Washington-based Village Concepts will break ground in March on new affordable senior housing apartments in Milton.
The Alder Ridge Senior Apartments are projected to open in early January 2014.
Dave Baus, Village Concepts development coordinator, said the three-story building will contain 116 units. Plans call for 74 one-bedroom units, 42 two-bedroom units and 17 garden-style apartments with private outside access.
The garden-style apartments are unique to the Milton property. Amenities will include a clubhouse, beauty salon and computer lab. Residents must be 62 or older and able to live independently.
Twenty percent of the apartments will be reserved for those who are disabled or handicapped. All of the apartments will be wheelchair accessible.
The Washington State Housing Finance Commission issued $8 million in tax-exempt bonds, combined with $4,081,000 in housing tax credits for the developer, Baus said. The project also includes a taxable loan backed by the U.S. Department of Housing and Urban Development.
The public partners allowed the project to be supported by private lenders without the use of state funding, Baus said. The project will be built to green standards, one of the requirements to receive tax credits, he added.
While monthly fees have not been set, rental costs are estimated to begin at $800 for a one-bedroom apartment and $900 for a two-bedroom unit for qualified residents. The garden-style apartments likely will be more costly because they will be larger and have outside entrances.
Baus applauded the collaborative relationship with the City of Milton, the property’s surrounding neighborhood and the Housing Commission that helped to make the project possible.
“It takes all of us to build communities and families,” Baus said.
Baus added that the $10 million construction project will add new jobs and provide other significant benefits.
“We project that $5 million will go directly toward workers’ paychecks,” Baus said.
Milton also is home to the group’s Mill Ridge Village Retirement and Assisted Living community.
“We recognized the need for building another affordable housing facility in Milton because of our experience with Mill Ridge,” Baus said.
Village Concepts has provided property management and consulting services for owners of residential and assisted living communities since 1975. The company has 14 independent, assisted living and low-income communities in the state.
Alder Ridge will be its third affordable facility. Two existing properties are located in Covington and Moses Lake.
Linda Henry is a freelance reporter for the Herald.