By Golden Corridor Living
The City of Casa Grande has inked a development agreement with Gorman and Company, a developer that’s built and managed apartment complexes and other projects in 11 other Arizona cities, as it looks to put affordable housing in the downtown area.
The City owns five blocks it’s been trying to redevelop, four of them running west and south from the southwest corner of Main and Florence streets and a fifth at the southeast corner of Third and Drylake streets. They include two historic buildings, the Casa Grande Hotel and the Shaughnessy House, which the developers plan to repurpose as retail, restaurant and community gathering space in the new project.
Gorman specializes in building affordable and workforce housing using federal programs including Low Income Housing Tax Credits (LIHTC), which finance up to 9% of the total cost. Rent for the apartments would be based on median income levels, with eligible tenants typically making up to 80% of the local area median income.
