Cydecton investments, LLC has completed construction of a brand new 44-unit senior community for resident age 55 and older on Fish Haven Road in Lake Ozark, MO.
The 44-units are in a 3-story elevator building. The project features spacious one and two-bedroom units with one full size bath, fully equipped kitchen with washer/dryer equipment in each unit.
The 44-units break down to one–bedroom units measuring approximately 738 sq. ft. with rents at $416-$430 per month and 42 two-bedroom units measuring approximately 855 sq. ft. with rents between $416-$490 per month. Fish Haven Estates will set-aside 25% of the units for seniors whose incomes falls below 50% AMI. The plan calls for resident to begin moving in in late January, 2018.
The complex is located at 130 S Fish Haven Road in Miller County. The Lake Ozark property can be easily assessed via South Fish Haven Road. South Fish Haven Road intersects with U.S. Business 54 which provides retail, grocery, restaurants, and medical services.
Unit Characteristics and Amenities
The entry will be secure. Residents will enter the building using secure credentials. The manager’s office will be conveniently located on the first floor near the main entry. Common areas will be provided on all floors. Common areas include game room, computer stations, coffee bar, fitness equipment, full kitchen and resident lounge. Each apartment will be built to the highest quality standard at the lowest possible cost. Fish Have Estates offers modernized kitchens with range/oven, garbage disposal, refrigerator, microwave, and dishwasher; a laundry area with washer and dryer equipment; living space finished with carpet and vinyl plank flooring, window coverings, and ceiling fans.
Three units will be fully ADA accessible. The remaining units will be universally designed to they can be adapted to other tenant used if necessary. Construction and equipment will comply with the Green Building Program and the “Bronze” certification level requirements of the National Association of Home Builders Green Certification Program.
Cydecton Investments offers a rent structure that accommodates both very low and low-income senior residents. 11 Apartments will be set-aside for residents that earn 50% or less of the area medium income with a rental rate of $416 per month. The balance of homes will serve residents that earn 60% or less of the area medium income with a rental rate of $430 for a one bedroom and $490 for a two-bedroom.
The market analysis determined the restricted rent advantage is 10% for the one-bedroom units and up to 18% for the two-bedroom units. The analyst further identified a demand for 342 one-bedroom units and 170 two-bedroom units in the market place. There were only two vacant units at the time of the analysis.
The development team for the project included professionals with many years of experienced in all facets of affordable house. The team that Cydection Invements, LLC has assembled is dedicated to meeting and potentially exceeding the goals of MBE and WBE participation. The following development team has been formed to support the success of this project.
(WBE) HRM Services, LLC Debra Giffin Sole Member, serves as the development consultant property manager. Ms. Giffin has over 27-years of experienced in affordable housing development, construction management, and property management. Currently HRM provides affordable housing services to over 3500 units in the Midwest. The firm has extensive experienced with the low-income housing tax credit and USDA Rural Development financing programs.
Simplex Maintenance, common principals with Cydection Invemtents, LLC, serving as General Contractor.
Wallace Architects, LLC; Kurt Wallace, Managing Member, has provided pre-application architectural services and will continue to supervise the design and implementation throughout the construction phase. Wallace has an extensive working knowledge of MHDC and RD architectural requirements.
Holden Law Offices; Natalie Riley, Managing Member, brings years of MHDC program experience to the team as she has closed numerous MHDC financed deals over the years.
Midwest Land and Title and its principals offers knowledge and experience in real estate closings, escrow and construction disbursements, title searches and examinations.
Professional Environmental Engineers will provide the Phase 1 environmental site assessment and NAHB Green Building Design and Review services.
The Fish Have Estates development team believes that there is much more to affordable housing than the structure. We strongly believe that every effort should be made to give residents of our developments the opportunity for services and activities. It is important to tailor services and activities to those that the residents need and desire the most. Not only will our management team work with the residents to form a fun-filled activities calendar to promote neighborhood interactivity, we will reach out to other agencies and services providers in the community that can support and supplement the services and programs that we and the residents of Fish Haven Estates feel will provide an atmosphere that is conductive of quality of life that allows seniors to age in place.
Pyramid Home Heath Services (PHHS) has committed to providing health services to each Fish Haven Estates resident. A member of PHHS case management staff will perform a home visit to assess each resident’s level of care. Once assessed, staff will develop a care plan that meets each individual need. PHHS will provide monthly services based on the need at no cost to the resident. PPHS Staff will determine the Medicare, Medicaid, and VA benefits eligibility and for any cost not reimbursed through these programs. PHHS will bill Fish Haven Estates, LP.
Cydecton Investments is dedicated to putting a care package in place that will allow our residents to age in place for many years to come. Following many discussions with Cale Bradford, Chief Operating Officer, we realize that PHHS is an invaluable resource for identifying significant services for our senior residents. This service provider had the foresight to know when and how services need to be adjusted to fit the needs of our residents and just as important, this provider is well versed in Medicare, Medicaid, and VA benefit plans. They will traverse the rough waters of health care plans and their benefits will provide great comfort to our senior residents and their families. There is no better partner than PHHS to bring a Service Enriched Plan to the residents of Fish Haven Estate.