The Richman Group embarks on another groundbreaking project, Helen Drake Village, in collaboration with the City of Phoenix as a partner, focusing on affordable senior housing. Initially identified by Mayor Kate Gallego and the city, this public-private initiative transforms approximately 144 city-owned parcels into diverse projects, with a prime focus on affordable housing, now materializing with our first project together.
Following an RFP post-COVID in 2022, TRG was chosen by the city to develop a 55+ community adjacent to Helen Drake senior center, featuring 80 units. The development includes 74 one-bedroom and 6 two-bedroom units across a three-story structure with ample surface parking, maintaining a 1:1 ratio, and offering a range of amenities to cater to our community's needs. Additionally, TRG commits to covering the senior center membership for all residents, enhancing their quality of life.
The project's success hinges on a complex capital structure involving equity, 4% bonds, Project Based Vouchers, State Housing Tax Credits, and a HOME loan from the City of Phoenix, underscoring the intricate financial arrangements that made this endeavor possible.
Acknowledging the invaluable contributions of key individuals and entities, we extend our gratitude to Titus Mathew and his team at the City of Phoenix Housing Department, Joshua Bednarek and his team at Phoenix Planning & Development, Gregg Ghelfi with AZ Finance Authority, Juan Salgado at Phoenix IDA, Vince Scarano with Biltform Architects, Dave Soltysik with Atwell, LLC engineering, Kylie Cook with Thomas Title & Escrow, Councilwoman Betty Guardado, Nicholas Wood and his team responsible for re-zoning over at Snell & Wilmer, and the Arizona Department of Housing, represented by Ruby Dhillon-Williams and Keon Montgomery and finally our amazing Mayor Kate Gallego. Please forgive me if I forgot anyone. Thank you for your unwavering support in bringing this vision to life.
Who was Helen Drake you may ask? She played a major role in developing, establishing, and raising funds for programs to serve older adults in the city of Phoenix back in the 60's and was a missionary to the Navajo nation. She was an amazing woman. Because of her, 19 senior centers have opened around Phoenix.
With ground breaking expected to begin this fall, stay tuned for updates and our next project not far from this one next to another Phoenix senior center.
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