Dominium Opens $64M Affordable Housing Community
This marks the developer’s first project in South Carolina.
Dominium is about to officially open its first South Carolina affordable housing development—Haven at Congaree Pointe, a 198-unit senior living community in Columbia, S.C. The ribbon-cutting ceremony is being held on Tuesday, May 28.
The firm entered a minimum partnership of 15 years with Bible Way Church of Atlas Road, the owner of the 60-acre parcel upon which the project sits. Partners include the SC Housing Development team, Midlands Community Development Corp. and Winthrop & Weinstine, among others.
Haven at Congaree Pointe’s development costs totaled $63.9 million. According to Yardi Matrix data, U.S. Bank financed the project with two separate construction loans amounting to $25.3 million and $29.2 million, respectively. The maturity date for both loans is set for 2025, with the former bearing a 3 percent fixed rate.
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Moreover, Columbia Housing Authority issued $28.9 million in bonds bearing a 2.25 percent interest rate and maturing in 2043, the same data provider shows. Other financing sources included $20.8 million in federal low-income housing tax credit equity, as well as $20.1 million in state LIHTC equity, according to public records.
Kimley-Horn and Associates provided civil engineering, Martin Riley Associates-Architects covered design services, while WD Construction served as general contractor.
Catering to seniors aged 55 and above, earning 60 percent of the area median income or below, Haven at Congaree Pointe rises four stories. In 2021, Dominium requested a zoning appeal that granted a height variance for the building to reach the desired height of 55.5 feet. The new design is meant to help reduce walking distance for seniors to elevators and amenities.
The community encompasses one- and two-bedroom floorplans ranging from 760 to 1,099 square feet. Units feature walk-in closets, energy-efficient appliances and electronic entry systems. Community amenities include a gym, a club room and library, as well as a courtyard with a landscaped walking path and grilling spaces.
Located at 2401 Atlas Road, Haven at Congaree Pointe is 2 miles off Interstate 77 and more than 6 miles southeast of downtown Columbus. Two bus stops and several retail options are within walking distance.
Columbia’s affordable housing pipeline
According to Yardi Matrix data, Columbia’s pipeline totaled more than 2,100 units under construction as of May, or 3.8 percent of total stock. Of these, more than 1,100 are affordable residences—accounting for more than half of all units underway and 10.9 percent of the total affordable stock.
Last year, developers completed nearly 1,600 units, well above 2022’s level of about 180 units. So far this year however, almost 200 units were delivered year-to-date as of April, less than half of 2023’s completions during the same period, which amounted to 480 units.
