SAINT PAUL, MINN. (January 5, 2023) — One might think that these are dark days for housing developers, given high inflation, supply chain challenges and workforce shortages. Presbyterian Homes & Services (PHS), however, has found a sweet spot for its development work in affordable and modest-priced housing.
In 2022, PHS secured $2.5 million in private grant funds to support low- and middle-income housing for the expansion of The Deerfield, a senior living community in New Richmond, Wis. One hundred percent of the campus’ 24 new Terrace (independent living) senior apartments — scheduled to open in summer 2023 — were reserved within weeks of the start of marketing.
“Clearly there is great demand for modest-priced housing in the market,” says Jon Fletcher, senior vice president, Senior Housing Partners, the development arm of PHS. “We are pleased to work with public and private financial partners to efficiently deliver housing that meets the needs of residents.”
PHS is pursuing a similar pricing strategy on a larger scale — with a twist — in both urban and suburban communities of the Twin Cities. In Oak Park Heights, PHS received approval to build a 79-unit workforce apartment building adjacent to its Boutwells Landing senior living community. The building will serve both PHS employees and the greater Oak Park Heights community.
PHS also received approval from the City of Saint Paul to build a 72-unit workforce apartment building adjacent to its Highland Path senior living community in the Highland Park neighborhood.
Additional PHS workforce and senior affordable and middle-income priced housing communities are also in the pipeline, and PHS is seeking financial partners to support this critical work.
“The new apartments are priced to be affordable to households earning between 60 to 80 percent of area median income,” Fletcher notes. “The goal is to provide modest-priced housing that serves Saint Paul and Oak Park Heights residents with close proximity to jobs, services, amenities and transportation. We believe this effort is both timely and needed.
“We look forward to putting our expertise to work and finding more creative ways to finance and build additional affordable and modest-priced housing in the Twin Cities,” Fletcher concludes. “The need is obvious, and we are proven developers of attractive, affordable housing. We anticipate working with like-minded organizations to make modest-priced housing available to Twin Cities residents.”
About PHS and Senior Housing Partners
PHS is a non-profit, faith-based organization providing a broad array of housing choices, care and service options to older adults. Established in 1955, PHS has earned the reputation as an innovative leader concerned with promoting independence, vitality and well-being for those they serve. For more information, visit: PresHomes.org.
Senior Housing Partners serves as a development consultant to not-for-profit sponsors, owners and operators of senior housing, assisted living, memory care and skilled nursing communities across the country. As a full-service developer, it provides turnkey project development services. These include strategic planning, product positioning, site selection, zoning and regulatory compliance, as well as marketing to complete pre-leasing and occupancy of projects once construction is complete. To learn more, visit: SeniorHousingPartners.com.
Want to learn more about the senior living options at our communities? Visit the “Find a Community” page on the Presbyterian Homes & Services website.