The City of Mesa signed a ground lease with Commonwealth Development to deliver 62 affordable senior housing units at 37 W. University Dr. AZBEX reports the developer has an option to purchase the property after year 25. The project is expected to cost $18 million to build.
Called The Helix, units will be targeted toward seniors earning between 30% and 60% of the Area Median Income. Units at Helix Apartments will be available in one- or two-bedroom configurations. The community is also expected to include common areas for programming and exercise, as well as an amenity roof deck.
Commonwealth must secure LIHTC funding. When funds are secured, building plans must be provided to the City by the end of the award year, with construction required to start by the end of the next year
The developer is a division of The Commonwealth Companies, which has three established communities in Arizona: Lynne Village and The Cove in Phoenix and The Abbott in Bullhead City.
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