Impetus Breaks Ground At New Apartment Community in Lake Charles, Louisiana
“Woodring Apartments” a resilient, sustainable community to anchor the downtown recovery effort officially commenced construction on its first phase and confirmed receipt of major funding award for its second phase.
LAKE CHARLES, La. (June 2, 2023) – A groundbreaking ceremony was held today to celebrate the start of construction on the Woodring Apartments in downtown Lake Charles, a multifamily residential community designed with disaster resiliency features and ample green space to feature and protect the mature existing oak trees. The property’s favorable location in the downtown area will provide a diverse mix of options ideal for those that work nearby while also adding vibrancy to the neighborhood. Mayor Nic Hunter, Councilman Ronnie Harvey, Jr., Calcasieu Parish Police Juror Mike Smith, Louisiana Office of Community Development Executive Director Pat Forbes, Louisiana Housing Corporation Executive Director Joshua Hollins, Kevin MacDougall, Assistant Vice President of Boston Capital Finance and HRI Communities President Josh Collen were on hand for remarks at the event. DeQuincy native and former employee of both the City of Lake Charles and the Calcasieu Police Jury, Paul Rainwater served as the emcee. Bound by Bilbo, Mill, Hodges and Division Streets in the heart of downtown Lake Charles, the overall development will be segmented into two phases and is expected to open in the Summer of 2024.
“Suffering through the consecutive landfalls of major Hurricanes Laura and Delta, thousands of Lake Charles residents remain displaced from their homes due to devastating damage across the area,” said Collen. “We are thrilled to break ground on this tremendous new development which will offer the most resilient apartment homes possible in a beautiful, amenity rich community that blends in with the surrounding downtown and preserves the existing mature live oaks on this underutilized block.”
The first phase of the Woodring Apartments will include a 58-unit multifamily building and a 12-unit townhouse building for 70 total apartments. The unit mix will include 49 affordable/workforce housing units and 21 market-rate units. Amenities will include off-street parking, a community center, fitness center, grilling and picnic area, rain garden and pocket park on the corner of Division and Hodges Streets.
“The Woodring Apartments are a welcome addition to Downtown Lake Charles, which plays a vital and unique role in the economic and cultural fabric of our community,” said Lake Charles Mayor Nic Hunter. Downtown Lake Charles serves as a connector for our City and a hub for commercial, cultural and civic activity. Walkability is a desirable trait for many, so the addition of these new residential units is critical to continued growth in this area. We are thrilled to see the start of construction and cannot wait to welcome more residents to Downtown Lake Charles.”
“A strong, vibrant downtown corridor is a positive indication for the overall health of a community and the addition of the Woodring Apartments will only help to inspire growth in a number of sectors,” added Lake Charles City Council District A Councilman Ronnie Harvey. “Affordable living options in this area helps our local business community with potential new employees, as well as creating new customers to patronize the many existing businesses.”
HRI Management, LLC, an HRI Communities affiliate, will be the long-term property management company for the Woodring Apartments. HRI Management currently manages 60 properties, which comprise 5,301 units across 5 states and 10 cities. HRIM has a staff of over 150 employees including specialists in leasing, operations, tax credit compliance, maintenance and resident services.
HCI Architecture, Inc. serves as the architect of record for both phases of the Woodring Apartments and has extensive experience in disaster resilient and energy efficient multifamily design. With consideration for the disaster risk profile of multifamily housing in southern Louisiana, the design of the community reflects best practices in sustainability as directed by the Enterprise Green Communities criteria with emphasis on disaster resiliency and hardened building techniques under the Institute for Business and Home Safety’s FORTIFIED Gold resiliency objectives. These initiatives aim to mitigate both nuisance and major damages resulting from hurricane force winds and flooding which often displace residents in the worst of post-storm circumstances.
Impetus, a Louisiana-based construction company with operations spanning across the Southeastern U.S., serves as the design-builder leading the project’s construction. The company has been a long-time partner of HRI Properties and has completed many of the company’s high-profile projects across Louisiana including projects in New Orleans, Shreveport, Lake Charles, Lafayette, Baton Rouge, Houma, and Hammond.
“We are excited to be a key part in making sure this community is built with resiliency and sustainability in mind,” said Brad Shannon, the company’s Project Delivery Leader. “We have greatly enjoyed our partnership with HRI over the years and we are excited to continue to push the innovation bar higher as a partner on the Woodring community.”
The financing for the first phase of the Woodring Apartments includes an award of 9% Housing Tax Credits and Community Development Block Grant – Disaster Recovery funds from the Louisiana Housing Corporation in partnership with the Louisiana Office of Community Development. Additional financial partners for Phase 1 include: Hudson Housing Capital, LLC as the Housing Tax Credit and 45L Tax Credit Investor, Capital One, N.A. as the Construction Lender and Boston Capital Finance LLC as the permanent lender.
“Providing safe, strong, affordable housing close to the amenities of downtown checks all the boxes for our recovery investments and will pay resilience dividends for our most vulnerable families for years to come,” said Pat Forbes, Executive Director of the Louisiana Office of Community Development.
“Capital One’s deep expertise in funding affordable housing and extending equity through Federal Low Income Housing Tax Credits allowed us to support HRI Communities as they continue to revitalize Louisiana communities and develop these properties, offering residents high-quality, affordable and mixed income units,” said Dan Miller, Capital Officer for Capital One Community Finance.
“Boston Capital Finance is thrilled to perform a small role in this project by providing the forward delayed permanent debt. Our relationship with HRI Communities, LLC, dates back to 2012 and we are very excited to continue our relationship with them on the Woodring development,” said Kevin MacDougall, Assistant Vice President of Boston Capital Finance.
On April 12, 2023, the Louisiana Housing Corporation announced an award of Community Development Block Grant – Disaster Recovery funds for the 40-unit, second phase of the Woodring Apartments, which is expected to close on its financing this summer. This funding award allows for the completion of the entire 110-unit residential community with construction of both phases to be occurring contemporaneously.
About HRI Communities and HRI Properties
HRI Communities, LLC (“HRIC”), an affiliate of HRI Properties, LLC, is dedicated to developing high quality, mixed-income, workforce and affordable housing that revitalizes neighborhoods. From artist lofts that infuse creativity while spurring economic development to sustainable housing developments that improve neighborhoods and address critical needs, HRIC excels in its mission of transforming underserved communities into places where people want to live, work and play. HRIC is a full-service real estate development company, with affiliated architectural design and property management services companies and is a national leader in the adaptive reuse of historic structures.
HRI Properties, LLC (“HRIP”) is an externally managed, owner of premium branded hotels and upscale apartments in top urban U.S. markets. Since 1982, HRIP and its affiliates have completed more than 100 projects involving more than $3.4 billion of total invested capital, which resulted in the creation of over 7,000 apartment units, over 7,900 hotel rooms, and more than 1.4 million square feet of office and retail space. For more information, please visit our website at www.hriproperties.com.
