Durham Housing Authority and CVS Health Break Ground on New Affordable Housing Community
Commerce Apartment Ground Breaking Ceremony
To view more pictures of the Commerce Street Apartments Ground Breaking Ceremony, please click here.
Ground Breaking Ceremony
Save the Date
Announcing Commerce Street Apartments
A Choice Neighborhoods Development
August 14, 2024, at 10 AM
115 Commerce Street, Durham NC
Durham Choice | Laurel Street | Forever Home, Durham | City of Durham
Media Contacts:
Aalayah Sanders, Durham Housing Authority
(919)-407-0460
Email Aalayah
Laurel Street, Durham Housing Authority and CVS Health Break Ground on New Affordable Housing Community
A New Community will replace aging public housing in downtown Durham with a vibrant, mixed-income community.
DURHAM, NC Aug. 13, 2024 - Tomorrow the public-private partnership of Laurel Street and the Durham Housing Authority (DHA) along with its tax credit equity partners, CVS Health® (NYSE: CVS) and Red Stone Equity Partners, will join other community partners at a groundbreaking ceremony for Commerce Street Apartments, a mixed-income housing community located in downtown Durham.
Commerce Street Apartments is the second housing phase of a four-phase redevelopment initiative in downtown Durham known as Durham Choice. Durham Choice is a partnership between the DHA and the City of Durham created under the umbrella of the US Department of Housing and Urban Development Choice Neighborhoods Implementation Program. Durham Choice will advance the vision outlined in the DHA Downtown & Neighborhood Plan and has three core goals:
- Redevelop two aging public housing developments in downtown Durham, 519 E. Main, and Liberty Street Apartments, into vibrant mixed-income communities in partnership with Laurel Street.
- Provide DHA residents with comprehensive health services, as well as educational and employment training opportunities, to assist them in pursuing their personal goals.
- Invest in the surrounding neighborhood, with a focus on the historic African American community of Hayti, by supporting community institutions, building connections among residents, and supporting small and minority-owned businesses.
Commerce Street Apartments will offer 172 mixed-income apartment homes in two four-story buildings. 88 of the units will be reserved for older adults (62+), while 84 will be available to individuals and families of all ages. 71 of the apartments will be public housing replacement units, while another 58 will serve households with incomes below 60% of Area Median Income. Additionally, nine units will be designated for persons with disabilities or experiencing homelessness and ten units will be reserved for those with mobility impairments.
CVS Health's support of Commerce Street Apartments includes a more than $17 million equity investment towards the construction of the property through Red Stone Equity Partners. The investment is a local demonstration of CVS Health's commitment to improving the health of individuals across the country, which includes creating and preserving access to quality, safe, affordable housing, especially in historically underserved communities. To date, CVS Health's investments have led to the creation or preservation and renovation of over 2,500 affordable and supportive housing units across the State of North Carolina.
"The first step to improving an individual's health and wellbeing is addressing housing insecurities," said Keli Savage, Head of Impact Investment Strategy, CVS Health. "Made possible through community programs like Durham Choice and impactful collaboration, the construction of Commerce Street Apartments will provide Durham residents with a new safe, beautiful, and affordable place that they can proudly call home."
DHA will provide on-site services free of charge to all Commerce Street Apartments residents with the aim of holistically improving the social and environmental determinants that help lead to economic stability, educational success, and improved quality of life. Services provided will include workforce development, education (early learning and school-aged children), and health services. The Durham Children's Initiative and other local partners will provide additional programs and services.
"Commerce Street Apartments further advances the mission to provide more affordable housing options for our residents in various economic levels," said DHA CEO, Anthony Scott. "We are so proud of this development and it being the first phase of our $40 Million Choice Neighborhood Initiative Grant awarded in 2022. This is a continuation of many exciting new communities, and we're thrilled to see this progression and celebrating the milestones with our partners and community."
The complex will be located about one half mile southeast of downtown Durham within walking distance from a senior center, Edgemont public park, a police station, convenience store, and an elementary school. Within just about a mile radius of the properties are restaurants, banks, Family Dollar, grocery stores, and Lincoln Community Health Center. Property amenities will include community rooms, on-site management, computer centers, playgrounds and "tot lots", central laundry, storage, and secured access.
"Commerce Street embodies our commitment to creating vibrant, inclusive communities that cater to the needs of residents of all ages and incomes," said Dionne Nelson, President and CEO of Laurel Street. "We are proud to continue our efforts to increase the vitality of the east side of Downtown Durham through Commerce Street and our other new developments on East Main Street."
Representing its significance to the community, Commerce Street Apartments has also received significant local support totaling $21.7 million, including soft funding from a $9.4 million Choice Neighborhoods Implementation ("CNI") grant loan, an $8.2 million HOME loan from the City of Durham, and a $4.1 million land acquisition loan from DHA. The total development costs for the property are $58.3 million.
About Durham Housing Authority
The Durham Housing Authority is the largest affordable housing provider in Durham, North Carolina. DHA has developed, owned, managed, and contributed housing to diverse communities of choice since 1949. For more information about DHA, please click here.
About Durham Choice
Durham Choice is a partnership between the Durham Housing Authority (DHA) and the City of Durham to expand affordable housing opportunities in Durham and ensure that low-income residents can live in high-quality housing in great neighborhoods. The focus of Durham Choice is on the redevelopment of two aging public housing properties in downtown Durham, 519 E. Main and Liberty Street Apartments. The program is supported by a $40 million Choice Neighborhoods Implementation grant from the U.S. Department of Housing and Urban Development. For more information about Durham Choice, please click here.
About Laurel Street
Laurel Street is a leading multifamily residential development company experienced in developing high-quality communities for working families and seniors. Headquartered in Charlotte, N.C., the company has a current development portfolio of more than 5,000 units. For more information about Laurel Street visit us here.
About CVS Health
CVS Health® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels, and over 300,000 dedicated colleagues - including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health - whether that's managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system - and their personal health care - by improving access, lowering costs, and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.
About Red Stone Equity Partners LLC
Red Stone Equity Partners, LLC ("Red Stone Equity") is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively. Red Stone Equity prioritizes environmental, social, and governance "(ESG") factors in all aspects of business and our company. Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and, provides long-term asset management services to its institutional clients. Red Stone Equity senior management features a diverse set of professionals with extensive experience in all aspects of real estate, affordable housing, and renewable energy investment. Since inception, Red Stone Equity has raised over $9 billion of tax credit equity. These funds have been used to finance the construction and/or rehabilitation of more than 62,000 units of affordable housing in 48 states, Washington, D.C., and Puerto Rico. Red Stone Equity has offices in Boston, Charlotte, Chicago, New York, and San Diego. For more information, please visit us at Red Stone Equity Partners, LinkedIn, or Twitter.
