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Posted on: October 17, 2018

New Development to Begin: Glen Elk Apartments

Grant Street Commons LLC/Sadd Brothers is pleased to announce that construction will begin this week on a 36-unit affordable housing project for seniors in the Glen Elk district of Clarksburg. The Glen Elk Apartments will be located at Werninger and N. Fifth Street in the historic district. This development represents a unique public/private partnership and will bring much needed affordable housing opportunities for seniors and also provide other services for its residents through a partnership with the Clarksburg-Harrison Regional Housing Authority (CHRHA). The all new brick building will be located 2 blocks south of the CHRHA’s central office, who will be also managing the property upon completion. “We are very excited about this project.” said Lou Aragona, Executive Director of CHRHA, “it not only involves neighborhood revitalization but most importantly addresses the housing authority's mission of providing affordable housing"


This new, four-story building will be built on mostly vacant land previously owned by Gene Papa Sr., a well-known local land owner who has been leading the way in the redevelopment of Glen Elk Historic District. “Mr. Papa has a real vision for the Glen Elk District,” said Steve Sadd of Grant St. Commons LLC, “We believe that this project will not only provide very much needed affordable housing for seniors but will also contribute to the revitalization of the Glen Elk District. We are excited to get started and want to thank the local stake holders, Mr. Papa, Lou Aragona, Rhonda Lindsey and the team at CHRHA. We also want to thank the City of Clarksburg, if not for their support for projects like this and for that matter the Palace on Main Apartments, these projects would not happen. They have been absolutely great to work with, they are pragmatic and energetic, we really enjoy doing business in Clarksburg.”


The site will be turned into a beautiful brand-new building with 36 apartments for seniors (age 55+) and will include energy star rated appliances, windows and HVAC systems. The building will have a 2nd floor community room and an exercise/ workout room. Many local organizations, financial institutions and government leaders are playing important roles in the development of this project particularly the City of Clarksburg. The City had an opportunity to host a public meeting on March 2018 for a section 106 Review, this project will allow its residents convenient access to transportation, shopping and medical needs. City Manager Martin Howe stated, “The positive impact resulting from this investment will continue towards our overall goal of providing ‘rooftops’ which adds people in an immediate area to increase the vitality to sustain and spur economic development.”


Financing partners include: The West Virginia Housing Development Fund (WVHDF) and Community Affordable Housing Equity Corporation (CAHEC) of Raleigh, NC. The project will be partially financed by equity raised from the Low-Income Housing Tax Credit Program. This federal program is administered by the WVHDF and provides a dollar-for-dollar reduction in income taxes for developers of affordable housing in exchange for providing below-market rents for at least 15 years. The WVHDF is also assisting with other funding sources including long term debt and is the construction lender for the project. The tax credits are an investment instrument offered to institutional investors, who provide equity for the project. Glen Elk Apartments is working with CAHEC on the syndication of the credits to the investor groups.


Other partners include: Aric Margolis Architecture of Charleston; Allegheny Engineering of Morgantown and City Construction Company, Inc. of Clarksburg. Grant Street Commons/Sadd Brothers have worked with City Construction and Margolis Architecture on the recently completed Miller School Apartments in Fairmont and the adaptive reuse of the historic Palace Furniture building in Clarksburg into apartments, which is nearing completion.


Official Press Release Here

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