St. Louis and Dallas based Gardner Capital Development was awarded a $1.3 million reservation of affordable housing tax credits from the Texas Department of Housing and Community Affairs to develop 93 independent, mixed-income, senior residences in the Melissa community of Texas.
Highlights:
- The new community will include a main 3-story building with elevators and 93 one- and two-bedroom cottage-style apartments for seniors age 55 and older.
- Part of a 35-acre planned mixed-use development that will eventually include retail components.
- Gala is the first mixed-income senior living community development approved in Melissa, Texas.
- It is also the only mixed-income property in Melissa that serves senior residents at affordable rents.
- Construction anticipated to begin in the 2nd quarter of 2017; completion expected fall of 2018.
- Development team includes Gardner Capital Construction, LLC, Cross Architects, and Allied Orion Group property management.
Situated in northeast Collin County, Melissa has a population of approximately 9,500 and continues to experience growth as some of its neighboring big city cousins.
Michael Gardner is the Principal and CEO of Gardner Capital Development.
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