Yahoo News, Pat Kimbrough, April 14, 2023
Apr. 14—HIGH POINT — Optimism abounded Thursday as local housing leaders, city officials and others gathered at what was once a hot spot of crime and poverty in southeast High Point.
The 6-acre site of the former Daniel Brooks Homes public housing complex on West Avenue will be transformed into Legacy Ridge, a 100-apartment affordable housing community.
At a groundbreaking ceremony, developers said the $28.3 million project will feature a design and amenities that will be on par with any other multifamily community on the market.
“Breaking ground on Legacy Ridge is a significant moment in the history of this community,” said High Point Housing Authority CEO Angela Jimenez. “We are eager for construction to be completed and to deliver brand-new, affordable homes within the community.”
Although the new apartments will be income-restricted, Legacy Ridge will not be public housing.
They will be privately owned and managed by Laurel Street, the Charlotte-based developer of the project, which will lease the land from the housing authority.
About 64% of the financing for Legacy RIdge is from private sources, including a $14 million construction loan and a $6.9 million mortgage from Cedar Rapids Bank & Trust in Iowa.
New York-based Red Stone Equity Partners, a real estate investment company, is an investor in the project through $11.3 million in low-income housing tax credits.
The public funding sources include $6.5 million in city of High Point bond proceeds.
So far, the housing authority has spent $246,230 of these funds on demolition and other pre-construction costs.
Construction on Legacy Ridge is expected to be completed by the end of 2024, with the first residents moving in by the spring of 2025.