{"id":1004069328,"date":"2013-03-23T07:22:30","date_gmt":"2013-03-23T15:22:30","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=111371"},"modified":"2025-02-19T02:56:50","modified_gmt":"2025-02-19T10:56:50","slug":"omni-winndevelopment-wrap-21m-west-end-m-f-rehab","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/omni-winndevelopment-wrap-21m-west-end-m-f-rehab\/","title":{"rendered":"Omni, WinnDevelopment Wrap $21M West End M-F Rehab"},"content":{"rendered":"

\"\"<\/a>by Adriana Pop, Associate Editor <\/em><\/p>\n

A $21 million makeover has transformed a series of dilapidated buildings in Providence\u2019s West End into 83 units of energy-efficient affordable housing. A year of construction was capped off March 11 with a ribbon-cutting ceremony attended by Gov. Lincoln Chafee, U.S. Senators Jack Reed and Sheldon Whitehouse and other federal, state and local officials.<\/p>\n

To create the new rental properties, collectively named Phoenix Apartments, a joint venture of Omni Development Corp. and WinnDevelopment rehabilitated or rebuilt 22 abandoned and foreclosed multi-family buildings on Althea, Waverly, Bellevue, Hanover, Cranston and Waldo streets. The developers demolished seven buildings and replaced them with nine new buildings and three parking sites.<\/p>\n

Another 17 buildings were gutted and rehabilitated; seven of those properties were rebuilt either with fewer units or fewer bedrooms in order to reduce density. Also included is 3,148 square feet of space for property management offices, a central laundry facility and a community meeting room.<\/p>\n

A variety of public and private sources provided funding, including Rhode Island Housing, HOME, LeadSafe Homes Program, Neighborhood Stabilization Program and the 2006 voter-supported housing bond, Building Homes Rhode Island, Bank of American Merrill Lynch and Housing Credits<\/p>\n

\u201cPreserving 83 units of affordable housing meets a critical need in our capital city,\u201d said Joseph Caffey, president of Omni Development Corp., and managing partner of Phoenix Apartments, L.P. \u201cWe trust that our Phoenix residents will benefit for many years from these new HUD Section 8 apartments.\u201d<\/p>\n

Rhode Island Housing acquired the properties from the U.S. Department of Housing and Urban Development in 2010 and selected the Omni\/WinnDevelopment team to redevelop them. As a condition of the plan\u2019s approval by HUD, the developers maintained 83 apartments with the identical bedroom count identified in the Section 8 contract. The Section 8 rental assistance program allows each household to pay 30 percent of its income for rent<\/p>\n

\u201cThese new affordable rental homes are a perfect example of turning a liability into an asset,\u201d Governor Chafee said. \u201cThese formerly abandoned and foreclosed buildings \u2013 which previously were a risk to the community in terms of fire or vandalism \u2013 will now provide safe and affordable housing to Rhode Islanders in need.\u201d<\/p>\n

Photo: Rhode Island Housing<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Rhode Island lawmakers have joined Omni Development Corporation, WinnDevelopment, Rhode Island Housing and other community organizations to celebrate the opening of 83 new or completely rebuilt affordable rental homes in Providence’s West End.
\nCalled Phoenix Apartments, the $21 million energy-efficient development has been built on the sites of 22 formerly dilapidated and foreclosed multi-family properties. The project spreads along Althea, Waverly, Bellevue, Hanover, Cranston and Waldo streets, including a portion of community space on Cranston Street.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004069328","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nOmni, WinnDevelopment Wrap $21M West End M-F Rehab - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/omni-winndevelopment-wrap-21m-west-end-m-f-rehab\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Omni, WinnDevelopment Wrap $21M West End M-F Rehab\" \/>\n<meta property=\"og:description\" content=\"Rhode Island lawmakers have joined Omni Development Corporation, WinnDevelopment, Rhode Island Housing and other community organizations to celebrate the opening of 83 new or completely rebuilt affordable rental homes in Providence’s West End. Called Phoenix Apartments, the $21 million energy-efficient development has been built on the sites of 22 formerly dilapidated and foreclosed multi-family properties. 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