Company Updates

HOUSING BOARD INKS DEAL WITH DEVELOPMENT PARTNER

Milwaukee, June 10, 2008

The Alexandria Affordable Housing Corporation has signed on a development partner in its quest to build a new housing complex for the area. That new partner is Gorman and Company Inc., a Wisconsin based group that specializes in urban renewal projects. Gorman will oversee the construction of Legacy Heights, an affordable housing development that will consist of nearly 120 units with either 3 or 4 bedrooms.

Alexandria Housing Authority Executive Director, Wanda H. Davis said the finalization of the agreement with Gorman, “brings the reality of better housing conditions for Alexandria residents one step closer.” She said the signing of Gorman marks the end of a nearly 4 month process to select a development partner.

The next step in the process will involve the securing of financing and investing for the development. Gorman General Counsel Edward Matkom said the financial phase should be completed by September. When asked about the beginning of construction on Legacy Heights, he said “shovels should be in the dirt by late October or early November.”
Construction of the initial phase of Legacy Heights is expected to take 12 to 14 months. The complex will replace Wooddale Park which was demolished more than two years ago to make way for more up-to-date facilities.
For additional information regarding the Legacy Heights affordable housing development, contact Gregg Smith at (318) 327-3222.