A low-income family apartment complex is in development for a 32-acre parcel on Gordon Highway and has been since at least early last year.
The proposed complex, called Lakeview Terrace Apartments, would consist of nine three-story tenant buildings to include 18 one-bedroom units, 76 three-bedroom units and 108 two-bedroom units, for 200 units total.
The narrative document for the project says the development will have several family-suitable features and amenities, “including a pool, dog park, playground, tot-lot, covered picnic pavilion, exercise room, on-site laundry and a community building.”
The narrative also says that the rents will be structured to be affordable for households “at or below 60% of the average median income.”
On July 22, 2021 the Augusta Housing Authority approved a resolution to issue $23 million in revenue bonds to Lakeview Terrace, LP, a limited partnership based in Winter Garden, Fla., to contribute to financing the construction of low-income housing at 2470 Gordon Hwy. The resolution, along with project documents accompanying the narrative, say that the development’s overall expenditures are estimated to be more than $42 million.
The Lakeview Terrace limited partnership is comprised of several companies, including Parent Development in Jacksonville, Fla., Timshel Development Group in Winter Garden and Outlook Development in Saginaw, Mich. On March 17, 2021, Timshel Group entered into an agreement to purchase the land from Augusta Management Group. The following day, Brian Waterfield, owner and manager of Timshel, assigned the land sale agreement to Brian Parent, owner of Parent Development.
Over the course of the year, the partnership secured funding, including acquiring a construction loan of more than $30 million from Cadence Bank, and permanent financing from Bellweather Enterprise Real Estate Capital and Monarch Capital as investors. On Aug. 30, 2021, Parent submitted an application to the Georgia Department of Community Affairs for the low-income tax credit.
According to a proposal letter sent on Dec. 21, 2021 to Parent from U.S. Bancorp Community Development Corporation to become an equity investor in Lakeview Apartments, the partnership expects construction on the complex to begin April 1 and to be complete by February 2024.
Skyler Q. Andrews is a staff reporter covering education in Columbia County and business-related topics for The Augusta Press. Reach him at skyler@theaugustapress.com.
