CRESTVIEW — Within a year, if not sooner, residents over 55 years old will have a new place they can call home as the result of a city- and state-backed $1 million complex under construction on Brookmeade Extension.
Katie Manor, a 6-acre development, will provide 102 one-and two-bedroom apartments and will offer amenities including fitness and leisure facilities. Developers with Vestcor Companies plan to open the complex in 13 months.
“That’s the public goal,” company Chairman John Rood said. “We have a lot tighter internal goal.”
“That’s 10 months!” Chief Financial Officer Steve Moore said.
The complex was facilitated by a $750,000 state Department of Economic Development grant with $250,000 in security provided by the city. The city’s share was refunded earlier this year.
“Immediately after closing, that money was reimbursed, so the city is out nothing,” City Clerk Betsy Roy said.
STATE SUPPORT
To put the coalition together, Vestcor officials met with then-Senate President Don Gaetz. “He really embraced the idea that we need to do all we can to provide quality housing for seniors in the smaller and medium counties in our state,” Rood said.
“When we took the concept to the governor (Rick Scott), what really resonated was that seniors these days are really struggling. Not only were they hurt in the downturn, but things haven’t gotten any better.”
Rood said many seniors’ savings will not provide the return on investment they had hoped for, limiting how much income they will have to live off of. “They’re fighting to find the resources to live the kind of life they expected in their retirement,” Rood said.
AFFORDABILITY
Anticipation among curious residents has been building for several months as city officials approved the development's plans.
"I wonder what will be considered affordable," Denna Carfagna Lantz said on Facebook. "Great location though!"
"Is this going to be low income or for anyone?" Shirl Griffin Long said.
Katie Manor must charge rent "equal to or less than 30 percent of annual incomes for households at or below 60 percent of area median income … minus tenant-paid utilities," the agreement states.
With monthly one-bedroom apartment rents planned for “the mid-600s,” Moore said Katie Manor will provide units for less than many Crestview apartment communities with comparable facilities. That's beneficial for retirees, who often have to move far from home since “small and medium-sized counties have a hard time obtaining low-income housing funding," Rood said. “One-hundred-and-two families won’t have to travel to a large county for affordable retirement housing.”
Crestview Area Chamber of Commerce chairman-elect Dawn Mann praised the city and Vestcor for locating Katie Manor on Brookmeade Extension.
“They’re providing residents with everything they’d need within half a mile,” she said, referring to shopping at Wal-Mart and Publix, health care at North Okaloosa Medical Center and restaurants.
“It’s just so exciting,” Mayor David Cadle said. “This is filling a void in this community and I can’t tell you how many calls I have received from people wanting to sign up.”
What: Katie Manor
What is it: Affordable senior housing
Opening: Summer 2016
Size: 102 one- and two-bedroom units
Rent: approximately $675-$770
Local impact: 6-8 local employees, local vendors and sub-contractors
Construction cost: $1 million
Amenities: Pool, recreation center, hair salon, game room, library/internet café with WiFi, activity programming, field trips
Information, waiting list sign-up: Holly Hepler, Vestcor Companies, hhepler@vestcor.com
MONTHLY RENTAL COMPARISONS*
Complex 1 bedroom 2 bedrooms
Addison Place $640 $725
Bel Aire Terrace $849 $899
Katie Manor approximately $675 $770
Pinnacle Pointe $759 $929
Riverwood $795 $895
Spring Creek $799 $1,049
Monthly rents are lowest for each category. Some complexes offer larger apartments at higher rents.
Source: Apartments.com and property management's websites
KATIE MANOR AT A GLANCE
This article originally appeared on Crestview News Bulletin: Affordable senior housing complex under construction in Crestview