University Place Overview
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The document outlines a 4-phase redevelopment plan called University Place that will include 461 total housing units across senior housing, multi-family rentals, and for-sale homes with a total development cost of $83.1 million. The project will be developed in 4 phases, with phase I being 118 units of senior housing at a cost of $13.6 million, phase II being 151 units of multi-family housing at $21.3 million, phase III being 136 more multi-family units at $19.8 million, and the final phase containing 56 for-sale homes costing $12.1 million along with $16.3 million for site improvements and public works.
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Construction began on University Place began in May 2006. The project’s first phase, the senior housing facility, began accepting residents in January of 2008. Leasing is expected to start on one phase of multi-family housing in March of 2008 with another multi-family phase to follow.
More than 50 for-sale housing units will ultimately be available, as well. Construction on homes for-sale is expected to begin in late 2008 or early 2009.
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Project Development
Construction began on University Place began in May 2006. The project’s first phase, the senior housing facility, began accepting residents in January of 2008. Leasing is expected to start on one phase of multi-family housing in March of 2008 with another multi-family phase to follow.
More than 50 for-sale housing units will ultimately be available, as well. Construction on homes for-sale is expected to begin in late 2008 or early 2009.
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University Place Overview
- 1. HOPE VI Revitalization UNIVERSITY PLACE
- 3. Integration of Redevelopment Strategies
- 5. University Place Development Program 4 Phases of Development I - Sr. Housing 118 II - Multi-family 151 III – Multi-family 136 For-sale housing 56 TOTAL UNITS 461
- 6. University Place Development Budgets I - Sr. Housing $13.6MM II - Multi-family $21.3MM III – Multi-family $19.8MM For-sale housing $12.1MM Site/Public Imprvt. $16.3MM _________________________ TOTAL DEV. COST $83.1MM