August 5, 2022 | Real Estate Sales & Development
August 5, 2022
Renovation Project To Upgrade Senior Housing In Mobile
MOBILE, Ala. — An affiliate of ALCO Management Inc. recently closed on financing to fund a $10-million renovation of Cathedral Place Apartments, a 47-year-old affordable housing community in Mobile for low-income elderly residents. Construction is to begin in August and last approximately a year. Memphis-based ALCO acquired Cathedral Place in 2019 with a long-term vision for preserving its quality and accessibility. This renovation guarantees the apartments will stay affordable for low-income elderly residents for the next 30 years. ALCO’s enhancements will include new kitchens, bathrooms, lighting and flooring in all 190 apartments. The project will also modernize the building with upgrades to the windows; heating, ventilation and air-conditioning system system; water heating system; and fire sprinkler system. A new community room and library on the 13th floor will allow residents to socialize and provide a view of Mobile. The rehabilitation project is a partnership between ALCO, First Horizon Community Investment Group, the U.S. Department of Housing and Urban Development and the Alabama Housing Finance Authority. It is financed in partnership with Bellwether Enterprise Real Estate Capital, First Horizon Community Investment Group and Stifel. Mitchell M. Hall is the architect, and CMCC LLC is the general contractor.
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