Grand Opening of City Place Apartments

September 24, 2013

PRESS RELEASE

“Atlantic Development celebrates grand opening of affordable housing development in the heart of the city”

Representatives from the Arizona Department of Housing, City of Phoenix, Atlantic Development and Investments, Inc., and Greater Phoenix Urban League will gather on October 9, 2013 to celebrate the grand opening of City Place Apartments at 802 N. 30th Street, Phoenix. The affordable housing development will help revitalize an underserved area of Phoenix just north of Wilson School in the Sky Harbor Neighborhood of Phoenix.

Developed by an affiliate of Atlantic Development & Investments, Inc. of Scottsdale, in partnership with the Greater Phoenix Urban League, City Place includes 134 townhome style units. The design of City Place features sustainable technology, including zero VOC materials to maintain excellent indoor air quality, dual flush toilets and water efficient plumbing fixtures, xeriscaping, Energy Star lighting fixtures, and a solar panel system that offsets almost 100% of the electrical load for the common areas of the property. Mark Breen, President and CEO of Atlantic said, “Sustainability means a lot of things: reducing a building’s impact on the environment is just a piece of this. The sustainable features at City Place also include creating a healthy living environment. The community is walkable and connected to transit, keeping families connected to local schools and resources.”

In addition to the physical improvements to the property, the development team has partnered with the Greater Phoenix Urban League to provide a number of on-site support services, including an after school program and financial counseling. GPUL services support low-income residents to follow viable, upwardly-mobile career and life paths by connecting them with financial, educational and employment resources.

City Place represents a financial investment of over $25 million in an area of Phoenix that is undergoing revitalization. It is estimated that the local economic benefits of the project include: $11 million in local income, and 163 jobs. Sources of funding for the project include over $20 million in tax credit equity from Credit Capital, LLC generated by an allocation of Low-Income Housing Tax Credits from the Arizona Department of Housing; construction financing and a permanent mortgage provided by National Mortgage Investors, and $2 million in HOME funds from the City of Phoenix.

“In recent years, the rental market has become not just one option, but the only option, for many families in Arizona and throughout the country,” said Jessica Breen, Vice President of Acquisitions and Development for Atlantic Development & Investments, Inc. Breen added, “Affordable housing is a critical part of strengthening our economy and revitalizing communities across the state – attracting businesses and a skilled workforce, creating vibrant city centers, and ensuring young people can afford to raise their families here will make Arizona a more competitive state to work
and live.”

Grand Opening and Ribbon Cutting Ceremony:
A grand opening and ribbon cutting for the new development is scheduled for Wednesday, October 9, 2013 at 11:00 am at 802 N. 30th Street, Phoenix 85008, and will include guided tours of the property and refreshments.

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