Gardner Capital Development to Develop Affordable Senior Housing Community
PHOENIX, AZ 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-bedroom 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 percent to 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.