JACKSONVILLE, FL – The Millennia Companies, a leader in the preservation of affordable housing, held a ceremony on the Valencia Way to celebrate the major redevelopment of four affordable housing developments in Jacksonville, Florida.
The redeveloped apartment developments included more than $ 94 million in renovation costs that improved physical conditions and preserved the affordability of 768 apartments located on Valencia Way (formerly Eureka Gardens), Calloway Cove (formerly Washington Heights), The Weldon (formerly Moncrief.) Village) and Palmetto Glen (formerly Southside Apartments).
“These housing developments were in dire straits; We are proud to work with our housing and finance partners to meet the challenge of converting them into high quality, affordable homes for hundreds of families, ”said Frank T. Sinito, Founder and Chief Executive Officer of Millennia. "Not only did we get a lot of affordable apartments in times of great need, we also created common rooms for services that further enrich the lives of the residents."
The renovations include significant improvements both inside and outside the buildings, including new kitchens and bathrooms; Improvements to key electrical, plumbing, and mechanical systems; and improvements to the terrain and security features. In addition, as part of the refurbishment of each residential complex, a new community center was added with amenities such as fitness rooms, meeting rooms and activity centers.
“When I was here for the first time in 2016, I saw terrible living conditions and many health and safety problems. Millennia has taken ownership and worked hard to rehabilitate what is now the Valencia Way. I am grateful to Frank Sinito and The Millennia Companies for their efforts in enabling tenants to live in safe, hygienic and decent homes now, "said US Senator Marco Rubio (R-FL).
At the celebration, guests toured newly renovated apartments on Valencia Way – the largest of the four 400-unit complexes – and heard from speakers including residents, elected officials and partners. All four housing developments are 100% affordable housing and residents pay 30% of their income as rent under a state housing aid program run by the US Department of Housing and Urban Development. Overall, the acquisition and renovation costs amounted to more than 145 million US dollars.
The renovations were made possible by the following partners: United States Department of Housing and Urban Development, Florida Housing Finance Corporation, Jacksonville Housing Finance Authority, City of Jacksonville, R4Capital, First Housing, Bank of New York Mellon Corporation, NEI General Contracting, Dimit Architects LLC, The Architectural Team, Inc. and Project Management Consultants LLC.
