FHA and Michaels Development Company Deliver 49-Unit Senior Housing in Metro Nashville
By Eliza Theiss, Associate Editor
The first phase of The Franklin Housing Authority’s (FHA) portfolio redevelopment has been delivered with the grand opening of Reddick Senior Residence. The 49-unit affordable senior housing project was developed by the FHA in partnership with The Michaels Development Company and represents the housing authority’s first public-private partnership. “This is a wonderful first step in FHA’s comprehensive plan, and I look forward to seeing FHA’s continued progress in creating quality, affordable housing for our community,” declared Williamson County Mayor Rogers Anderson at the opening ceremony. The FHA kicked off a multiphase redevelopment plan in 2009, which entails replacing the housing authority’s 297-unit (now 253) portfolio of outdated dwellings with 308 new residences offering superior living conditions.
Reddick Senior Residence is located on the site of Reddick Court, a neighborhood of World War II homes, demolished in the fall of 2011. Ground was broken in September 2012 on the 1.54-acre site of Reddick Senior Residence, located in southwest Franklin, within walking distance of historic downtown Franklin. The $8.5 million project was master-planned by The Michaels Development Company, which met with future residents and community members for their input. The company, known for its experience in redeveloping public housing, is part of The Michaels Organization, a privately held family of eight integrated, but independent companies, which includes Interstate Realty Management, Reddick’s property manager, as well as Prestige Affordable Housing Equity Partners, LLC which syndicated the sale of federal Low Income Housing Tax Credits to raise $6.6 million in private equity to fund the project. The Tennessee Housing Development Authority provided $1 million in Housing Trust Funds for the project while the Franklin Housing Authority provided $500,000 from its capital fund. SunTrust Bank served as equity investor and construction lender.
The three-story Reddick Senior Residence comprises one- and two-bedroom apartments. Envisioned as a senior residence for low- and moderate-income individuals, rents are income-based and start at $524 per month for one-bedroom apartments, while two-bedroom units start at a monthly $618. The community, which houses residents aged 62 and up, opened fully leased.
Reddick incorporates several green features such as native, drought-resistant landscaping, Energy Star equivalent appliances and lighting, low-flow water fixtures and eco-friendly paints and flooring. Amenities include an elevator, ample community space, club house, fitness center, laundry facility, wellness center, front porch lounge, courtyard, and on-site resident parking. Apartment amenities include dishwasher, microwave, air conditioning, garbage disposal and broadband internet access. According to Franklin Home Page, the first floor community room features a warming kitchen and big-screen TV, the second floor community room has a game table, while the third floor boasts a library. Reddick’s senior-friendly design includes hallway handrails and emergency pulls in all bathrooms. The controlled access community is within walking distance of a grocery store, city park and the Williamson County Library.
The Franklin Housing Authority and The Michaels Organization will collaborate on further phases of the housing authority’s redevelopment plans, which include affordable multifamily housing, financing for which is currently being secured.
Photos courtesy of The Michaels Organization and The Franklin Housing AuthorityTags: affordable housing, affordable multifamily housing, Architecture/Design, Energy Star, Finance/Investment, Financiers, Green, Housing Trust Funds, Interstate Realty Management, multiphase portfolio redevelopment, Nashville Lead Story, Prestige Affordable Housing Equity Partners LLC, property management, public-private partnership, Reddick Senior Residence, SunTrust Bank, Tennessee Housing Development Authority, The Franklin Housing Authority, The Michaels Development Company