The Franklin (Tennessee) Housing Authority (FHA) has selected The Michaels Development Company to assist in the potential redevelopment of its public housing inventory, announced Derwin Jackson, FHA executive director.
The FHA distributed a request for proposals in March and received eight submissions from firms throughout the country. After narrowing the list to three finalists, the FHA’s Board of Commissioners selected The Michaels Development Company, based in Marlton, NJ. The other finalists were TCG Development of Silver Spring, Maryland and ParkTrust Development of Murfreesboro.
“We were very fortunate to draw the interest of some of the country’s leading development firms in this process. Ultimately, the board felt that The Michaels Development Company had the most relevant experience in this type of project. We look forward to partnering with them over the next few years,” said Jackson.
The FHA is seeking to implement a comprehensive, multi-phased strategy for the redevelopment of its property in Franklin. This would entail the construction of 308 new units to replace its current 297 dwelling units through public and private resources. In addition to vastly improving the standard of living for residents, this redevelopment will increase the availability of raw land owned by FHA that can be used for the development of additional low and moderate-income housing.
“The majority of our housing units were constructed in the 1950s and 1960s and do not have the conveniences of modern residential structures. This endeavor will not only allow us to improve living conditions but also free up land so that we can build transitional affordable housing not currently available in Franklin,” added Jackson.
The Michaels Development Company has developed more than 35,000 housing units since 1973. The company specializes in the development of mix-use, mixed-income and mixed-finance communities and has completed successful HOPE VI communities in 13 cities.
“Our firm worked with Derwin Jackson on a similar project in Meridian, Miss., and we were excited to have the opportunity to replicate our success in Franklin,” said Ava Goldman, senior vice president of The Michaels Development Company. “This project became even more appealing as we learned more about the history and community of Franklin. We are confident that, working with the Franklin Housing Authority, we can dramatically improve the public and affordable housing options here.”
Over the next several months, the FHA will coordinate with The Michaels Development Company to develop a project plan, timeline and budget. Resident input will be included in all aspects of the redevelopment, said Jackson.
The FHA operates 297 public housing units in Franklin that serve nearly 700 residents. The FHA operates on funds generated through rental income and subsidies from the Department of Housing & Urban Development.