North Little Rock, AR – City and state officials, community leaders, and project stakeholders attended the demolition of Silver City Courts to make way for Holt District Homes, a new affordable housing community on Tuesday, January 25th. Located at 802 West 19th Street, North Little Rock, Arkansas, the $34 million development project is a joint venture between the North Little Rock Housing Authority and BGC Advantage, an award-winning development company. When completed, Holt District Homes will house 128 low- to moderate-income families. The estimated economic impact of the development includes 407 construction phase jobs and 15 created or maintained permanent positions.
Initially built in 1941, the Silver City Courts apartments were removed from service in 2018 due to a lack of funding to rehabilitate Central Arkansas’ oldest affordable housing complex. Unlike the current Silver City Courts, the newly constructed complex will include modern amenities such as integrated heat and air and more space to accommodate larger families. Each home will have vinyl tile flooring, energy-efficient appliances, and an all new on-site management building/clubhouse. Additionally, the site will feature interior parking with perimeter fencing to enhance security.
“It has taken ten years, but we felt strongly that a rehabilitation could not adequately address the level of improvements that Silver City Courts required,” said Belinda Snow, Executive Director of the North Little Rock Housing Authority. “The newly constructed Holt District Homes will not only reflect our promise of a better future to our residents, but it also reaffirms our long-term commitment to the revitalization of the community. We are so thankful for the support of the community, city officials, and the Arkansas Development Finance Authority.”
Speakers included North Little Rock Mayor Terry Hartwick, former Mayor Patrick Henry Hays, Senator Jane English of the Arkansas State Legislature (34th District), Representative Jamie Scott of the Arkansas State Legislature (37th District), Executive Director Ateca Foreman of Arkansas Fair Housing Commission, and North Little Rock City Councilmember Debi Ross. Members of the North Little Rock Chamber Vanguard Committee were on hand to help host.
“We are happy to partner with the North Little Rock Housing Authority to positively impact our residents,” said BGC Advantage CEO Holly Knight. “And we are thrilled to be part of a larger community revitalization effort that will strengthen housing and amenity opportunities for the entire North Little Rock community.”
Project partners include Citi Community Capital, North Little Rock Housing Authority, the US Department of Housing and Urban Development (HUD), Arkansas Development Finance Authority, and Red Stone Equity Partners. Fennell Purifoy is the architect, and River City Builders is the General Contractor. The construction period is estimated to take 24 months for completion.
“Red Stone Equity Partners is so appreciative and excited to be a partner in this important redevelopment effort,” said Darren Swanson, Managing Director, Acquisitions at Red Stone Equity Partners, LLC. “The Holt District Homes project will completely transform this community for its deserving residents. I really look forward to seeing it come to fruition.”
North Little Rock Housing Authority (NLRHA) Established in 1939, NLRHA is the oldest housing authority in the State of Arkansas. Our mission is to provide decent, safe, and sanitary housing within the financial reach of low-income families, the elderly, and disabled persons. NLRHA currently manages more than 110 public housing units, and more than 2000 Section 8 units throughout the city.
BGC Advantage 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.