LAMPASAS (March 25, 2013)--A new 58-unit independent living senior housing project is coming to Lampasas and could open as early as this year.
Prestwick Development Company, of Atlanta, is spending Monday and Tuesday closing on the property and plans to break ground immediately after Easter, Developer Breck Kean said Monday.
The property sits off of Key and Hwy 190 and will offer residents one and two-bedroom units with a kitchen, washer/dryer connections, a social gathering space, fitness room, library, computer room and a health-screening room.
The housing complex is limited to residents ages 55 and older and the health-screening room will provide residents a place to check basic health and receive treatment from local doctors without having to leave the complex.
Medical personnel will not be staffed but can utilize the health-screening room to treat minor injuries, Kean said.
The apartment housing development will have 58 units including 24 one-bedroom units and 34 two-bedroom units, city building official Michael Beard said last August.
All two-bedroom units will have two bathrooms.
Much of the funding for the project will be provided by the Housing Tax Credit Program, which offers tax credits to investors that offset a portion of their federal tax liability in exchange for development of affordable rental housing.
Through an equity investment in Low Income Housing Tax credits, Capital One is able to provide a construction loan, Kean said.
The Manor at Hancock Park will cost residents between $400 and $600 per month depending on their unit’s size and the resident’s income, Kean said.
Kean said the city has agreed to loan $58,000 for the development, specifically the cost of utility infrastructure during the building’s construction.
A groundbreaking ceremony has not been scheduled, however, an open house is expected to be held shortly after the building's completion.
According to Kean, construction is expected to last 11 months but could be completed by the end of this year.