CDP Opens Affordable Phoenix Suburb Community
El Rancho del Sol features 47 units and complements the adjacent El Rancho del Arte, a 66-unit property in Mesa, Ariz.
By Laura Calugar
Community Development Partners opened 47-unit El Rancho Del Sol in Mesa, Ariz. Designed by Perlman Architects, built by Rytan Construction, public art components by Zarco Guerrero and managed by Celtic Property Management, the project is expected to achieve LEED Platinum certification.
Located at 710 E. Main St., the property complements El Rancho del Arte, an adjacent community built in 2015. Both assets provide affordable housing. El Rancho Del Sol serves low-income households earning 40 to 60 percent of the area median income. Designed to serve families with children, the project features 26 two-, 11 three- and 10 four-bedroom units, with sizes ranging from 942 to 1,988 square feet. Amenities include:
- a business center
- community room
- swimming pool
- 72 parking spaces
- media room
Complex project financing
The project was partially financed by the sale of 9 percent LIHTC awarded by ADOH. The tax credit investor is Alliant Capital. A construction and permanent loan from Chase Bank, HOME and Housing Trust Funds from ADOH, a HOME loan from the City of Mesa and an acquisition/pre-development loan from Local Initiatives Support Corp. financed the remaining project costs.
A New Leaf will provide residents supportive services and Local First Arizona will be in charge of an on-site micro enterprise accelerator program for enterprising residents. Cultural Coalition will continue providing arts based programming as part of the after school program for residents’ children. We Cycle and Garden Pool are also operating spaces.
Image courtesy of Community Development Partners