Hillcrest Village Multifamily Housing Development providing - - PowerPoint PPT Presentation

Hillcrest Village

Multifamily Housing Development providing affordable housing to MISD employees, City

• f 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

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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

• f Midland for the purpose of developing new and expanded business enterprises

* Rezoning and site plan cost have been offset