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Editorial


Front Page - Friday, January 3, 2020

Pennrose breaks ground for Cromwell Hills and Emerald Villages




Mayor Andy Berke, Councilman Russell Gilbert, Chattanooga Housing Authority Commissioner Jeff McClendon, CHA Director of Development Naveed Minhas, CHA Executive Director Betsy McCright, CHA Board Chair Jim Levine, Pennrose VP Mark Straub and State Representative Yusuf Hakeem break ground on the Cromwell Hills and Emerald Villages redevelopments. - Photograph provided

Developer and property manager Pennrose and the Chattanooga Housing Authority have begun redevelopment of Cromwell Hills and Emerald Villages in Chattanooga.

The comprehensive initiative will repair and upgrade 200 units at the Cromwell Hills apartment complex and redevelop 111 scattered-site units into the new Emerald Villages.

Located at 3940 Camellia Drive, Cromwell Hills consists of 200 units and 10,726 square feet of community space with a leasing office, maintenance area and gymnasium.

Planned improvements include the replacement of siding and upgrades to kitchens, appliances, baths, flooring, HVAC systems, electrical service, plumbing and insulation.

The site will also receive additional parking, new paving and repairs to the community space.

The Emerald Villages redevelopment includes the complete transformation of 111 apartments scattered throughout four outdated CHA sites, including 44 units at Missionary Heights, 29 units at Glenwood East, 14 units at Glenwood North and 24 units at Woodside Apartments.

Similar to Cromwell Hills, the apartments will receive upgrades to kitchen and baths, new energy efficient appliances and updates to the flooring, HVAC systems and plumbing.

The rehabilitation will also address the replacement of siding, additional parking and new paving where needed.

Pennrose and Chattanooga Housing Authority previously delivered Villages at Alton Park, a four-phase, 400-unit master-planned community with affordable, market-rate rental and for sale homes.

Financing for the projects comes from a combination of low-income housing tax credit equity from RBC Capital Markets, a community development block grant for Cromwell, Healthy Housing Foundation funds for Emerald, state or federal housing trust funds from Tennessee Housing Development Agency, a housing authority acquisition loan, a permanent loan from SunTrust and Fannie Mae and a construction loan from SunTrust for Cromwell and Bank OZK for Emerald.

Source: Pennrose