The Maydestone apartments are finally getting the rehab that we have been hearing about since 2006. Built in 1912 and continually having tenants until 2003 because of a fire, in 2009 Sacramento developer D&S Development took over an option to purchase the historic 34 room building. On the southeast corner of 15th and J, the Maydestone apartments have been vacant for five years and underutilized for decades. The $7.2 million renovation should be finish in late 2011 and clean up a busy corner on J Street. SHRA will contribute $4.57 million of low-moderate housing set aside funds. $2.29 million in the form of a 30-year forgivable loan (loan forgiveness based on performance) for seismic and historic renovations. Additionally, SHRA will provide a hard loan of $2.28 million for 40 years at 4 percent interest. Brief Project Overview
Looking forward to seeing this project completed. Great location for those looking to live urban as well as revitalizing a historical building seen by many as they pass through midtown.
ReplyDeleteExcluding the low-income housing requirement, what would you project the normal rent rates to be?
Good question Richard, I have not heard anything about that yet.
ReplyDelete