Loading...
HomeMy WebLinkAboutTerrace Pines Apartment Homest 0 • Artist's Conceptual Drawing Terrace Pines Apartment Homes By Lankford Interests Developed in Cooperation With: The State of Texas Department of Housing and Community Affairs, and; The City of College Station • Community Center (As built at the Veranda Apartments, Killeen, Tx) • What is proposed? The Terrace Pines Apartment Homes will be a 100 -unit elderly apartment community. An elderly development is defined by the Texas Department of Housing and Community Affairs as restricted to residents 55 years of age, or older. It will consist of 56 One - Bedroom with One -Bath units, and 44 Two - Bedroom with Two Bath units. Twenty percent, or 20 units, will be made available at market rent rates. Eighty percent, or 80 units, will be affordable. Of these 80 units, 49 will be marketed and leased to residents that have incomes of 60 %, or less, of the area median income. 12 will be marketed and leased to residents that have incomes of 50 %, or less, of the area median income. 10 will be marketed and leased to residents that have incomes of 40 %, or less, of the area median income. 9 will be marketed and leased to residents that have incomes of 30 %, or less, of the area median income. Seven units will be equipped, marketed, and leased to physically and/or mentally handicapped tenants. The community will be on 8.98 acres of land at the corner of Krenek Tap Road and Dartmouth Drive, will have a density of less than 12 units per acre, and incorporate large open areas of green space and parks. The units mix, sizes and rents are as follows: Terrace Pines Apartment Homes Total Units: 100 One Bedroom/1 Bath 56 743 SF Two Bedroom/2 Bath 44 950 SF Rents 30% AMFI Units Gross Allowance Net One Bedroom/1 Bath 2 $304 $24 $280 Two Bedroom/2 Bath 7 $365 $32 $333 40% AMFI Units Gross Allowance Net One Bedroom/1 Bath 6 $405 $24 $381 Two Bedroom/2 Bath 4 $486 $32 $454 50% AMFI Units Gross Allowance Net One Bedroom/1 Bath 6 $506 $24 $482 Two Bedroom/2 Bath 6 $608 $32 $576 60% AMFI Units Gross Allowance Net One Bedroom/1 Bath 33 $608 $24 $580 Two Bedroom/2 Bath 16 $729 $32 $697 Mkt Units Gross Allowance Net One Bedroom/1 Bath 9 $580 0 $580 Two Bedroom/2 Bath 11 $700 0 $700 • Is there really a need for affordable housing in College Station? Yes. The Texas Department of Housing and Community Affairs has developed a process for determining which Texas cities have the greatest need for affordable housing. A Needs Score is derived from historical data, market studies, and questionnaires sent to local governments requesting feedback on current housing inventories. Out of a possible high score of 20 points, College Station was given a 19, indicating a very strong need for affordable housing. The Villas of Rock Prairie is an existing 132 unit elderly HTC development located at 100 Mortier Drive in College Station. Currently it is 98% occupied with 100% of the 1 bedroom and 99% of the 2 bedroom units occupied. In a preliminary demand analysis done by Allen and Associates, a TDHCA recognized market analysis firm, it was determined that the current need for elderly housing in College Station is between 135 to 140 units. This finding was in line with the opinion of College Station City Planners. • Where will the Terrace Pines Apartment Homes be located? The development will be located at 819 Krenek Tap Road on 8.98 acres at the corner of Dartmouth Drive and Krenek Tap Road. The location was chosen for a number of reasons. As is indicated in the Demand Analysis this site provides close (less than one mile) access to government services (post office, police, libraries, etc), churches, retail/grocery shopping, city parks, and medical facilities. The site is nicely wooded, which will allow for trees to be incorporated into the landscape design. The site is currently zoned for multifamily development and this proposed development will actually reduce the density allowed on such zoned property. In preliminary discussions with the city, it was learned that this development would be an excellent addition to, and coordinate well with, the overall city plan for the extension of Dartmouth Drive, and ultimately the development of Wolf Pen Creek. Finally because the site is with in a Qualified Census Tract, as defined by Housing and Urban Development (HUD), beneficial financing through the HTC program is available which insures the financial feasibility of the development. • Who will Own and Operate The Terrace Pines Apartment Homes? The community will be developed and owned by Lankford Interests, LLC. Lankford Interests, LLC is a Texas based company with strong ties to the Central Texas area. Lankford Interests has been involved in the development of over 1,200 units of both affordable and market rate multi - family developments. In 1999, Lankford Interests developed and built The Veranda at Twin Creek Apartment Homes in Killeen, Texas. The Veranda is an 88 unit Elderly development. A current waiting list of 392 people for the Veranda, and it's overall success, has led to a second Elderly community in Killeen called Stone Ranch, also developed by Lankford Interests, set to break ground in February. Last fall several representatives of the City of College Station had an opportunity to personally visit the Veranda @ Twin Creek in Killeen. These two developments were made possible through financial support from the City of Killeen in the form of CDBG and HOME funds. Lankford Construction will build the development and Lankford Property Management Company will manage and operate the development on a day -to -day basis. • What is the anticipated Development Budget of The Terrace Pines Apartment Homes? Development Costs Total Development Cost $8,882,968 Total Development Cost/Unit $88,829 Total Development Cost/NSF $106 Total Construction Cost $5,610,915 Total Construction Cost/Unit $56,109 Total Construction Cost/NSF $67 Development Sources Construction/Permanent Loan $3,402,720 TDHCA/Tax Credit Equity $4,758,153 City of College Station HOME/CDBG $521,612 Lankford Interests Equity $200,483 $8,882,968 • What Type of Amenities will Terrace Pines Apartment Homes offer their Residents? Here is an overview of the amenities the residents of Terrace Pines Apartment Homes will enjoy: Large Floor Plans 1BD = 743 Sq Ft (550 sq ft is department minimum) 2BD = 950 Sq Ft (750 sq ft is department minimum) Gated Community With 24 Hour Video Monitored Security Card Access 12 Passenger Van Assigned Covered Parking Resident Community Center which will include: Fitness Center Library Resident Business Center with Computers High Speed Internet Service Individual resident email address available Fax Machines Health Screening Room Full Service Kitchen Banquet/Party Area Available Entertainment Room with Large Screen Television Adult Activity Areas Covered Outdoor Events Pavilion, which will include: Barbeque Pit Picnic Tables Heated Swimming Pool with Waterfall & Spa All- Weather Walking/Jogging Trails L Large Professionally Landscaped Park Areas Each Unit includes: Vaulted Ceiling Ceiling Fans in Living Area & Bedroom(s) Full Size Washer/Dryer Connections Outside Storage Covered Entry and Front Porch Energy Star Rated Appliances • What Type of Support Services will the residents of Terrace Pines Apartment Homes receive? Terrace Pines Apartment Homes will be in a strong position to take advantage of their association with Brazos Valley Community Action Association, Inc., and their relationship's with a number of locally operated service providers. Overview of Programs & Services to Be Provided: • Senior Nutrition Program Meals on Wheels- Hot, nutritious meals will be available to eligible residents Monday through Friday at minimal or no cost to them. Nutrition education and information will also be presented. • Health related services such as regular blood pressure checks and health screenings. • Retired and Senior Volunteer Program Offers residents the opportunity to volunteer time to assist individuals (other Residents) and/or volunteer at designated workstations such as senior centers, hospitals, nursing homes or other local community organizations. This allows the senior to remain active in their community. • Budget & Money Management Counseling • Energy Assistance (to eligible Residents) • Transportation — Terrace Pines Apartment Homes will provide a private 12- passenger van for the transportation needs of its residents as needed. • What is the Development Timeline? Local Public Meeting hosted by Applicant February 18, 2004 Final Application to TDHCA March 1, 2004 Market Study March 31, 2004 Environmental Study March 31, 2004 TDHCA Public Comment / Input on Support or Opposition (Date To Be Determined) Development Agreement with City of College Station for CDBG and/or HOME grant funds by May 18 2004 Community Support letters from elected officials deadline May 31, 2004 Staff Recommendations June TDHCA Board Meeting (Date To Be Determined) Board Allocation July TDHCA Board Meeting Pre Development Closing — Land, Architect, Engineering, etc. September 31, 2004 Construction/Partnership Closing December 31, 2004 Construction Phase January 15, 2005 — October 15, 2005 Initial Leasing June 15, 2005 Initial Occupancy September 15, 2005 • Conclusion The Tax Credit Allocation process is very competitive. The proposed development team of Terrace Pine - Apartment Homes however, feels strongly that College Station, Texas deserves and needs an elderly HTC. ,.. development in 2004. With the team's experience and the strong and active support of the City of College Station, Terrace Pines Apartment Homes, will have an excellent chance of being successful and will provide the elderly citizens of College Station with a safe and affordable community they will be proud to call home. • Income Limits: This project is proposed to be occupied beginning in 2005. Income limits have not yet been issued for 2005. For information purposes only, 2004 Income limits are: Maximum Income Level 30% of Median 40% of Median 50% of Median 60% of Median (Max) • Public Meeting Feb. 18 6pm, College Station Municipal Court: One Person $11,350 $15,120 $18,900 $22,680 If you are interested in more information regarding this development, please plan to attend the public meeting on Wednesday, February 18 at 6pm. The meeting will be held at the College Station Municipal Court, 300 Krenek Tap. The developers and City of College Station Community Development Staff will b J available for questions. For more information, contact the City of College Station Community Developmen Office at (979) 764 - 3778, or email aroach@cstx.aov For leasing information or to receive a pre- application, please contact the Developer's Director of Leasing and Management, Brenda Friedsam, at (713) 626 -9655, or brieedsam( lankfordinterests.com • Location Map: n T•rraee Pluses Apt. Homes Proposed Affordable Elderly Rental 0 a SW 1.® 1S= 201 .ye ' F., r , y „ \ r sr■o cyCeara* .• fowls c. • r: \ Two Person $12,950 $17,280 $21,600 $25,920 • • • A r • ultitultinteliturtitrIlititptio truli'moirloyltulnafitialat, eitai .,..1P191/117 M11.1■1' 0 1 7 l' P • A' Ark . A , I v-VE FE.4 • One Bedroom Floorplan 47 4 , , 11■: 57-P' Typical A Unit - Building Plan :1e7 • s r lk 2 Typical A Unit Building - Front Rear Elevation . Scow NV • V-0 wont • captryr: ZOO.* 10 +du** q./tS go :net. ■•••., 2 cc ter, ono , err•r4 niSt. fr.a. nh*V. 4. `"• 54.45 C..* " •■•• J • • Two Bedroom Floorplan 11.1•A 50 1,3 r 1 Typical B Unit - Building Plan - 9 TyLioal B Unit Building - Front / Rear Elevation 41 • ebibebrt ago. • *we ec irbe ••• ete• ret. c co be ebbe bp eee rbbb •e•.■•••••• %Webby Ibe e•Alowl " " "0, 0 •