{"id":1004087226,"date":"2013-11-20T07:06:56","date_gmt":"2013-11-20T15:06:56","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=219635"},"modified":"2020-05-21T23:50:42","modified_gmt":"2020-05-22T07:50:42","slug":"fha-and-michaels-development-company-deliver-49-unit-senior-housing-in-metro-nashville","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fha-and-michaels-development-company-deliver-49-unit-senior-housing-in-metro-nashville\/","title":{"rendered":"FHA and Michaels Development Company Deliver 49-Unit Senior Housing in Metro Nashville"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<div id=\"attachment_219640\" class=\"wp-caption alignright\" style=\"width: 260px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/11\/Reddick-Senior-Residence.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-219640\" title=\"Reddick Senior Residence\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/11\/Reddick-Senior-Residence.jpg\" alt=\"\" width=\"250\" height=\"246\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Reddick Senior Residence<\/p>\n<\/div>\n<p>The first phase of The Franklin Housing Authority\u2019s (FHA) portfolio redevelopment has been delivered with the grand opening of Reddick Senior Residence. The 49-unit affordable senior housing project was developed by the FHA in partnership with The Michaels Development Company and represents the housing authority\u2019s first public-private partnership. \u201cThis is a wonderful first step in FHA\u2019s comprehensive plan, and I look forward to seeing FHA\u2019s continued progress in creating quality, affordable housing for our community,\u201d declared Williamson County Mayor Rogers Anderson at the opening ceremony. The FHA kicked off a multiphase redevelopment plan in 2009, which entails replacing the housing authority\u2019s 297-unit (now 253) portfolio of outdated dwellings with 308 new residences offering superior living conditions.<\/p>\n<p>Reddick Senior Residence is located on the site of Reddick Court, a neighborhood of World War II homes, demolished in the fall of 2011. Ground was broken in September 2012 on the 1.54-acre site of Reddick Senior Residence, located in southwest Franklin, within walking distance of historic downtown Franklin. The $8.5 million project was master-planned by The Michaels Development Company, which met with future residents and community members for their input. The company, known for its experience in redeveloping public housing, is part of The Michaels Organization, a privately held family of eight integrated, but independent companies, which includes Interstate Realty Management, Reddick\u2019s property manager, as well as Prestige Affordable Housing Equity Partners, LLC which syndicated the sale of federal Low Income Housing Tax Credits to raise $6.6 million in private equity to fund the project. The Tennessee Housing Development Authority provided $1 million in Housing Trust Funds for the project while the Franklin Housing Authority provided $500,000 from its capital fund. SunTrust Bank served as equity investor and construction lender.<\/p>\n<p>The three-story Reddick Senior Residence comprises one- and two-bedroom apartments. Envisioned as a senior residence for low- and moderate-income individuals, rents are income-based and start at $524 per month for one-bedroom apartments, while two-bedroom units start at a monthly $618. The community, which houses residents aged 62 and up, opened fully leased.<\/p>\n<div id=\"attachment_219641\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/11\/Reddick-Senior-Residence-groundbreaking.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-219641\" title=\"Reddick Senior Residence groundbreaking\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/11\/Reddick-Senior-Residence-groundbreaking.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Reddick Senior Residence groundbreaking<\/p>\n<\/div>\n<p>Reddick incorporates several green features such as native, drought-resistant landscaping, Energy Star equivalent appliances and lighting, low-flow water fixtures and eco-friendly paints and flooring. Amenities include an elevator, ample community space, club house, fitness center, laundry facility, wellness center, front porch lounge, courtyard, and on-site resident parking. Apartment amenities include dishwasher, microwave, air conditioning, garbage disposal and broadband internet access. According to<a href=\"https:\/\/franklinhomepage.com\/new-senior-apartments-a-long-time-coming-cms-13504#.UoyimtLLzVs\" > <em>Franklin Home Page<\/em><\/a>, the first floor community room features a warming kitchen and big-screen TV, the second floor community room has a game table, while the third floor boasts a library. Reddick\u2019s senior-friendly design includes hallway handrails and emergency pulls in all bathrooms. The controlled access community is within walking distance of a grocery store, city park and the Williamson County Library.<\/p>\n<p>The Franklin Housing Authority and The Michaels Organization will collaborate on further phases of the housing authority\u2019s redevelopment plans, which include affordable multifamily housing, financing for which is currently being secured.<\/p>\n<p><em>Photos courtesy of The Michaels Organization and The Franklin Housing Authority<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first phase of The Franklin Housing Authority&rsquo;s (FHA) portfolio redevelopment has been delivered with the grand opening of Reddick Senior Residence. The 49-unit affordable senior housing project was developed by the FHA in partnership with The Michaels Development Company and represents the housing authority&rsquo;s first public-private partnership.<\/p>\n","protected":false},"author":49,"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":[36077,21742],"tags":[1815],"class_list":["post-1004087226","post","type-post","status-publish","format-standard","hentry","category-nashville-knoxville","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FHA and Michaels Development Company Deliver 49-Unit Senior Housing in Metro Nashville - 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\/fha-and-michaels-development-company-deliver-49-unit-senior-housing-in-metro-nashville\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FHA and Michaels Development Company Deliver 49-Unit Senior Housing in Metro Nashville\" \/>\n<meta property=\"og:description\" content=\"The first phase of The Franklin Housing Authority&rsquo;s (FHA) portfolio redevelopment has been delivered with the grand opening of Reddick Senior Residence. The 49-unit affordable senior housing project was developed by the FHA in partnership with The Michaels Development Company and represents the housing authority&rsquo;s first public-private partnership.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fha-and-michaels-development-company-deliver-49-unit-senior-housing-in-metro-nashville\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-11-20T15:06:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-22T07:50:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/11\/Reddick-Senior-Residence.jpg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fha-and-michaels-development-company-deliver-49-unit-senior-housing-in-metro-nashville\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fha-and-michaels-development-company-deliver-49-unit-senior-housing-in-metro-nashville\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"FHA and Michaels Development Company Deliver 49-Unit Senior Housing in Metro Nashville\",\"datePublished\":\"2013-11-20T15:06:56+00:00\",\"dateModified\":\"2020-05-22T07:50:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fha-and-michaels-development-company-deliver-49-unit-senior-housing-in-metro-nashville\\\/\"},\"wordCount\":525,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fha-and-michaels-development-company-deliver-49-unit-senior-housing-in-metro-nashville\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/11\\\/Reddick-Senior-Residence.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"Nashville - 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