Silver Street Development Corporation (“Silver Street”) is proud to announce the successful completion of the substantial ($13,000,000) rehabilitation of its 200-unit Newport Harbour property in Newport News, VA. Silver Street’s acquisition of Newport Harbour and its subsequent rehabilitation was financed via a 4% LIHTC transaction utilizing $18,000,000 tax-exempt bonds issued by the Newport News Redevelopment and Housing Authority.
The $65,000 per unit renovations included: a comprehensive scope of work that will assure its long-term preservation as well as improve its overall energy efficiency and marketability/curb appeal. Some of the key renovations are: new kitchens and baths, new flooring and painting, new HVAC and hot water systems, new roofs and windows, a new, comprehensive video security system, upgraded community facilities and management offices and 10 new ADA accessible units. In addition, all of the building facades received a complete makeover, including all new siding and trim work, greatly enhancing the overall appearance of the property.
The Property’s rehabilitation continued apace throughout the COVID-19 pandemic. While the overall completion of the rehabilitation was delayed, the Silver Street team deployed a new resident relocation strategy in the Spring of 2020 to keep construction moving forward while at the same time maintaining appropriate COVID-19 protocols to keep residents, site staff and the construction team safe. This strategy involved temporarily relocating residents and their possessions to previously rehabbed “hotel” units, having the contractor complete its scope of work in this units in these units, and then moving the residents and their possessions back into their original units. While the owner experienced substantial cost increases and construction delays as a result of completing the Property’s rehabilitation in this manner, Silver Street, its affiliated management company, Housing Management Resources, and its general contractor, Clancy & Theys, determined that this strategy was the best means of continuing construction while at the same time maximizing the health and safety of all involved.
The transformation of culminated with the dedication of the new community center in the name of Ms. Gloria Smith, a 30 year employee of New Harbour Apartments. Ms. Gloria Smith was instrumental in providing services and programming to the families at Newport Harbour. Communities are built by people like Ms. Gloria Smith who dedicated her life’s work to helping the children and families of Newport Harbour Apartments. “ Because of you, I still have my son today, your afterschool program provided him a safe place and positive environment”, was just one of the testimonials shared during Thursdays dedication ceremony. Special thanks to our community partners and Vice Mayor, Dr. Saundra Cherry for attending this ceremony and your ongoing support.
This revitalization provides a fresh and overall higher-quality living environment for the many families that call Newport Harbour home. The completion of this expansive rehabilitation is a result of the talented development team and helps to reinforce the dedication of Silver Street’s mission to provide high quality, affordable housing to its residents.
