Company breaks ground on senior housing development
December 13, 2011By Jamaal E. O'Neal
A Miami-based development firm is breaking ground on Wilmington’s newest affordable housing development senior residents over the age of 55.
Carlisle Development Group, a development firm that specializes in the construction of tax credit residential communities across the Southeast U.S., has partnered with Wilmington and the North Carolina Housing Finance Agency in the construction of a $8 million residential community called Lake Ridge Commons.
The development is set to arise along Lake Avenue, and could be completed by the fourth quarter of 2012.
Lake Ridge Commons could also create 114 full-time jobs, and be the firm’s first North Carolina development once completed, the news release said.
Wilmington Mayor Bill Saffo said the new development received $650,000 from the city in federal HOME Partnership Grants, which are federal block grants given to state and local governments to create affordable housing for low-income households. He said the remainder of the funds came from state tax credits and private financing from Carlisle Development Group.
City and housing officials held a groundbreaking ceremony for the new development November 30, according to Tatiana Johnson, a spokeswoman with public relations firm Jeffrey Group that represents Carlisle Development Group.
The 75-unit apartment development will house 39 one-bedroom units, and 36 two-bedroom units, according to a news release. Every room will also be Energy Star certified, with seven rooms reserved for persons with special needs. Future residents will also have access to laundry facilities, and exercise room and a computer lab.