on the waiting list before construction even started, the need for attainable housing in our community is clear. The Verandas III is not just a new address—it’s a long-term investment in Punta Gorda families, with affordability protections in place for at least the next 50 years.
What is Newstar Development?
Based right here in Florida, Newstar Development, LLC is a full-service real estate development firm making waves across the Sunshine State. Launched in 2020 by the former Florida leadership team of Norstar Development USA, Newstar builds on more than a decade of experience dating back to 2008. The team specializes in creating sustainable, affordable, and well-designed multifamily communities—often in collaboration with public housing authorities, local governments, and nonprofit partners. Their mission: to help shape vibrant, inclusive neighborhoods across Tampa and beyond.
