Two developers interested in building affordable senior apartments in Alice
The City of Alice has two developers, Realtex Development Corporation and Fishpond Development, interested in building affordable senior apartments in the area.
Realtex Development Corporation submitted an application to the Texas Department of Housing and Community Affairs (TDHCA), to build housing for active seniors ages 55 and older.
The proposed apartments would offer a 56 unit senior living community located at 1907 North Texas Boulevard.
All units would have rents ranging from market rate- to affordable rates for seniors below 60 percent of the area's median income. The 2020 area median income for Alice, was $53,000. This project is being built to target those citizens in need of housing who spend more than 30 percent of their monthly income towards a place to live.
The counterpart competitive bid by Fishpond Development wants to occupy the old hospital located on 300 and 320 East Third Street in downtown Alice offering approximately 69 units.
Some amenities would differ between the two bids; Realtex Development (The Ponderosa) would offer a resort-style pool and the overall design being one-floor apartments compared to a multi-floor high-rise building being proposed by Fishpond Development in downtown Alice. Both developers will follow the guidelines set by TDHCA, which includes accommodating active seniors with wellness programs, exercise and promoted socialization events.
"The positive aspect of these two developments will be the ultimate outcome that more than likely one will be chosen, meaning that the City of Alice will have a new affordable Senior Apartment building in the near future," City Manager Michael Esparza said.
The funds are available through the Texas Department of Housing and Community Affairs (TDHCA), and the application is aligned with the economic and rural demographics of Alice.
The Ponderosa bid by Realtex offered features including:
- A resort-style pool
- Fitness center
- Business center and library where the residents will have use of computers and internet
- Plenty of parking
- An outside garden
The total project capitalization for The Ponderosa is approximately $11,744,422 million and is expected to be financed with a senior debt facility of $2,267,000 and equity from the sale of housing tax credits totaling $9,371,798.
The applications for the new developments are determined by a variable scoring process through the TDHCA, a decision is expected to be made in July 2021.