Hillcrest Village Multifamily Housing Development providing affordable housing to MISD employees, City of Midland First Responders, and MMH employees Disclaimer: Reasonable attempts have been made to ensure the information presented herein is as representative of the final project as possible, based on the latest information available. However, updates and changes to available data are expected as the project continues. This development project will require a number of additional formal steps to occur prior to finalizing lease rates, unit mix, project cost, site plan, design elements, financing arrangements, and targeted tenant groups. Therefore, the information presented herein is for discussion purposes only and is subject to change.
Midland Community Development Corporation
Single Family Developments Pueblo Del Arroyo (Under Construction) 34 units Glen Francis Addition (Jax Ave) 24 units Pueblo San Juan (New Jersey Ave) 23 units South Pueblo Park (Florida St. Area) 33 units Old Pueblo Park (Downtown Area) 32 units
MCDC Multi Family Developments Playa Del Pueblo Apartments 611 E. Interstate 20 96 Units Completed 2014 Total Development Cost $14 Million
MCDC Multi Family Developments Westridge Senior Apartments 5200 Graceland 96 units completed 2015 Total Development Cost $13.5 Million
Hillcrest Village Site 19.8 Acres 8 acres zoned multifamily
Hillcrest Village Multifamily development project to provide affordable housing to the following target groups: MISD Midland Memorial Hospital First Responders
Hillcrest Village 200 unit complex -60% 1 bedroom, 30% 2 bedroom, 10% 3 bedroom Humphrey & Partners Architects, LP Big House Design concept Lease rates for a single bedroom apartment 30-50% discount from current rates at other “A” properties
Big House Design Features direct access garages, enclosed private stairs for upper units, walk out patios and balconies, and boasts 100% efficiencies – Private attached garages – Direct unit entry – 10 units per building – 300+ projects built across the US
Project Cost Total Development cost is estimated to be $41.7 million Estimated equity need of $14 million
Rental Rates for Hillcrest Village
Project Benefits Creating a neighborhood instead of a “complex” Address affordable housing for Critical Groups that are key to community wellness
Progress Master lease LOI’s – 70 units MISD – 50 units MMH – Working with City of Midland Promotional agreement – $98,600 grant from MDC* to offset rezoning and site plan costs *The Midland Development Corporation is providing $98,600 to MCDC as a part of a promotional agreement to advertise or publicize the City of Midland for the purpose of developing new and expanded business enterprises * Rezoning and site plan cost have been offset
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