OKLAHOMA CITY — Dominium has announced the acquisition of land in Oklahoma City, with plans to construct The Scott, a new LIHTC affordable housing community. Located at 2124 NW 192nd St., The Scott marks Dominium’s second new-construction project in Oklahoma. The community will be comprised of 184 homes in a mix of two-story walk-up and townhome-style buildings. Amenities will include a clubhouse, fitness center, business center, playground and a pool. Completion is slated for January 2028. Specific income restrictions were not disclosed, but monthly asking rents are estimated to fall …
Investments in major new construction and redevelopment projects from the central business district out to the suburbs signal investor opportunity. By Jason Stevens, Lument It has been 12 years since Detroit, having lost more than a quarter of its population between 2000 and 2013 and seen its tax revenues plummet, became the largest U.S. city to declare bankruptcy. The city endured decades of hardship, and many neighborhoods struggled with vacancy until recent revitalization efforts began to take hold. Today, Detroit’s turnaround is well underway. Government finances are on a firm …
DENVER — Globeville Redevelopment Partners, a joint venture consisting of several public and private members, has started construction on 4965 Washington St., a five story, mixed-use affordable housing community in Denver’s Globeville neighborhood. The $132 million project involves the redevelopment of a 2.7-acre, city-owned site that was formerly a car dealership. The project will include 170 apartments reserved for households earning between 30 and 80 percent of area median income. Developed in partnership with the Denver Public Library and the city and county of Denver, the lower level of the …
WORCESTER, MASS. — MassDevelopment, Massachusetts’ development finance agency and land bank, has issued a $38 million tax-exempt bond to Tremont Development Partners to finance the first phase of the redevelopment of the Worcester Housing Authority’s Lakeside Apartments community in Worcester. The site’s existing buildings that were originally built in 1949 will be demolished and replaced with two new buildings containing 116 units. Twenty-nine units will be reserved for households earning up to 60 percent of area median income (AMI) and 87 units will be earmarked for households earning no more …
ORLANDO, FLA. — Avanath Capital Management has acquired Retreat at Valencia in Orlando from an undisclosed seller for $73.5 million. The Irvine, California-based affordable housing investment firm will reserve one half of the property’s 336 units for families earning up to 60 percent of area median income. The remaining 168 units will be rented at market rates. Avanath also plans to provide financial counseling programs, health and wellness initiatives and resident activities and events. Retreat at Valencia was built in 2001 and is comprised of one-, two-, three- and four-bedroom …
ARLINGTON, VA. — Crescent Communities, in its first partnership with Rockefeller Group, has closed on a land sale for the future development of NOVEL Arlington. Early plans for the community call for 493 apartments and 37 townhomes rented at both affordable and market rates. Rent caps were not disclosed. The site, 5.5 acres at 2480 South Glebe Road, is about 3 miles west of Ronald Reagan Washington National Airport. Two existing hotels on the parcel are expected to be demolished to make way for the LEED Gold-targeted project. Completion is …
DENVER — Urban Land Conservancy (ULC), a Denver-based affordable housing nonprofit, has completed construction and opened The Irving at Mile High Vista in Denver’s West Colfax neighborhood. Located at 3.270 W. Colfax Ave., the 102-unit community serves households earning up to 20 to 80 percent of area median income. With ULC’s ownership of the land through a community land trust, affordability is guaranteed for 99 years. The Irving is adjacent to the Denver Public Library’s Corky Gonzales branch. The architect was Studio Completiva, and the general contractor was Pinkard Construction. …
Artificial intelligence use cases are increasing across many sectors, including housing. Potential deployment of AI can involve a wide range of uses, including AI-enabled customer service, rental analytics and internal operations efficiency, among others. As adoption continues, and regulators and legislators focus their attention on AI, the regulatory landscape involving privacy and housing-related issues is becoming increasingly complex. AI tools can raise a wide range of privacy and security concerns. Multifamily owners who have a working knowledge of AI-related federal and state policy issues will be set up for success, …
SALT LAKE CITY — KeyBank has secured $43.3 million in financing on behalf of the Housing Authority of Salt Lake City for a redevelopment and an adjacent ground-up affordable housing construction project. The projects include Sunrise Metro, a renovation of an existing 100-unit, four-story structure with the addition of 18 new units to the second floor, and Atkinson Stacks, a 100-unit new-construction building. KeyBank Community Development Lending and Investment (CDLI) provided a $27.3 million construction loan. KeyBank’s Commercial Mortgage Group (CMG) also arranged permanent financing with a $16 million Freddie …
BALTIMORE — WinnDevelopment, along with nonprofit partners BRIDGES Community Development Corp. and Bon Secours Unity Properties, have secured financing for the $44 million Residences at Belvedere Place in northwest Baltimore. The development includes 83 units of affordable housing as well as 8,442 square feet of commercial space. Financing partners for the project include the Maryland Department of Housing & Community Development (MD-DHCD), which delivered Low-Income Housing Tax Credits (LIHTC), tax-exempt bond financing and a subordinate loan; the City of Baltimore, which provided additional gap financing; Bank of America, which is …