Corpus Christi: City Council Endorses Two Multifamily Projects for 9% Tax Credits
Feature Illustration: Concept elevation for the Palms at Blucher Park by GNB Architects.
by Adolfo Pesquera
Corpus Christi (Nueces County) — City Council endorsed two multifamily projects that are competing for the state 9% housing tax credits that are utilized to provide affordable housing.
The council, at its Feb. 23 session, lent its support–a necessary step in the state’s scoring process–to the Avanti at Heritage Park and Palms at Blucher Park applications. Last week’s vote allowed the developers to meet a March 1 deadline for submittal of their pre-applications to the Texas Department of Housing and Community Affairs.
The 9% low income housing tax credits are highly competitive. Corpus Christi is in Region 10/Urban, which includes Nueces, Aransas, San Patricio and Victoria counties. Historically, the region has been awarded one 9% tax credit annually.
Aerial map of the project site for Avanti at Heritage Park.
Avanti at Heritage Park is proposed to be a 68 to 72 unit multifamily development. The developer, Madhouse Development, aims to include between 10%-15% market rate units with the balance being for renters with incomes at or below 60% of the Area Median Income.
The presentation to council went into more detail, describing the unit mix as 59 units for 60% area median income (AMI) renters and below; 10 units for 80% AMI; and 9 units at market rate.
The development is located two blocks east of Shoreline Boulevard in the downtown area, at the southwest corner of Fitzgerald Street and Chaparral Street.
Madhouse is requesting a $1,383,899 tax credit award to finance a project estimated at $16,822,654.
A concept illustration submitted by Madhouse shows a single four-story building.
Aerial map of the project site for Palms at Blucher Park. Courtesy: City of Corpus Christi.
Palms at Blucher Park is proposed as a 72-unit affordable housing project.
Located at the 200 block of South Tancahua Street, it would have a mix of one, two and three bedroom units, all available to tenants earning 60% AMI and below.
The developer is Prospera Housing Community Services, and they’re controlling the project through an affiliate, TG 110 Palms at Blucher Park, LP.
Prospera is also requesting a tax credit of $1,383,899, however, the estimated development cost is larger at $17,296,018.
A concept schematic submitted by Prospera describes a single five-story building. Their architect is GNB Architects (Gonzalez Newell Bender Inc.)
Five lots were assembled to make this project possible. They include 209, 217, 223, 227 S. Tancahua Street, and 209 S. Carancahua Street. There are several commercial buildings and extensive concrete pavement on the project site that will have to be demolished, if this project proceeds.
A commercial complex exists on the proposed site for Palm at Blucher Park that would have to be demolished. Image: Google Streets.
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.