PTM Partners, Peacock launch subsidy-free workforce housing platform

Florida-based PTM Partners and Peacock Capital launched Inception Housing, a platform designed to deliver lower-cost housing without relying on government aid. 

The venture targets middle-income renters earning between 80 and 120 percent of the area median income, cutting development costs by handling much of the design, construction and material procurement in-house, according to a news release. 

By using a standardized building design and cold-formed steel purchased directly from suppliers, Inception Housing can cut hard construction costs by about 25 percent compared to similar products, PTM Partners CEO Michael Tillman said. The platform’s strategy delivers buildings in six to seven months, a 50 percent reduction compared to traditional stick-build products, the release said. 

Lower construction costs and less building time mean the company can pass those savings on to renters who have been priced out of increasingly expensive urban areas, Tillman said. 

South Florida needs at least 30,460 more housing units to cover a housing shortage, according to the Florida Housing Data Project. Statewide, that number jumps to about 120,850 units, the South Florida Business Journal reported.  

Initiatives like free land deals and Florida’s Live Local Act have aimed to address the housing crisis, and Tillman said Inception will use Live Local when appropriate.

Inception Housing already has one project underway. The developer acquired 14 existing townhomes in South Orlando and plans to add 74 units across two buildings on vacant land, Tillman said. The project, called Magnolia Flats, aims to provide housing to workers servicing the nearby airport and businesses. 

A second project, Spring Lake in Winter Haven, is slated to follow. It will have 168 apartments across six buildings, the release said. Inception Housing has nearly 1,600 units in its development pipeline with a total capitalization of more than $300 million. 

The venture will target the Southeastern U.S. but is initially focused on high-growth markets in Florida, including Miami, Orlando and Tampa, according to the release.

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