News
POWAY PROGRESS REVAMPS NEIGHBORHOOD
October 8, 2012
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| Friday also marked the grand reopening of Orange Garden Apartments, a market-rate complex in Poway that Affirmed Housing purchased in 2009 for conversion into affordable. VP of development Lindsay Quackenbush tells us it's a fantastic housing project individually but also ties in to city efforts to improve a neglected stretch of Oak Knoll Road, just east of Pomerado. ?The building was in the path of redevelopment,? he says, and needed significant help ?both on the management and physically.? More than 300 names were on the waiting list for the 52 units, including some residents of the market-rate Orange Garden who qualified to stay. |
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| The community?s six wood-frame buildings were constructed in the late ?70s and had extensive termite damage. (They left when the rents got too high, but by then the damage was done.) Affirmed launched more than $15M in renovations, gutting entire structures and ?putting in new everything,? including a community room, tot lot, and pool. This is the company's first partnership with Poway, which provided $8.8M in soft loans. Lindsay previously developed market-rate housing and transferred those skills and experience into the affordable niche. It was a good transition, he says, because he's not just constructing buildings but is able ?to provide housing for people who need some assistance.? |
