Gardner Capital Development to Develop Affordable Senior Housing Community
The El Caro Senior Residences will provide 102 units for seniors
PHOENIX, June 15, 2016 /PRNewswire/ -- Gardner Capital Development has been awarded a reservation of Low Income Housing Tax Credits from the Arizona Department of Housing to develop the El Caro Senior Residences, an $18 million affordable senior housing project consisting of 102 energy-efficient one- and two-bedroom apartments. The site is located one-half mile from the Metro Light Rail Station at the intersection of 19th and Northern avenues.
Construction of the development, named after the former golf course located at the site, is anticipated to begin in the first quarter of 2017, with completion expected 15 months after construction begins. All units will be leased to seniors earning generally between $18,000 and $34,000 in household income, with a mix of apartments set aside at 40-60 percent of Metro Phoenix median income. Twenty-five percent of the units will be reserved for seniors or family members with developmental disabilities. Gardner Capital Development will serve as the project lead developer. Reid Butler and Scott Davis will serve as additional advisors to the project. The United Cerebral Palsy Association of Central Arizona will provide supportive services for the housing community when completed.
"We consider it our mission to build sustainable high-quality housing for seniors and, in the process, create and solidify long-term partnerships within the community," said Michael Gardner, principal at Gardner Capital. "We are thrilled to be partnering with the United Cerebral Palsy Association, an organization that will help provide our residents with the utmost care and services."
When completed, the 5-acre development will offer residents special amenities including a two-story clubhouse and community center in the middle of the complex, as well as open space, conference rooms and multipurpose rooms. The site will also offer an open courtyard, with gathering and barbecue areas. Each of the three, three-story buildings will have an elevator. UCP will be using the onsite clubhouse and community center to provide supportive services to the residents.
About Gardner Capital
Gardner Capital is an affordable housing and renewable energy tax credit development, syndication, and investment company with primary regional offices located in St. Louis, Dallas, San Francisco, Atlanta and Springfield, Missouri. Since 1992, Gardner Capital has invested more than a billion dollars of equity in affordable housing alone. Renewable energy development and investment has been the more recent addition to the Gardner Capital operating portfolio, bringing hundreds of megawatts of solar projects online across the United States. The principals, Mark Gardner and Michael Gardner, continue to expand the company's national footprint in affordable housing and renewable energy with multiple offices across the United States. Visit www.gardnercapital.com for more information.
United Cerebral Palsy Association of Central Arizona
UCP has been active in delivering social services for 64 years in Maricopa County. The mission of UCP is to provide comprehensive services to children and adults with disabilities and their families. Through accountability UCP makes every effort to ensure every child, adult and family receives the upmost care by the services it provides. At UCP, an environment is created where individuals come together in the spirit of teamwork, which allows UCP to attain remarkable results. In addition to home and community based services, UCP provides programs for children and adults with disabilities that includes a day treatment program for adults, an afterschool program and summer for children and young adults in high school, a nationally accredited Early Learning Center for children from infant to five years of age and therapy services that include occupational, physical, speech and feeding therapy. UCP also has experience in navigating families with multiple and complex needs who are challenged in identifying resources, eligibility for entitlement program and service.
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SOURCE Gardner Capital Development
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