Oct. 24, 2012
Caption:City officials and community partners cut the ribbon opening the Lofts at McKinley.
The city of Phoenix Housing Department is celebrating the grand opening of The Lofts at McKinley located at 809 N. Fifth Ave. The new development, a 60-unit affordable senior housing community for people age 55 and older, is close to the light rail station in the historic Roosevelt Neighborhood.
This apartment complex was built on the site of a vacant two-story office building which had become obsolete. The Lofts at McKinley will serve seniors with incomes at or below 40 to 60 percent of the area median income.
"This is a quadruple win for our city - we are providing seniors with accessible housing right in the heart of downtown and making it sustainable for generations to come," said Mayor Greg Stanton. "We're also doing good business with our partners in the private sector to create an economically viable solution that improves our community. These are great results all packaged into one development, and I like what I'm seeing."
The Lofts at McKinley is the first senior apartment community in Arizona to seek LEED Platinum certification. The project features a photovoltaic solar system to power the common area, highly reflective roofing, Energy Star appliances, dual-flush toilets, low-water landscaping, low-VOC adhesives and finishes, and hard-surface flooring.
"The Lofts is a shining example of how a public-private partnership can maximize results for the residents of Phoenix," said Councilman Michael Nowakowski, whose district includes the lofts. "The project transformed a blighted property, created jobs and it will serve as an example of how to create sustainable, affordable housing for our seniors."
The Lofts at McKinley is a $14.1 million joint venture between Gorman & Company, Inc., the Downtown Phoenix Community Development Corporation and Arizona Bridge to Independent Living (ABIL), a nonprofit agency providing services to disabled residents ensuring that they are able to live independently and participate in the community. Project financing partners are the city of Phoenix through its HOME Investment Partnership Program; the Arizona Department of Housing Low Income Housing Tax Credit (LIHTC) and Housing Trust Fund (HTF) programs; construction financing from J.P. Morgan Chase Bank, N.A.; tax credit equity through Boston Capital Corporation; and developer investment from Gorman & Company, Inc.
The city of Phoenix Housing Department owns more than 3,500 units of public and affordable housing and manages housing programs that provide homes to more than 25,000 Phoenix residents. The department provides services and referrals to assist residents in attaining self-sufficiency and provides financing to for-profit and nonprofit partners to help create additional affordable housing in the Phoenix community.
For more information about the Phoenix Housing Department, call 602-262-6794 or visit phoenix.gov/housing. Follow us on Twitter @phxhousing.