Last update: 02/01/2008
| Release No. 2002-10 May 14, 2002 Contact: Brandon Laster, 816-759-6692 |
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Florrissant apartment complex set for multi-million dollar renovation Jefferson City, Missouri -- The Atlantic American Partners, a national developer of apartment complexes, has been awarded a $5.2 million tax-exempt bond allocation from the Missouri Department of Economic Development, to completely rehab the Stonebridge Townhouses apartment community in Florrisant. The Florrisant Industrial Development Agency will issue the bonds. Atlantic American Partners will use the funds to acquire and completely rehabilitate both the interior and exterior of the 100-unit apartment complex at 1457 Stonebury in Florrisant. The development includes 28 two-bedroom and 72 three-bedroom apartments. "We are pleased to work with the city of Florissant and Atlantic American Partners to help revitalize the community by improving this housing development," said Joseph L. Driskill, director of the Missouri Department of Economic Development. "Providing Missourians with safe, adequate and affordable housing is a critical element toward building and sustaining communities that exhibit a high quality of life." Atlantic American will also receive $173,700 in federal and state Housing Tax Credits through the Missouri Housing Development Commission to help finance the work. “This is a community project that requires public agencies and private developers to work together to ensure neighborhoods are preserved,” said Erica Dobreff, MHDC Executive Director. “Once rehabilitated, the Stonebridge Townhouses will continue to provide affordable housing for residents of Florrisant for years to come.” The rehabilitation plan ensures that major building systems and components are replaced and repaired to provide at least 15 years of use. Some of the more significant building and site improvements will include replacement of the existing single-pane windows with high efficiency dual-pane windows, replacement of the buildings’ roofs and repaving of the parking areas, and improved drainage throughout the property. Individual units will receive new furnace and air condition units, new carpeting and linoleum, new kitchen cabinets, and repaired and improved bathrooms.
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