National Development Council announced the closing of Shadyway Plaza Tower, an existing 100-unit senior rental property that will undergo rehabilitation and will continue to serve low-income seniors in the community. The building was originally constructed in 1978 and was in need of general updating. The planned renovations will include overall upgrades of the apartment interiors, including kitchen and bath renovations with new appliances, cabinets and countertops. There will also be upgrades made to the common spaces and the community kitchen to make them ADA compliant. Exterior upgrades will include new landscaping, improvements to the parking lot to accommodate ADA requirements, exterior painting and a new roof coating.
The development will serve the elderly demographic population (62+) and all of the units will qualify under the LIHTC program and will be rented to households whose income does not exceed 60 percent of the area median income. Additionally, Shadyway Plaza Towers will operate under a new HUD Section 8 HAP contract so residents will only pay up to 30 percent of their adjusted gross income for their monthly rent.
Steele Properties is the developer and will manage the property thru their affiliate company the Monroe Group. Construction and Perm financing for Shadyway Plaza was provided by Keybank. The rehabilitation is scheduled to be completed in March 2021.