For Immediate Release
Contact:
Erin Sogal 614-572-5297
Beacon Communities and Local Leaders Dedicate Redevelopment at Franklin Manor
$37 Million Renovation Preserves Affordable Housing in Southwestern Columbus
Columbus, OH – Beacon Communities and local leaders are dedicating the $38 million renovation of the Franklin Manor Apartments located at 1475 Stimmel Road in Columbus, OH. The 14+-month project invests more than $37 million into the property while enhancing and increasing access to affordable housing in Columbus. Originally built in 1971, this work marks the first major renovation to the property since it was constructed.
Franklin Manor is Beacon’s first development in the state of Ohio. Through this investment, Beacon has ensured the housing units within the property will remain affordable for residents and expands the number of affordable apartments at the property. Beacon partnered with the Ohio Housing Finance Agency, Ohio Capital Corporation for Housing, U.S. Department of Housing and Urban Development, Lument Real Estate Capital, and Lutheran Social Services of Central Ohio to make this project possible.
“We are honored to work with Ohio’s exceptional affordable housing partners and look forward to future investments in Columbus that preserve and expand affordable housing for those in need,” said Dara Kovel, Chief Executive Officer, Beacon Communities. ”We are particularly appreciative of the leadership and support of the Ohio Housing Finance Authority in creating opportunities like this all over the State.”
“Affordable housing is a critical issue in our community, one that requires robust regional collaboration across the public, private and nonprofit sectors. Partners like Beacon are stepping up and providing solutions by redeveloping properties like Franklin Manor so that more and more of our residents have access to quality places to live and are able to access the tools, resources and services they need to thrive in our city,” adds Mayor Andrew J. Ginther.
The Franklin Manor redevelopment will involve the rehabilitation of 21 buildings containing 272 units. New construction includes significant improvements to the community building, a maintenance garage, and 14 apartments created to serve persons with disabilities. All residents will have access to site amenities located on the Franklin Manor South property including a fitness center, renovated laundry room, playground and community center. Upon completion, the development will be certified under Enterprise Green Communities. The community building will have new siding, floors, accessibility improvements to the restrooms and an exercise room.
“Our central focus throughout the redevelopment of Franklin Manor has been the care and consideration of the residents,” said Michael Polite, Senior Vice President of Development at Beacon. “The partnerships we’ve created in Columbus have enabled us to better engage the resident population, and we look forward to future investments in the area.”
“We want to welcome Beacon Communities to the Ohio market with its first project, Franklin Manor,” said Shawn Smith, executive director, Ohio Housing Finance Agency. “As we continue to address the state’s affordable housing needs, we appreciate having a partner that is dedicated to providing high-quality, affordable housing for Ohioans.”
“The affordable housing crisis is impacting so many in our community, and the time to act is now,” said Rachel Lustig, President and CEO of Lutheran Social Services. “We are proud to partner with Beacon Communities and others in the effort to provide safe and dignified housing to all.”
Beacon has taken a lead role in actively engaging in the neighborhood, working alongside residents to guarantee a smooth renovation process. Beacon Communities, through its Community Engagement team, is providing supportive service coordination and referrals through a variety of local partners which will be available to all residents, free of charge. These services will address health and wellness, food security, tutoring programs for youth, employment skills training, and financial literacy. A $25,000 grant through State Farm has been awarded to assist with the creation of a community garden that will be located near the community building.
To learn more, please visit www.franklinmanorbc.com.
About Beacon Communities: Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Their portfolio includes affordable housing, market rate housing and mixed income-housing. Their developments range from new construction to historic adaptive reuse, to the renovation of existing housing. They take on challenging developments and make them succeed. Their driving passion is to create well-designed, healthy homes that improve the quality of life of their residents and enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC, please visit www.beaconcommunitiesllc.com.
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