MELISSA, TX - Gardner Capital Development has been awarded a $1.3 million reservation of affordable housing tax credits from the Texas Department of Housing and Community Affairs to develop 93 independent, mixed-income, senior residences in the Melissa community of Texas. This $16+ million community will include a main three-story building with elevators and 93 energy efficient, one- and two-bedroom cottage-style apartments for seniors age 55 and older.
Part of a 35-acre planned mixed-use development that will eventually include retail components, Gala is the first mixed-income senior living community development approved in Melissa, Texas. It is also the only mixed-income property in Melissa that serves senior residents at affordable rents. With a population of approximately 9,500, the city of Melissa is located 35 miles north of downtown Dallas in the dynamic growth area of northeast Collin County.
"The Gala Community will focus on providing its senior residents not only with well-designed, affordable housing, but with numerous upscale amenities, including multi-purpose community rooms, a fitness center, resident lounges, a pool, and covered porches," said Michael Gardner, Principal and CEO, Gardner Capital Development. In addition, a full calendar of weekly and monthly senior-focused events will encourage residents to be physically and socially active.
Construction of the development is anticipated to begin in the second quarter of 2017, with completion expected fall of 2018. Gardner Capital Development Texas, LLC will serve as the developer for this project. Other members of the development team include Gardner Capital Construction, LLC, Cross Architects, and Allied Orion Group property management.
Gardner Capital is an affordable housing and renewable energy tax credit development, syndication, and investment company with primary regional offices located in St. Louis, Dallas, San Francisco, Atlanta, and Springfield, Missouri. Since 1992, Gardner Capital has invested more than two billion dollars of equity in affordable housing alone.