City Place Apartments Rising
MANDI-winning developer Kalan Haywood's new venture is taking shape in Halyard Park.
The Haywood Group and Cardinal Capital Management are developing a new apartment building at the northwest corner of N. 5th St. and W. Walnut St. The building, to be known as City Place, will contain a mix of affordable and market-rate apartments on the southern edge of the Halyard Park neighborhood.
The building is the first in a three-phase development. The first phase is a four-story building with 51 units, 43 of which will be affordable housing built with low-income housing tax credits. Twelve of the units will be townhomes with private entrances. City documents note it has an estimated cost of $8.8 million.
The $8.8-million project is being designed by Korb + Associates Architects. Performance Contracting Inc. is leading the general contracting.
Phase two of the project, to be built at the northeast corner of N. 5th St. and W. Vine St., would include nine market-rate townhomes. They would be constructed as one two-story building, each unit with a private entrance. The estimated cost is $1.2 million.
Cardinal Capital and Haywood recently collaborated on the development of the Germania Apartments at 135 W. Wells St. Korb previously worked with Vangard on the Ingram Place Apartments and the conversion of the historic Germania Building from office space to apartments.
Because the developers are buying land from the city’s redevelopment authority they will be required to meet the city’s Residents Preference Program requirement that 40 percent of total worker hours on the project be completed by unemployed or underemployed city residents. The developers will also need to hire city-certified Small Business Enterprises for 18 percent of the professional services costs and 25 percent of the construction and supply costs on the project.
In exchange for the local hiring, Vangard and Cardinal Capital will be able to acquire the site in phases for $50,000. The City Place I site includes nine lots, running from 1715 N. 5th St. to 1745 N. 5th St. to 504 W. Walnut St. to 508 W. Walnut St.
According to city documents, the entire project is expected to be completed by April 30th, 2021.
The first building is slated for completion in the fall of this year. Leasing information is available at CityPlace-Apts.com.
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