Norstar and Pinellas County Housing Authority partner to redevelop an 184-unit obsolete community.
Link to Article: www.housingfinance.com/developments/rad-saves-the-day-for-st-petersburg-public-housing-complex_o
Tens of millions of dollars are being pumped into revitalizing Ann Arbor’s low-income public housing, and renovations are in full swing.
Link to Article: http://www.mlive.com/news/ann-arbor/index.ssf/2015/02/ann_arbor_public_housing_renov.html
In downtown Albany, New York, Norstar Development is converting 733 Broadway into 29 apartments, with approximately 3,800 square feet of retail and office space on the first floor.
Link to Article Here: http://alloveralbany.com/archive/2015/02/17/733-broadway-albany
Norstar Development USA, L.P. is honored to be the development partner of the Ann Arbor Housing Commission in the redevelopment of their public housing portfolio under HUD’s Rental Assistance Demonstration (RAD) Program.
Ann Arbor Housing Commission ( Click Here to download a PDF )
Pinellas Heights, a new, 153-unit development for seniors and persons with disabilities, is described as “a blessing” by many in Pinellas County.
Paula Rhodes recently elected to the Coalition of Affordable Housing Providers, Inc. Board of Directors
Paula Rhodes, Director of Project Development for Norstar’s projects in Florida and Alabama, was recently elected to the Board of Directors of the Coalition of Affordable Housing Providers, Inc.
Governor Cuomo Announces Completion of Academy Lofts Project in Arbor Hill
Pinellas Housing Authority opens complex for low-income seniors
Pinellas Heights, a new 153 unit rental complex for low and very low income seniors, recently opened in May 2014. Pinellas Heights was developed in partnership with the Pinellas County Housing Authority and is owned and operated by Norstar.
Affordable housing complex opens in Venice
Venetian Walk, a new 61 unit affordable rental complex recently opened in May 2014. Venetian Walk was developed in partnership with the Venice Housing Authority and is owned and operated by Norstar.
PCHA and Norstar Close $16.2 Million in Tax Credit Equity for $24M Preservation Project
Housing authority secures $24M for public housing project
BY: BUSINESS OBSERVER
December 02, 2013
ST. PETERSBURG — The Pinellas County Housing Authority has closed on $24 million in funding to renovate the French Villas public housing apartments in unincorporated Pinellas County. The project received low-income housing tax credits, secured by the housing authority’s development partner Norstar Development USA LP, from the Florida Housing Finance Corp. The partners were then able to sell those tax credits to Raymond James Tax Credit Funds Inc. for $16.2 million in construction and permanent financing.
In addition, Pinellas County government has also pledged $300,000 in HOME funds to the project.
The funding will be used to completely gut and rehab all 184 of the French Villas’ units and to install new infrastructure and community facilities. Residents are already being relocated and the renovations are scheduled to start this month.
French Villas, located at 6835 54th Ave. N., St. Petersburg, was constructed in phases from 1970 to 1973. Over the years, the property has suffered from infrastructure failures and environmental issues. The unit interiors are original and said to be in poor condition. The housing authority and Norstar applied for tax credits in the preservation set-aside from the Florida Housing Finance Corp. in 2011.
To date, Ontario-based Norstar has been involved as lead developer in 20 mixed-finance/mixed-income public housing authority transactions. The company has more than 900 mixed-finance multifamily and senior units in various stages of construction and development with housing authorities in Florida, New York, Michigan and Alabama.
Venetian Walk ranks in the top 10 projects in the Sarasota – Manatee Category in the 2013 special edition of the 30 Top Projects from Tampa to Naples!