The Housing Authority of the City of Daytona Beach (HACDB) and BGC Advantage recently closed on the WM at the River, LP. The partners plan to rehabilitate the Windsor and Maley high-rise apartments located adjacent to each other on Beach Street in Daytona Beach, FL. The towers have a combined 298 efficiency, 1-bedroom, and 2-bedroom units, which have and will continue to house primarily elderly and disabled low-income residents. The total community investment will be $59,250,422 million.
“Although I am new to Daytona Beach, I want the seniors in this community to be comfortable and live their lives in a quality environment. I am excited to be a part of the extensive renovation of the towers. Our residents deserve the best living accommodations that we can provide,” said HACDB CEO Charles Woodyard. “The renovations that BGC Advantage has planned will transform the property into a modern, functional residence that we all can be proud of.”
Originally built as public housing and placed into service between 1969 and 1972, the proposed plan will completely modernize both buildings with updated flooring, lighting, doors, and cabinetry. In addition to updated kitchens and bathrooms, the towers may receive updated building systems, elevators, energy-efficient appliances, and storm-resistant features.
“We are so proud of the opportunity to be able to preserve high-quality, affordable housing in Daytona Beach,” said BGC Advantage CEO Holly Knight. “We are especially grateful to the City of Daytona Beach and our partners, including Red Stone Equity Partners, Lument, Stifel, Bank of America, and the Florida Housing Finance Corporation for their tremendous support of our efforts.”
Thoughtfully re-imagined interior and exterior community spaces will house new meeting rooms for leasing, social services, and resident activities and feature a kitchen, library, and fitness facilities. The property is conveniently located near retail, educational, and entertainment opportunities, including Bethune Cookman University, Daytona State College, Embry-Riddle University, and Daytona International Speedway, and is directly across from a beautiful marina and the Halifax River.
The architect for the project is DNA Workshop. The General Contractor is Sauer, Inc. Property Management services will be provided by Orion Real Estate Services Southeast, LLC.
HOUSING AUTHORITY OF THE CITY OF DAYTONA BEACH (HACDB)
The Housing Authority of the City of Daytona Beach (HACDB) provides affordable homes and services to more than 7,450 low-income Daytona Beach residents, including over 1,337 families housed through the Housing Choice Voucher Program and another 1,980 living in 11 affordable housing and tax credit developments within the City of Daytona Beach. HACDB administers the city and county’s largest voucher program. The authority also serves homeless veterans through our VASH program and has a number of vouchers allocated to homeless and disabled persons through the mainstream program. The agency’s goals focus on creating and improving affordable housing and the promotion of self-sufficiency for Residents and Tenants through our public-private partnerships. Explore dbhafl.org for more information.
BGC Advantage is an award-winning developer that specializes in working with Public Housing Authorities and non-profit organizations to create and rehabilitate affordable housing. With offices in Louisiana, Mississippi, Texas, and Arkansas, the BGC Advantage portfolio includes 3,900 units of affordable housing developed in fives years and 64 PHA RAD consultations and partnerships across 17 states. For more information, visit bgcadvantage.com.