FOR IMMEDIATE RELEASE: 5.5.2020
Houston, TX: ITEX is pleased to announce the financial closing of The Heritage at Bayou Grande (formerly Millennium Studios Apartments I). ITEX partnered with the Housing Authority of the City of Shreveport (HACS) as its Master Developer to redevelop City owned property around downtown Shreveport as part of its application for a Choice Neighborhoods. The Heritage at Bayou Grande is part of a $24.2 million HUD Choice Neighborhood Implementation Grant which was awarded in 2018. The grant is designed to fund replacement housing for HUD-assisted residents and to revitalize and transform neighborhoods. The development is also funded with 9% Low-Income Housing Tax Credits from the Louisiana Housing Corporation (LHC).
The Heritage at Bayou Grande will have 68 one- two – and three-bedroom apartment units and will be located at the corner of Douglas and Caddo streets. The development will be within walking distance of downtown Shreveport. The mixed-income development will include affordable, workforce and conventional market-rate rental housing. Once the development is complete, the residents will have access to neighborhood retail, local public transit, a business center, playgrounds, cultural markers, parks and job centers. Total Development Cost is approximately $14 Million and is anticipated to be completed mid-2021. The Heritage at Bayou Grande is the first phase of the Bayou Grande Neighborhood development with the next two phases closing in mid-2020. ITEX will also serve as the general contractor and property manager.
About ITEX : Headquartered in Houston, TX, ITEX and its vertically integrated affiliated companies are devoted to multifamily real estate investment, development, construction, and property management. To date, ITEX has developed over 8,000 units, with total development costs in excess of $800 million and currently manages over 7,000 luxury and affordable apartment units. ITEX’s experience includes general, family, senior living, historic and affordable developments.
For more information, please contact:
John Gonzalez, Marketing Director, at 832-941-5353 or john.gonzalez@itexgrp.com. To learn more about ITEX, visit us at itexgrp.com
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