The Michaels Organization, together with its partner, The Housing Authority of Baltimore City (HABC), celebrated the grand re-opening of Pleasant View Gardens Townhouses and Pleasant View Gardens Senior held Dec. 20, with city officials, residents, and other community stakeholders.
The Michaels Development Company won the opportunity to renovate both projects via a competitive RFP process. The 110-unit public housing property for seniors comprises one-bedrooms reserved for seniors 62, while the 201- townhouse unit property ranging offers a range of one-to-four bedroom units affordable to families. Both of these properties required substantial capital improvements, interior remodeling and exterior repairs. Because the housing authority did not have the resources to properly remediate property needs, they chose MDC as their private-sector partner to leverage public and
private financing resources under a PBRA RAD conversion.
The scope of work included new energy- efficient building systems as well as updates to individual units. The total development cost for the seniors community was $17.19 million; the total development cost for the family property was $31.63 million. Our tax credit syndication company, Riverside Capital, syndicated the tax credits for both. IRM handled the resident relocations as part of their property management services.