- January 20, 2025
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from: BGC Advantage
The Daytona Beach Housing Authority and BGC Advantage celebrated the start of WM at the River, LP, with a groundbreaking ceremony. The rehabilitation of the two adjacent high-rise buildings on Beach Street is a $53M joint venture addressing the housing needs of seniors and persons with disabilities in the Daytona Beach community. The ceremonial presentation with partners, stakeholders, community organizations, and city officials took place in the first-floor community room at 524 Beach Street on Monday, May 23, 2022 at 10 a.m.
"Today is an exciting day for the Historic City of Daytona Beach," HACDB CEO Charles Woodyard said. "This development is an example of how strategic partnerships ensure that all residents, including low- and moderate-income residents, can thrive in this vibrant and dynamic community. We hope it will inspire Housing Authorities with aging properties in cities and communities across the county to preserve our precious housing stock."
The two WM at the River buildings, formerly the Windsor and Maley Towers, were built in 1967 and placed into the public housing portfolio between 1969 and 1972. The towers have a combined 298 efficiency, one-bedroom, and two-bedroom units, which have been evaluated for updated kitchens and bathrooms, including energy-efficient appliances, new flooring, doors, and lighting fixtures. The buildings will be upgraded as needed regarding building systems and elevators, flood abatement and weatherproofing, with a gated entry and private parking. Thoughtfully re-imagined interior and exterior community spaces, such as the kitchen, library, meeting rooms, and offices, will house leasing interactions, social services, and resident activities.
"This rehabilitation effort promises that hundreds of Daytona Beach seniors and disabled persons will continue to be able to age in place affordably, comfortably, and sustainably for years to come," BGC Advantage CEO Holly Knight said. "This development is in line with our more recent health and housing priorities that extend beyond the built environment. WM at the River residents will enjoy state-of-the-art outdoor exercise equipment as well financial wellness education and mental health services through established third-party partnerships."
WM at the River will be financed, managed, and marketed as a single entity, utilizing 4% low-income housing tax credits available through the utilization of tax-exempt Bonds. Over 897 construction jobs will be impacted during rehabilitation, and 25 permanent positions will be established or maintained upon completion. Financial partners and stakeholders include the City of Daytona Beach, Red Stone Equity Partners, LLC, Lument, Stifel, Bank of America, and the Florida Housing Finance Corporation. The architect for the project is DNA Workshop. The General Contractor is Sauer, Inc. Property Management services will be provided by Orion Real Estate Services Southeast, LLC.
