Chesapeake Community Advisors

Effingham Plaza

Effingham Plaza

Chesapeake Community Advisors is serving as the development consultant for Portsmouth Redevelopment and Housing Authority and Cornerstone Housing, LLC on the renovation of Effingham Plaza. The project provides housing for seniors in two four-story buildings with 178 one- and two-bedroom units. There is a separate community building with full kitchen and bathrooms. The development has a Section 8 contract covering all of the units.

All 178 units will be fully renovated with new kitchen cabinets, bathroom vanities, medicine cabinets, toilets and carpet as well as new Energy Star rated HVAC units, windows and appliances. Other improvements include a new fire sprinkler system, new hallway carpet and paint, a recoated standing seam metal roof with 15 year warranty, increased roof insulation, new gutters and downspouts an improved site grading.

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Project Details

Development Type: Rehabilitation
Number of Units: 178 Units
Type of housing: Senior
Total Development Cost: $13.7 million
Financing: VHDA Loan (assumed), Sponsor Loan, Existing Reserves and equity from 9% Low Income Housing Tax Credits
Location: Portsmouth, Virginia
Project Start: February 2009
Project Complete: March 2010
Development Role: Development Consultant
Unit Mix: 1 and 2 bedroom units
Architect: Riddick Fiedler Stern
Contractor: Linden Contracting, Inc.
Developer: Cornerstone Jeffry Wilson, LLC
Owner: Gosport Elderly Limited Partnership (sponsor: Portsmouth Redevelopment and Housing Authority)
Investor: Alliant Asset Management
Lender: Virginia Housing Development Authority

33 South Gay Street, Suite 200, Baltimore, Maryland 21202 (p)410-685-6005