Construction has kicked off on a 120-unit affordable housing development in Gainesville, Georgia.
Harrison Village Phase 1 is being built by Paces Preservation Partners in partnership with the Gainesville Housing Authority. The new community, which will serve residents earning between 30% and 80% of the area median income, will replace Harrison Square, an aging public housing community.
The older structure will remain in operation until Harrison Village Phase 1 is completed. Harrison Square tenants will then be able to move into the adjacent new housing, according to the development team.
After that, Harrison Square will be destroyed and replaced by new apartment homes for seniors in a second phase, once funding is achieved.
The apartments at Harrison Village Phase I will have one- to four-bedroom floor plans contained in five three-story residential buildings designed by Wallace Architects and built by Olympia Construction Co. Each apartment will have a fully equipped kitchen, a washer and dryer, central heating and air conditioning, ceiling fans, and walk-in closets.
The property will include a covered pavilion with picnic and barbecue equipment, a community building complete with an activity room and computer center, and an outdoor children’s play area.
“Collaboration among public and private partners enables us to better meet the housing needs of Gainesville’s rapidly growing population,” said Beth Brown, executive director of the Gainesville Housing Authority. “For our residents who have lower incomes, we will be able to provide a modern, affordable community with many amenities.”
Paces Preservation Partners is a strategic partnership between nonprofit Paces Foundation and Soho Housing Partners. The partnership works with local housing authorities to redevelop public housing.
The property will be developed on more than 17 acres of land with $40 million in funds. The Georgia Department of Community Affairs (DCA) allocated tax-exempt bonds and low-income housing tax credits for Harrison Village Phase I, and the Gainesville Housing Authority issued the DCA-allocated tax-exempt bonds.
Other financing partners include Bellwether Enterprise, BNY Mellon, Freddie Mac, JPMorgan Chase, and Red Stone Equity Partners.
