Final Phase of Newtown Revitalization Will Welcome Residents This September
Sarasota, FL, July 27, 2016 (Newswire.com) - The Sarasota Housing Authority (SHA) and its private-sector partner The Michaels Organization today marked the final milestone in the revitalization of the former Janie Poe public housing site with a grand opening celebration for Janie’s Garden Phase III. Joined by residents, community leaders and city, county, state and federal officials, the event caps an eight-year effort to replace obsolete public housing with a modern, amenity-rich community serving families with a variety of incomes.
“We are so proud of the significant investment we have been able to make in the historic neighborhood of Newtown, providing not only high-quality affordable and market-rate housing, but also hundreds of jobs for local residents over the past 8 years,” said David Morgan, chairman of the Sarasota Housing Authority Board of Commissioners. “We are grateful for the support of the neighborhood as well as city, county, state, and federal officials in bringing our vision for this neighborhood to life,” Morgan said.
We are so proud that the redevelopment of this site has been the catalyst for reinvestment and revitalization of this important and historic neighborhood.
Jorge Aguirre, Vice President, Michaels Development Co.
Janie’s Garden Phase III offers 72 energy-efficient apartments in a mix of one-, two-, and three-bedroom units, bringing the total number of units in the development to 226. Community amenities include two clubhouses, a fitness center, a residents’ lounge, and green space adorned with picnic pavilions and bicycle racks. Phase II also included 10,500 square feet of retail space fronting Newtown’s Main Street.
Final touches on the community are being done now, with leasing expected to start this September. Both previous phases are 100 percent occupied. Like those previous two phases, this final phase offers public housing, tax credit housing, and market-rate apartments in garden-style walk-ups.
“It has been a privilege to be a partner with such a forward-thinking Housing Authority,” said Jorge Aguirre, vice president of development for The Michaels Development Company. “We look forward to being a partner to this community for years to come.”
Interstate Realty Management is serving as the property manager and will ensure that Janie’s Garden remains a long-term asset to the neighborhood. Community partners include the non-profit organization Better Tomorrows, which will offer resident supportive services, as well as Suncoast Workforce and Goodwill Industries.
Financing for the $14.2 million Phase III includes $8 million in private equity raised through the sale of federal Low Income Housing Tax Credits following an award of $880,000 in annual tax credits from The Florida Housing Finance Corporation. Other funding sources included $1.75 from the Sarasota Housing Authority, $1.96 million from the County of Sarasota and $590,000 from the City of Sarasota. In addition, the development received $80,000 in State Housing Initiatives Partnership (SHIP) funding. US Bank provided $6.4 million in construction financing and The Community Development Trust (CDT) is providing $1 million in permanent financing. The tax credits were syndicated by Raymond James Tax Credit Funds.
Phase III was designed by Slocum Platts Architects. Local partners included the general contractor Satterfield & Pontykes and ACT Environmental & Infrastructure, which provided civil engineering and consulting services.
About The Sarasota Housing Authority
Established in 1938, SHA’s mission is to provide quality affordable housing that enhances the lives of our residents. SHA is a quasi-governmental agency, separate and distinct from the city or county government. SHA, with an annual budget of $17 million and staff of 33, provides housing assistance to over 2,000 families as well as various services to strengthen them. In 2013, SHA was voted as the most outstanding housing agency in Florida.
About The Michaels Organization
Michaels Development Company and Interstate Realty Management are independent operating companies of The Michaels Organization, a family companies dedicated to excellence in in affordable, mixed-income, military, and student housing. Serving more than 115,000 residents in 370 communities across 35 states, the U.S. Virgin Islands, and the District of Columbia, The Michaels Organization is a national leader in residential real estate, with full-service capabilities in development, property and asset management, construction, finance and tax credit syndication.
Source: The Michaels Organization