Richmond, VA (2008)

New Manchester Flats

Investment

  • NMTC Amount: $3,843,750
  • Total Project Cost: $7,484,412

IMPACT

  • 92 FTE jobs
  • 140 construction jobs
  • Rehabilitation of a vacant or under-utilized historic structure.
  • 30,000 sq. ft. of real estate

Investor

PACE, opened in January 2009, enables frail seniors to maintain as much independence as possible and to stay in their own homes by providing all levels of medical, social, personal care, and respite services for seniors

Project Description

On a large tract of formerly unused land, this development in Richmond began with two buildings. One 20,000 sq. ft. community building is occupied by a Program of All-Inclusive Care for the Elderly (PACE), operated by Riverside hospital. PACE, opened in January 2009, enables frail seniors to maintain as much independence as possible and to stay in their own homes by providing all levels of medical, social, personal care, and respite services for seniors and their caregivers. PACE is funded through Medicaid and Medicare or private pay for individuals. The second 10,000 sq. ft. building is mixed-use, including special needs apartments, and opened in Spring 2010. The New Manchester project is in a very low-income, high poverty and high unemployment census tract. This project also used historic tax credits and other public sources of funding.

MAP

516 Dinwiddie Avenue, Richmond, VA 23224

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