PR: Ground Breaking Ceremony for Glassport Retirement Residence
RETIREMENT RESIDENCE OF GLASSPORT
Senior, Mixed-Income Community
GLASSPORT, PA (PittsburghNewsWire.com) — The Groundbreaking Ceremony will be held on October 5, 2017 at 2:00 PM at 219 Ohio Avenue in Glassport.
a.m. RODRIGUEZ ASSOCIATES inc., would like you to join us as we celebrate the groundbreaking of the Retirement Residence of Glassport, a coordinated community revitalization effort with Allegheny County Economic Development to produce affordable and market rate, senior living apartments.
Retirement Residence of Glassport includes the adaptive reuse of the former Glassport Elementary School (ca. 1929) plus a new wing to accommodate; a) fifty-five (55) senior 1- and 2-br apartments.
With the support of the Allegheny County Economic Development and the benefit of low-income housing tax credits, 46 of the units will be affordable to people whose incomes do not exceed 60% of area median income (AMI). Nine units will be market rate. Half of the units have projected rents that will target those whose income is 50% or less of AMI, with 3 units affordable at 20% AMI, all of which are for mobility impaired residents.
a.m. RODRIGUEZ ASSOCIATES inc. will coordinate the development activities to ensure that the buildings maintain the architectural integrity and amenities admired at all existing properties within the a.m. RODRIGUEZ ASSOCIATES inc., portfolio.
Retirement Residence of Glassport will be designed and built by an expert team of professionals with extensive experience in creating attractive, highly sustainable affordable housing. Thoughtful Balance inc./NK Architects has worked with a.m. RODRIGUEZ ASSOCIATES on several affordable housing projects in the past, and Franjo Construction Corp. who has worked on two previous PHFA-funded projects with AMR.
Total Development Cost: $15,131,676
Tax Credit Equity: $12,478,752 RBC Capital Markets – Tax Credit Equity Group
HOME Loan: $1,737,924 Allegheny County HOME Loan
PHARE Loan: $590,000 PHFA
Def. Developer Fee: $325,000 a.m. RODRIGUEZ ASSOCIATES inc.
Construction Loan: $9,950,000 Bank of New York Mellon