Woda Cooper Opens N.C. Affordable Senior Housing
The development targets individuals who are 55 and older and earn between 40 and 80 percent of the AMI.
Woda Cooper Cos. has opened the 50-unit affordable senior housing Center Crossing in Hickory, N.C. The community serves individuals aged 55 and older who earn between 40 and 80 percent of area median income. The company was the general contractor for the development and its management division now oversees leasing and property management.
According to Catawba County records, in 2020, RiverHills Bank provided the construction and first mortgage two-year bridge loans, totaling $5.6 million. The North Carolina Housing Finance Agency (NCHFA) provided two permanent debt loans totaling $1.7 million, as well as federal LIHTC to support equity financing, while CREA acquired the tax credits. Through its Unifour Home Consortium, Western Piedmont Council of Governments also provided a $250,000 loan. NCHFA also sponsored the development with two permanent debt loans.
The property is a four-story building offering 28 one-bedroom units and 22 two-bedroom units. Five of these are accessible units for individuals with mobility challenges, including two units set aside for those with sight or hearing impairments. Each unit has ENERGY STAR appliances, the whole property being certified ENERGY STAR 2.0. Community amenities include a multipurpose space with a kitchenette, fitness center, computer room, as well as an onsite management office and laundry services. Outdoor seating areas are also available.
Located at 105 S Center St., the development is less than half a mile southeast of the downtown Union Square and its various retail, dining and entertainment options. Hickory Plaza and a Walmart are also available 1 mile south of the property.
Aging Baby Boomers will keep creating demand for senior housing, influencing the market for decades to come. Moreover, the ratio of adult children who remain caregivers to their older family members is in decline. Both of these demographical and social changes will create a growing need for senior housing in the following years.
TightLines Designs provided architecture services, while Mc2 Engineering performed the civil engineering, Fluhrer Reed structural engineering. Green building consultation was provided by E2 Technologies.