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Robert Cooper / The News Herald
From left, local attorney Nevin Zimmerman; Ryan Durant, President of Tapestry Group Inc.; and Panama City Commissioner Billy Rader participate in the groundbreaking ceremony for the Waterstone at Jenks Avenue Apartments in Panama City on Friday.
Second work-force housing project breaks ground
By Ryan Burr / News Herald Writer
September 26, 2008 - 11:05PM
PANAMA CITY — Ground was broken Friday on the county's second work-force housing development, with local government leaders joining the project team to celebrate and emphasize the importance of affordable housing.
"This is for new employees, many of them young professionals moving to the area who want to own a home but aren't quite there financially," said Ryan Durant, president of Tapestry Group Inc., the developer of Waterstone at Jenks Avenue Apartments.
The idea for anyone who will live in the 264 units is they will transition into home ownership "within a relatively short period of time," according to Tapestry Group's news release.
Durant thanked all Bay County and Panama City officials for being proactive to accommodate and attract new, young workers to the area.
"We're long-term thinkers," Durant said of the project. "This is housing that will give new residents a sense of security."
Prospective companies looking to open businesses in Bay County will be encouraged with more housing available to potential employees, Durant added.
Local attorney Nevin Zimmerman has assisted Tapestry Group with the project that has been more than a year in planning.
Omaha, Neb.-based Tapestry is a private foundation and a tax-exempt, not-for-profit that can obtain low-interest rates on money it borrows, allowing it to pass on savings to renters. The city in which the developments are built do not contribute financially.
Column Guaranteed LLC in Jacksonville lent money to Tapestry to build Waterstone at Jenks and a nearly identical 216-unit project in Springfield earlier this year, which is still under construction. the U.S. Department of Housing and Urban Development is insuring the loan.
The work-force housing apartments in Springfield and Panama City will have the same design and offer one-, two- and three-bedroom units.
Who qualifies?
Eligible tenants of these apartments must not make more than 120 percent of the area median income, which for a family of four in Bay County is $51,600. Rent for a three-bed apartment will be $1,060 per month, a two-bedroom will cost $995 per month and a one-bedroom unit will cost $865 per month.
Pre-leasing for the Jenks Avenue apartments will start sometime next year, with the first building expected to be ready for occupancy in January 2010. Residents of the development also will have access to a clubhouse, fitness center, business center, and other amenities and resources.
The Associates Architects and McNeil Carroll Engineering were local firms involved in the project.
So far, six leases have been signed for Springfield's Waterstone, but there are 100 people wanting to view the apartments, said property manager Lisa Baker, with RAM Partners LLC.
Durant said one of the challenges in maxing out the available leases for work-force housing is "there's a misconception that this is really low-income, like Section 8 housing."
Section 8 and other similar housing programs, he said, take people making 60 percent or less of median income. Tapestry's apartments are targeted to those making 80 percent to 120 percent of the median income.
Anyone interested in the Springfield or Panama City apartments should call the local Waterstone office at (850) 769-0505.
Apartment Complex Groundbreaking 09/26/08 - 06:14 PM
By: Tuquyen Mach  Panama
City, Fla:
Ground is broken for a brand new apartment complex in Panama City to benefit
a particular segment of our community.
Representatives of the Tapestry Group and city officials were on hand today
for the official groundbreaking for Waterstone Apartments.
The project, located off of Jenks Avenue, is designed to accommodate
individuals or families who make up the “workforce community” and earn up to 120
percent of the area median income.
The non-profit tapestry group chose Panama City due to its progressive
leadership and supportive attitude regarding well-planned community
growth.
“This will provide housing for a lot of the backbone of this community: the
nurses, the teachers, the firefighters.Those people will have a place that they
can call home,” says Ryan Durant, President of The Tapestry Group
Durant says construction will start on Monday, with the first building being
ready for occupancy in January 2010.
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02.07.08
Tyndall Parkway & Tram Road
Springfield (Bay County), FL
A NEW, Class A, 216-unit Workforce Housing Apartment Community
Waterstone at Springfield Apartments has broken ground at Tyndall Parkway and Tram Road in the city of Springfield. This 216-unit apartment community consisting of 1 bedroom/1 bath, 2 bedroom/2 bath, and 3 bedroom/2 bath apartment homes will start pre-leasing June of 2008 and the first building ready for occupancy in August 2008. The property will be gated and feature a luxurious clubhouse/leasing office, a fitness center with a steam room, a resident business center, covered veranda with outdoor kitchen, a pool, dry cleaning valet service, postal package pick up station, various water features, 24-hour on site security, and lush landscaping with backlighting. Each unit will have washers and dryers, 100% Energy Star rated appliances, high speed Internet access, and individual storage rooms plus either patios or decks.
The project is designed to accommodate those individuals who make up the “workforce” of the community, i.e individuals and/or families earning up to 120% of the Area Median Income. Waterstone at Springfield will offer a Class A, fully amenitized, affordable living environment while the residents transition into the community via careers and jobs. Once settled into the Springfield community, it is anticipated that the majority of the Waterstone residents will transition into Springfield’s homeownership status within a relatively short period of time.
Thanks to the support and cooperation of Mayor Robert Walker, Council members John Gipson, Ralph Hammond, Jimmy Talley, and especially Carl Curti, Councilman for Ward 1. Teresa Cox/City Clerk and Don Banks, former city attorney, also worked diligently and tirelessly with the Developer. Due to the cooperative attitude of these civic minded individuals, Tapestry Group, Inc., has been able to work through it’s development Team of several local professionals to bring this project to fruition. Springfield was chosen by the Developer due to its progressive leadership and supportive attitude regarding well-planned community growth.
Nevin Zimmerman worked diligently on behalf of Tapestry and its development Team consisting of The Associates Architects, McNeil Carroll Engineering, Lori Bates Interiors, Dragon Cooper Land Surveying, Alan Holt Landscaping and Architecture, and Robert Larramore/Coldwell Banker. Other members of the Team are CEI Construction as General Contractor, RAM Partners, LLC as management agent, Rich Wedekind, President of Perimeter Brokers in Atlanta, and Column Guaranteed, LLC as the Lender in conjunction with the U.S. Department of HUD as the insurer of the Lender’s financing. Pastor Barnes of New Life Worship Center was an intregal part of bringing Waterstone to the Springfield community.
A sister 264-unit project, Waterstone at Jenks, including the same development Team is also scheduled to start construction in May 2008 on Jenks Avenue. Like Waterstone at Springfield, the project is designed to accommodate those residents who earn no more than 120% of the Area Median Income – the community workforce. Sandy Moon of Atlanta’s Focus Design will join the development Team for the Jenks Avenue project as well.
Questions may be directed to the following:
Ryan Durant, President of Tapestry Group, Inc. 402-898-1075
Gene Wilczewski, Project Manager for Tapestry Group, Inc., 602-770-1440
Linda Menk, Column Guaranteed, LLC – a Credit Suisse company, 678-877-9844
Lisa Baker, RAM Partners, LLC, 404-388-6990 and 770-437-5200
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