CONCORD - The Villas at Logan Gardens, a brand new apartment home community for senior citizens, is completed and open for residents to move in.
The community was created by a public-private partnership between Douglas Development, LLC, Halcon Development, LLC, the City of Concord, and the NC Housing Finance Agency. The partners are holding a Grand Opening and Ribbon Cutting Ceremony for the new community on August 11, 2011 at 12:00 noon.
The 44-unit apartment home community was built for seniors 62 and older with incomes less than 50 percent of the median area income. The apartments are located at 210 Booker Drive, in Concord, near the Logan Multi-Purpose Center. The one-bedroom units will rent for $645 and the two-bedroom units will rent for $726.
The community was built with an allocation of $355,586 of City of Concord HOME funds. Additionally, Douglas Development received approximately $3.4 million in exchange funds and loans from the North Carolina Housing Finance Agency, as well as $1 million in conventional financing through the Community Investment Corporation of the Carolinas, a coalition of NC banks. The total cost of the project was approximately $4.8 million.