The Housing Authority of Savannah’s Board of Commissioners on Monday approved the adoption of a supplemental bond resolution for $13.5 million for the Preserve at Chatham Parkway, an affordable housing complex planned for a 15-acre site at 1325 Chatham Parkway.
The bonds will be used to finance construction of the $25 million complex, which is being developed by Commonwealth Development Corp.
“We’re really excited to get going and excited to be in the Savannah area. The Housing Authority has been a great partner working with us for probably two years now planning,” David Ritchay, senior vice president of development and asset management for Commonwealth said by phone Monday afternoon.
The 144-unit complex will be restricted to households earning at or below 60 percent of the area median income, which would range from $25,063 to $40,500, depending on unit size.
The development will include a mix of one-, two- and three-bedroom floor plans with rents ranging from $686 to $946, which includes water, sewer and trash services. The units will be spread across five buildings and the complex will also feature a clubhouse with fitness center, business center, library and laundry facilities.
Headquartered in Wisconsin, Commonwealth Development has created more than 4,500 affordable housing units since 2001 across Wisconsin, Utah, Colorado, Indiana and Texas. The Preserve will be the company’s first development in Georgia.
“With Savannah, we liked the market. There’s a strong market demand for housing in general and there was an unmet need for workforce housing in particular,” Ritchay said.
Ritchay said the site location and the ease of connecting with surrounding hubs was also a big draw for bringing the complex to the area.
″… We really like the proximity to employment growth opportunities from the site just north to the interstate and a little further north beyond that to (Highway) 80 where there’s a lot of both industrial and commercial growth happening,” he said.
“It’s got good proximity to jobs.”
Ritchay said the company expects work to begin on the site during the first week of September and construction should take about 14 months.
“We anticipate lease-ups to start before construction is complete,” he said.