Marietta GA break ground on $10 million senior housing - John Reinhardt Senior housing specialist

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John Reinhardt

REALTOR "For Seniors"

770.475.1130 Ext 6806

The Marietta Housing Authority and city officials November 12 broke ground for The Retreat at Dorsey Manor, a 72-unit senior housing facility being built at the corner of Haynes Street and Lemon Street in Marietta.

The high-quality senior development will include a theater, a library, and exercise facilities, all characteristic of other acclaimed developments MHA development partner, Atlanta-based Columbia Residential has built around metro Atlanta.

MHA Executive Director Ray Buday said he can't wait to drive down Haynes and Lemon streets and see the new senior housing. "For the first time in nearly 40 years, the Marietta Housing Authority is involved in building new residential units." The Retreat will never be a housing project, "it will be a home," he said.

The groundbreaking is a milestone for the housing authority, MHA chairman Ed Hammock said. "We can now continue to offer not only affordable housing for our senior clients, but outstanding housing that will be complimented by several amenities not normally found in a public facility," he said. "Demand for senior affordable housing far exceeds the current supply, and MHA will continue seek opportunities to supply the need," Hammock said.

In September 2007, the Georgia Department of Community Affairs awarded Low Income Housing Tax Credits worth about $6.7 million to MHA's development subsidiary and Columbia Residential, toward the cost of construction of the new units. "Columbia Residential is committed to the Marietta senior housing market," founder Noel Khalil said.

Construction is underway and is four to five weeks ahead of schedule. MHA director of development Pete Waldrep, who leads MHA's non-profit development subsidiary, Lemon Street Development Corporation, expects The Retreat to begin renting in August of 2009. Columbia is also partnering with MHA to begin a $10 million renovation of the Dorsey Manor high-rise adjacent to The Retreat to complete what MHA calls a "campus of quality senior living."

John Reinhardt

Solid Source Realty

770.475.1130 Ext. 6806

www.InFrontMarketing.com