Taney Village Apartments

Taney Village Apartments on Taney Avenue will get a $24.6 million renovation, with scheduled completion this fall.

Taney Village Apartments on Taney Avenue will get a $24.6 million renovation, with scheduled completion this fall.

Enterprise Homes, a Baltimore firm that bought the building last May, will partner with SunTrust Bank for the project. According to the Maryland Department of Assessments and Taxation, Enterprise Homes bought the property from Taney Village Partners, of Georgia, for $14 million.

The project will be funded through low-income housing credit equity and loans by SunTrust Bank, and loans from Wells Fargo Bank, Bank of America, the Maryland Department of Housing and Community Development and Frederick County.

“We develop affordable housing, and this is an important source of affordable housing,” said Christine Madigan, senior vice president of Enterprise Homes. “We want to fulfill our mission to renovate properties for people who need it.”

It took from the purchase in May to December to finalize plans for the renovation, Madigan said. Maryland firms will be used in the project, including Plano-Coudon as contractor, Grimm & Parker architects, and property management by Habitat America Renovations in Annapolis.

The renovation will include energy efficient windows, heating and air conditioning systems, kitchens, appliances and bathrooms. There will be new lighting, flooring, painting and furniture in the hallways, corridors and lobbies, community room, fitness room and laundry facilities.

Exterior upgrades will include a new roof and cleaning of the exterior and new entrance canopy.

“We will trim trees and improve landscaping,” Madigan said.

The company doesn’t have any other projects scheduled in the Frederick area, but Madigan said Enterprise Homes will look for other opportunities in the community.

Residents, interviewed in the ground floor community room, said they are pleased with the apartments but look forward to the enhancements.

“It will be like living in a brand new house,” resident Catherine Leatherman said.

Leatherman, 69, said work will be done from 7:30 a.m. to 4 p.m. each weekday and residents will be able to sleep in their own beds at night. She has lived at Taney Village for two years. She is especially pleased with the new cabinets planned for the rooms, she said.

From doors on closets to new cabinets, Vivian Riggles, 82, said she looks forward to the changes. A resident for three years, Riggles still drives her 2004 Taurus and has a cat.

“They have a nice laundry room on the sixth floor,” Riggles said.

“And an exercise room with a treadmill, rowing machine and stepper,” said Glenda Gibbs, 81, a 12-year resident.

The residents have a choice of having their bedrooms and living rooms painted, but they don’t get to choose the colors, they said. Neither Leatherman, Riggles, Gibbs; Cathy Doffmeyer, 67; nor Harriet Healand, 76, are choosing the paint option.

During the work, some will spend the day in community rooms or an apartment unit the owners are making available for day use.

(3) comments

Smoleys

Does anyone have a good explanation why construction costs are so much higher for low-income housing than for market rate housing? $38.6 million to buy and renovate 130, 1-bedroom apartments. That works out to $296,923 per apartment. And, by-the-way, that price won't cover a new coat of paint inside the apartments.

public-redux

Do you have a comp for market rate housing?

public-redux

I wouldn't be surprised, but don't know, if the renovation number included interest on the loans. Kinda like the lottery always promotes the undiscounted value rather than the real value.

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