LAKE CHARLES, La. (press release) – HRI Communities announced that they have closed on the development of the future Mid-City Lofts located at the southeastern corner of 18th and Lake streets and are set to immediately move forward with construction overseen by RNGD. The $18 million new build project will consist of a 46-unit, three-story, disaster resilient building and will serve as the first phase of the Mid-City Choice Neighborhoods Transformation, with scheduled completion in late 2025.
“We are thrilled to immediately begin construction on Mid-City Lofts and launch the reinvestment in the Mid-City Choice Neighborhoods as a whole. This project is a big momentum builder that will offer beautiful, new mixed-income housing opportunities, with a priority on resiliency, sustainability, and the overall strengthening of the community” said HRI Communities President Josh Collen in a press release.
“News of the imminent start of construction for the Mid-City Lofts is exciting,” said Lake Charles Mayor Nic Hunter. “HRI Communities has already made significant investments into expanding attainable housing in the City through their Woodring Apartments development in Downtown Lake Charles. Their transformation of another long vacant lot will kick start the Mid-City Choice Neighborhoods Transformation. Thanks to a $40 million HUD Choice Neighborhood initiative grant and additional public and private investment, this is yet another area in Lake Charles that is seeing generational change. We are proud of the work being accomplished through private-public partnerships in our community.”
Mid-City Lofts is designed to incorporate such amenities as a community room, fitness center and computer room. It meets Enterprise Green Communities and FORTIFIED Multifamily Gold standards, the industry-leading sustainability and disaster resilience certifications. The project is located directly adjacent to the Lloyd Oaks public housing site which will be transformed from 240, now vacant, public housing units into a 562-unit mixed-use, mixed-income community.
HRI Communities was awarded a $3.5 million PRIME 3 Program loan that will be administered by Louisiana Housing Corporation (LHC) and sourced with Disaster Recovery Community Development Block Grant Funds from the Louisiana Office of Community Development. LHC also provided a competitive allocation of $15 million of 9% Housing Tax Credits that generate equity investment in the development.
“The Louisiana Housing Corporation is excited to see progress being made on the affordable housing front in Lake Charles,” said LHC Executive Director Marjorianna Willman. “The past hurricanes devastated Lake Charles, and we knew our efforts were greatly needed to help rebuild this community. The project will also be built to sustainable and disaster resiliency standards that will protect the structure and residents from any future natural disasters. The Mid-City Lofts is a prime example of providing safe, affordable, and energy-efficient housing, and we hope to continue that across Louisiana in future projects.”
“Four years ago, Hurricane Laura struck Lake Charles as one of the worst storms in recent history and six weeks later, Hurricane Delta delivered the one-two punch,” Louisiana Office of Community Development-Disaster Recovery Executive Director Gina Campo said. “The city is recovering from infrastructure and economic damages, but available rental housing is scarce. We are proud to help fund Mid-City Lofts with a $3.5 million PRIME 3 Program loan that will provide a much-needed mixed-income community that is resilient and sustainable with desirable amenities.”
Since Mid-City Lofts will serve as the first phase of development in the Mid-City Choice Neighborhoods Transformation, the development has been planned in close collaboration and in partnership with LCHA, the City of Lake Charles and the U.S. Department of Housing and Urban Development. HRI Communities has further partnered with Project Build a Future, Inc., a Lake Charles non-profit organization who will have a 25% interest in the Project’s Managing Member.
