A 126-unit apartment complex for 55-and-older tenants is scheduled to open in the 8100 block of Broadway in Pearland next year.
Pearland Senior Village, a $15 million project designed by Houston-based Brownstone Architects and Planners and to be constructed by Brownstone Construction, will be built on a 10 acre parcel on the south side of Broadway, between Chocolate Bayou Road and the Tranquility Lakes Development.
Pearland City Council recently approved a change in zoning from general commercial to multi-family planned development.
“We are through zoning and our zoning has been approved,” said Doak Brown, Vice President of Brownstone Affordable Housing. “We should commence construction within the next 30 days (and) probably start leasing eight to nine months into construction.”
The developers applied through the Texas Department of Housing and Community Affairs’ 2009 Competitive Housing Tax Credit program for a credit of $1.537 million. That credit award made it possible for the project, which includes more than $9 million in construction costs, to proceed.
“TDHCA, they’re the entity that provides us with the tax credits, and we turn around and sell those credits to an investor and that provides the equity to go forward,” Brown said.
Pearland Senior Village will be the first such facility in Pearland built using the THDCA program.
The program issues mortgage revenue bonds to finance loans for qualified non-profit organizations and for-profit developers.
Properties financed are subject to unit set-aside restrictions for low-income tenants, such as rent limitations and other requirements set by TDHCA and its governing board.
According to Brown, rental rates for one bedroom units will range from $315 to $650 per month. Two-bedroom, two-bath units will start at $353 and go up to $650.
Brownstone Affordable Housing, Ltd. has developed a number of housing authorities in Texas, including the McAllen Housing Authority, the Pharr Housing Authority, the Kingsville Housing Authority, the Victoria Housing Authority and the Port Arthur Housing Authority.
On schedule: Pearland Senior Village isn’t the only multi-family complex coming to Pearland. A few miles away at 2526 Business Center Drive, work is moving right along on Discovery at Shadow Creek Ranch.
A $22.3 million luxury apartment development, Discovery at Shadow Creek Ranch will have 347 units.
On the market: A 3.3-acre parcel in the heart of Pearland (corner of Cullen and Broadway) is on the market again. Although Amegy Bank is still interested in the property the property is available and the listing is held by Cushman & Wakefield. Interested parties can contact Matt Trozzo at (713) 877-1216 for more information on the property.
Editor’s note: FM 518, also known as Broadway (in Pearland) and Friendswood Drive (in Friendswood) is the main thoroughfare of the community and an important hub of business activity. Each week the 518 File will be the home for all the latest developments from the 518 corridor, from the eastern limits of Friendswood to the western edge of Pearland. Whether it’s a new business going up, an old one moving or closing, or any real estate transaction, drop us a line and we’ll check it out. Send to: jmolony@hcnonline
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The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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