Jacksonville, Florida, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Today, The Millennia Companies® (Millennia), a leading company specializing in the preservation of affordable housing, held a ribbon cutting ceremony at Valencia Way to celebrate the substantial rehabilitation of four affordable housing developments in Jacksonville, Florida.
The rehabilitated apartment developments underwent more than $94 million in renovation costs that improved the physical conditions and preserved the affordability of 768 apartments, which are located at Valencia Way (formerly Eureka Gardens), Calloway Cove (formerly Washington Heights), The Weldon (formerly Moncrief Village), and Palmetto Glen (formerly Southside Apartments).
“These apartment developments were significantly distressed; in collaboration with our housing and finance partners, we are proud to have met the challenge of transforming them into quality, affordable housing for hundreds of families,” said Frank T. Sinito, Founder and Chief Executive Officer at Millennia. “Not only have we preserved a large number of affordable housing apartments at a time when they are deeply needed, but we also created community spaces for services that further enrich the lives of residents.”
The renovations include significant upgrades to the interiors and exteriors of the buildings, including new kitchens and bathrooms; improvements to major electrical, plumbing, and mechanical systems; and enhancements of the grounds and security features. Additionally, the rehabilitation process added to each apartment development a new community center, featuring amenities such as fitness rooms, meeting spaces and activity centers.
“The first time I was here in 2016, I witnessed horrifying living conditions as well as many health and safety issues. Millennia has taken ownership and worked hard to rehabilitate what is now Valencia Way. I am grateful to Frank Sinito and The Millennia Companies for their efforts, which will now allow tenants to live in safe, sanitary, and decent housing," said United States Senator Marco Rubio (R-FL).
At the celebration, guests toured newly renovated apartments at Valencia Way – the largest of the four complexes at 400 units - and heard from speakers including residents, elected officials, and partners. All four apartment developments consist of 100% affordable housing, and residents pay 30% of their income toward rent as part of a federal housing subsidy program provided by the United States Department of Housing and Urban Development. In all, the acquisition and renovation costs amounted to more than $145 million.
The following partners made the rehabilitations possible: United States Department of Housing and Urban Development, Florida Housing Finance Corporation, Jacksonville Housing Finance Authority, City of Jacksonville, R4Capital, First Housing, Bank of New York Mellon Corporation, NEI General Contracting, Dimit Architects LLC, The Architectural Team, Inc., and Project Management Consultants LLC.
About The Millennia Companies®
In 1995, Frank Sinito founded The Millennia Companies® (Millennia), a high-performance business enterprise with a strong sense of mission. Millennia operates in a closely aligned set of sectors including real estate development and property management, and its portfolio includes more than 275 multifamily residential communities in 26 states - over 100 apartment developments have undergone transformative rehabilitations. These efforts have resulted in thousands of housing opportunities for families of all income levels. Learn more about Millennia at www.themillenniacompanies.com.
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