Mountain
Laurel Lodge Receives Funding For Construction
Affordable
Housing Project For Seniors Will Go Forward
Developers and partners John Gilbert and Rob Roy of Acadia Properties
plan to construct a 54‑unit affordable independent living
apartment building for seniors on the westside of Bend. Gilbert and Roy
will partner with Homestead Capital of Portland to develop the $8.25
million project. The project will be called Mountain Laurel Lodge.
To finance the project they have secured the reservation of low‑income
housing tax credits, grants and low interest rate loans valued at over $6
million from Oregon Housing and Community Services.
In addition, a number of local resources will help fund Mountain Laurel
Lodge. The City of Bend has reserved $100,000 of its federal community
development block grant funds, which will be funded through the Bend
Community Action Team. Additionally, the Bend‑La Pine School
District and the City of Bend both have agreed to abate Mountain Laurel
Lodge's property taxes for 20 years.
Located on the northwest side of Century Drive between the Colorado
and Mt. Washington Dr. roundabouts, Mountain Laurel Lodge will be the
first affordable housing development on Bend's westside.
“We think this development will change people's minds about where
affordable housing can be located,” said Roy. “We are determined to
make this building worthy of its neighbors and its wonderful location.”
Gilbert noted that they may seek to develop the rest of the site as a
second phase. “The thought all along has been to develop a medical
building, especially one with medical practices geared towards older
patients,” he said. “However, we own the land with partners so the
decision is a group decision.”
Roy and Gilbert are currently redeveloping the downtown Bend Fire
Hall where construction is progressing. They have a signed lease for the
restaurant space for Johnny
Staccatos Firehall Ristorante, a 4,500‑square‑foot
familyowned, upscale restaurant and full bar offering an eclectic
Italian menu, fresh-baked breads and desserts.
The partners plan to sell the residential units planned in the project
as condominiums rather than renting them as apartments.
Mountain Laurel Lodge will offer three floors of elevator‑accessed
living over one level of underground parking. Designed by Steele
Associates Architects, the building will have a lodge-style design as
well as common rooms, an outdoor roof deck, fitness and computer rooms.
“We have designed Mountain Laurel Lodge to be a comfortable place
where residents can socialize in a variety of locations,” said
Gilbert. Each apartment will have a private balcony.
The facility will offer one and two bedroom apartments to people 55
years old and older. Apartment homes will be restricted to households
earning less than 60 percent of area median income and in some cases less
than 50 percent of area median income. Today's income restrictions would
equate to one‑person households earning up to $24,300 per year and
two‑person households earning up to $27,720 per year.
Rents at Mountain Laurel Lodge will range from $370 to $479 per month
for one-bedroom apartments and from $448 to $578 per month for two bedroom
apartments. The rents will be approximately 25‑30 percent less
than comparable market rate apartment complexes.
Prospective renters have already begun showing interest. “We have
already received a number of calls from prospective renters, as well as
from people looking for a nice place for their parents to live,” said
Roy. A waiting list will be established on January 1, 2005. Construction
is scheduled to commence in June 2005, and residents are expected to
begin moving into the building in June 2006.
Cascade Management (www. cascademanagement.com)
will provide management
services as well as coordinate resident services. Cascade Management is
a property management company based in Wilsonville and was formed as a
continuation of the Tom Walsh & Co., which has operated since 1974.
The company specializes in managing low and moderate income housing and
currently managed over 100 properties throughout Oregon. In Bend the
company manages the Quimby Street
Apartments at 455 NE
Quimby, a senior 62+, handicapped or disabled property.
Information:
www.mountainlaurellodge.com or
541-383‑25O5.
