MHA, Gorman & Co. Tout $60M Public-Private Partnership
The Metropolitan Housing Alliance announced Thursday the completion of its public-private construction partnership with Gorman & Co. of Madison, Wisconsin.
An investment of more than $60 million was used in the renovation project called "Redevelopment in the Rock," which included significant updates to Fred Parris, Cumberland and Jesse Powell Towers. The alliance called it one of the largest investments in public housing in state history.
Construction on the 40-plus-year-old towers began in the fall of 2018 and was completed months ahead of the early 2020 expected completion. Renovations consisted of cosmetic and structural improvements as well as updates to make the units safer and more environmentally friendly.
"The completed towers make up roughly 600 units of quality, affordable housing offered by the Metropolitan Housing Alliance and Gorman & Co.," Anthony Snell, MHA executive director, said in the release. "While this is the end of the first phase of our redevelopment, it is just the beginning. In the coming years, we will invest $40 million worth of renovations at public housing communities across the city."
"Redevelopment in the Rock" is the result of MHA's participation in HUD's Rental Assistance Demonstration Program, which allows public housing authorities to leverage public and private debt and equity to reinvest in public housing to make needed capital improvements to aging public housing stock.
"The public-private partnership we entered with Gorman & Co. has been exceptional," said Kenyon Lowe, chairperson of the MHA Board of Commissioners. "The towers that have been renovated represent the bulk of public housing in the city. Together we're improving the quality of life for our residents and the community at large. We look forward to making this dream a reality at our properties across Little Rock."