A new living community for low-income seniors, including formerly homeless elders, is now open in midtown Tucson.
Developer Newport SW officially opened Belvedere Terrace, at 4431 E. 22nd St., with representatives from the city, county and state this week.
The 72-unit complex has 1- and 2-bedroom models. Of those, 22 units are designated for formerly homeless seniors with services provided by The Primavera Foundation.
Developer Newport SW officially opened Belvedere Terrace, at 4431 E. 22nd St., with representatives from the city, county and state this week.
It is the third project in the Tucson area for Newport SW, which specializes in developing affordable housing.
Their first complex was built on West Prince Road and North Stone Avenue, with 40 units. The second complex is at 5301 S. Nogales Highway, south of East Irvington Road, with 77 units.
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“We are thrilled to be able to provide these 72 apartments for low-income seniors in Tucson,” said David Wohl, president of Newport SW. “A recent housing study for Pima County found that older adults make up an increasing share of the population and have urgent needs for smaller, accessible units that support aging in place and offer integrated services for independent living.
“Belvedere Terrace does both.”
Belvedere Terrace, at 4431 E. 22nd St., is designed with senior safety in mind.
The complex, for people aged 55 and older, was built on a difficult lot because the vacant space was behind two retail stores and L-shaped. But its location, on a bus route, appealed to the developers.
The project also has extensive solar coverage that allows for utilities, including internet, to be included in the rent. Rents are based on different incomes, Wohl explained.
Generally, rents will range between $901 and $1,621 a month, but there will be some differences and subsidies for qualifying tenants who will pay 30 percent of their monthly income, so that rent figure isn’t fixed.
The units all have dishwashers, disposals and microwave ovens. A communal laundry room is located on each of the three floors.
The complex also has two elevators, community rooms and a dog park. Both dogs and cats are accepted, within regulations.
Visit kaykayrealty.com/belvedere-terrace for details on qualifying or more information.
The project’s financing includes:
Raymond James Affordable Housing Investments and American Express, which invested $21.5 million in return for low-income housing tax credits and solar tax credits.
Rocky Mountain Community Revitalization Corp.’s $3.75 million loan.
EastWest Bank’s $18 million construction loan.
Arizona Department of Housing’s $2.5 million in annual low-income housing tax credits for 10 years and $1 million from State Housing Funds.
City of Tucson’s $1 million loan and rent subsidies for the 22 units that will serve formerly homeless elderly residents.
Pima County’s $1 million loan.
The development team included:
Newport SW LLC, the Arizona affiliate of California-based Newport Partners LLC, a developer of affordable housing in California, Arizona and Minnesota.
Architect Poster Mirto McDonald
General Contractor Tofel Dent Construction
Property Manager, Kay-Kay Realty Corp.
“Soon, 72 families will be able to call this development home – living in safe, decent, affordable housing with access to the community amenities every Tucsonan deserves,” said Tucson Mayor Regina Romero. “Belvedere Terrace will be a positive investment for both our senior residents and our economy.”
Visit kaykayrealty.com/belvedere-terrace for more information.
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