Phoenix Way . 611 Borton Street . LaGrange, GA 30240 . Phone 706.884.9856 . Fax 706.407.2261
Phoenix Way Phase II
Phoenix Way Phase II (located at 611 Borton Street) will be financed very similar to Phoenix Way Phase I. By dividing the entire Phoenix Way development into two phases, it allows the Housing Authority the opportunity to significantly rehabilitate the units while leveraging its capital and operating reserve funds over time and over its entire housing portfolio of 420 units. Time allows the housing authority to seek the various affordable housing finance sources, such as, 4% LIHTCs, FHLB –AHP grants, possible Housing Trust funds and DCA HOME funds, which are periodically available. Also, in developing Phoenix Way in phases this allows the housing authority to deploy its developer fees into the remaining units needing resources within its housing portfolio. Phase II will consist of 89 units and the anticipated construction hard cost estimated at approximately $82,000 per unit. The final unit mix will be determined after the completion of the Environmental PHASE I. Again, as in Phoenix Way Phase I, the hard construction cost will include major HVAC system replacements, replacement of floors, upgraded interior finishes, appliance and energy efficient upgrades and replacement of sewer and water laterals connecting to the sewer/water mains. The total development cost is approximately $12MM. Anticipated closing (start of construction) for Phoenix Way Phase II is estimated in late October or early November 2016.