ALLEN, Texas–(BUSINESS WIRE)–FTK Construction Services, LLC, (FTK) a full-service nationwide General Contractor specializing in Low-Income Housing Tax Credit (LIHTC) rehabilitation projects, is pleased to announce a contract award for the rehabilitation of Bridgeview Village Apartments in Charleston, SC. The amount of the contract award is approximately $19 million.
“Access to safe and affordable housing was a priority prior to COVID-19, and the pandemic has only exacerbated the need in Charleston. Standard Communities is excited to expand our partnership with FTK Construction Services to ensure the creation and preservation of affordable housing in this critical time”
Bridgeview Village, built in 1971, is 100% affordable housing and the largest privately-owned affordable housing community on the Charleston peninsula. The property consists of 300 apartment homes in 26 two-story buildings on 22 acres. Located at 108 N. Romney Street in Charleston, Bridgeview Village is being developed by a partnership led by Standard Communities. The architect for this project is Hooker DeJong Architects. The lender for the project is Citi Community Capital.
FTK will complete extensive interior and exterior renovations at Bridgeview Village over a 23-month time frame. Exterior renovations will include new parking lot pavement, sidewalk repair, new LED lighting, new perimeter fencing, energy-efficient enhancements, new roofs, paint, carpentry, windows, and extensive landscaping. The interior renovation will consist of new central heating and air conditioning, major plumbing and electrical upgrades, flooring, and new interior doors. Additional interior updates will include updated kitchens with new appliances, cabinets, and countertops, new bathroom vanities, toilets, and tub surrounds. Also included in the project is the construction of a new ground-up Community Center to house resident amenities such as a fitness center, a business center, and an additional community space.
“Access to safe and affordable housing was a priority prior to COVID-19, and the pandemic has only exacerbated the need in Charleston. Standard Communities is excited to expand our partnership with FTK Construction Services to ensure the creation and preservation of affordable housing in this critical time,” said Tommy Attridge, Director of Southeast Production for Standard Communities.
FTK, a leader in the Low-Income Housing Tax Credit (LIHTC) and Affordable Housing Project Management sector, has recently completed or has in-process over $145,000,000 in LIHTC projects with zero compliance citations, and has completed 100% of all LIHTC projects on or ahead of schedule. In February of this year, because of FTK’s demonstrated expertise, financial strength, completed LIHTC project portfolio and upcoming pipeline of projects, The Great American Insurance Company increased FTK’s bonding capacity from their previous $350,000,000 bonding capacity to $500,000,000.
COO Mark Frazier shared, “We’re excited about this project and working with Standard Communities. Both the rehab of the existing apartments and the construction of the new Community Center will transform Bridgeview Village for the residents and the City of Charleston, and we’re happy to be a part of it.”
FTK continues to ensure that all our project protocols comply with the latest Centers for Disease Control and Prevention (CDC) guidelines for preventing person-to-person transmission of COVID-19 as well as all emergency state and federal executive orders.
Based in Los Angeles and New York, Standard Companies has a portfolio of over 14,700 apartment units, including more than 11,000 affordable units, and has completed more than $2.6 billion of affordable housing acquisitions and rehabilitations nationwide. The affordable housing division of Standard Companies is Standard Communities, which strives to cultivate long-term public and private partnerships to produce and preserve high-quality affordable and environmentally sustainable housing.