An affiliate of ALCO Management has closed on financing that will fund a $10 million renovation of Cathedral Place, a 47-year-old affordable housing community in Mobile, Alabama, for low-income elderly residents.
Memphis-based ALCO acquired Cathedral Place in 2019 with a long-term vision for preserving its quality and accessibility. This renovation guarantees the apartments will stay affordable for the next 30 years.
The improvement will include new kitchens, bathrooms, lighting, and flooring in all 190 apartments. The project will also modernize the building with upgrades to the windows, HVAC system, water heating system, and fire sprinkler system. A new community room and library on the 13th floor will allow residents to socialize and look out on downtown Mobile.
“Nobody can do these projects alone,” said Thomas Robinson, ALCO acquisitions and development analyst. “It takes a whole team, and this team is committed to providing quality affordable housing for the elderly residents of Mobile.”
The rehabilitation project is a partnership between ALCO, First Horizon Community Investment Group, the Department of Housing and Urban Development, and the Alabama Housing Finance Authority. It is financed in partnership with Bellwether Enterprise Real Estate Capital, First Horizon Community Investment Group, and Stifel.
Mitchell M. Hall is the architect, and CMCC is the general contractor. Wesley Living will provide resident service programming to Cathedral Place residents.
