Daytona Beach Housing Authority Holds Groundbreaking Ceremony at WM at the River, a $53M Revitalization Project Benefitting Seniors and Persons with Disabilities
The Daytona Beach Housing Authority (HACDB) and BGC Advantage are celebrating the start of WM at the River, LP this month. The rehabilitation of the two adjacent high-rise buildings on Beach Street is a $53M joint venture addressing the housing needs of seniors and persons with disabilities in the Daytona Beach community.
“Today is an exciting day for the Historic City of Daytona Beach. This development is an example of how strategic partnerships ensure that all residents, including low- and moderate-income residents, can thrive in this vibrant and dynamic community,” said HACDB CEO Charles Woodyard. “We hope it will inspire Housing Authorities with aging properties in cities and communities across the county to preserve our precious housing stock.
“The two WM at the River buildings, formerly the Windsor and Maley Towers, were built in 1967 and placed into the public housing portfolio between 1969 and 1972. The towers have a combined 298 efficiency, 1-bedroom, and 2-bedroom units, which have been evaluated for updated kitchens and bathrooms, including energy-efficient appliances, new flooring, doors, and lighting fixtures. The buildings will be upgraded as needed regarding building systems and elevators, flood abatement and weatherproofing, with a gated entry and private parking. Thoughtfully re-imagined interior and exterior community spaces, such as the kitchen, library, meeting rooms, and offices, will house leasing interactions, social services, and resident activities.
“This rehabilitation effort promises that hundreds of Daytona Beach seniors and disabled persons will continue to be able to age in place affordably, comfortably, and sustainably for years to come,” said BGC Advantage CEO Holly Knight. “This development is in line with our more recent health and housing priorities that extend beyond the built environment. WM at the River residents will enjoy state-of-the-art outdoor exercise equipment as well financial wellness education and mental health services through established third-party partnerships.”
WM at the River will be financed, managed, and marketed as a single entity, utilizing 4% Low-Income Housing Tax Credits (LIHTC) available through the utilization of tax-exempt Bonds. Over 897 construction jobs will be impacted during rehabilitation, and 25 permanent positions will be established or maintained upon completion. Financial partners and stakeholders include the City of Daytona Beach, Red Stone Equity Partners, LLC, Lument, Stifel, Bank of America, and the Florida Housing Finance Corporation. 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 3,904 units of affordable housing developed in five years and 64 PHA RAD consultations and partnerships across 17 states. For more information, visit bgcadvantage.com.