PARKERSBURG - An apartment home community, designed for adults 62 and over, is being built in Parkersburg.
City officials and representatives from the Miller-Valentine Group of Cincinnati held a press conference Wednesday afternoon at the Parkersburg City Building to discuss the construction of the Worthington Creek Apartments along Emerson Avenue at the intersection of 27th Street.
"We are proud to announce our partnership with (the Miller-Valentine Group)," Parkersburg Mayor Bob Newell said. "This is a over $6 million project for the local economy."
Photo by Brett Dunlap
Michael C. Dektas, director of development and acquisitions for the Miller-Valentine Group in Cincinnati, details the Worthington Creek Apartments senior apartment complex being built in Parkersburg, during a press conference Wednesday.
Photo by Brett Dunlap
Work started on the Worthington Creek Apartments along Emerson Avenue, at the intersection of 27th Street, in early August. It is expected to be completed by this time next year.
Miller-Valentine Group develops real estate in the Midwest, Southeast and Southwest regions of the country, with offices in Dayton and Cincinnati, Ohio, Columbia and Charleston, S.C., Fort Worth, Texas and Miami, Fla.
"From everything we have seen and heard, it is going to be a really nice project for the northend of Parkersburg,'' Newell said. ''We appreciate them building in Parkersburg."
Worthington Creek is projected to create over $3.1 million in income for the local economy, officials said. This will include wages for workers and revenue for local proprietors, small businesses and corporations.
The development will generate 54 new jobs during its construction for local contractors and sub-contractors.
Michael C. Dektas, director of development and acquisitions for the Miller-Valentine Group, said they were excited to begin their first project in Parkersburg.
"It is a 36-unit senior housing development,'' he said. ''This is something we are looking forward to work with the city to fill the needs identified in the 2011 comprehensive plan for affordable housing in the area.
"The ability to fill that need came into play when we were receiving our funding sources which actually made the difference in moving forward with the project."
The Parkersburg/Wood County HOME Consortium has provided a $100,000 home loan to this project.
"We think that is a very good use of funds," Dektas said. "You get a bigger bang for your buck in these tougher economic times."
The apartments are two bedroom with 818-square-foot that range in net rent from $500-$600 a month.
The property will include on-site management, a community room for resident events, a business center with computer work stations, a media/gaming room for resident entertainment, as well as other amenities you would expect to find in an upscale home, at an affordable price: gourmet kitchens, new energy-efficient appliances, large walk-in closets, and a laundry room which includes a full-size washer/dryer and plenty of extra storage, Dektas said.
"We have been under construction for a little under a month," Dektas said. "It is a 12-month construction period so next summer we should have the three-story one elevator building available, online and ready for residents."
Pre-leasing for units could begin before construction is completed next summer.
Parkersburg Development Director Rickie Yeager said it was significant for the consortium, which is made up of individuals from around the county, to take up this project.
"This is the first development loan we have made available," he said. "One of the things that made the city attractive is we have a comprehensive housing plan in place that outlined our needs and said we needed this kind of housing."
That helped get paperwork in order to move forward on this more quickly.
Yeager said there are only a couple of complexes in the area geared toward seniors, including Unity Plaza in south Parkersburg and Pleasantview Towers in Vienna.
Dektas said they chose Parkersburg as the company was looking at expanding into West Virginia.
"We have expanded our footprint over the last four to five years," he said. "Looking at West Virginia makes a lot of sense and Parkersburg is within proximity of some of our properties in Ohio.
"As we were looking to expand our footprint, we want to have things that make sense geographically. Parkersburg is a stable, vibrant community where there is really a housing need ... especially a need for senior housing."
Miller-Valentine has a project in the works for the Clarksburg area.
"We are also very interested in doing more projects in Parkersburg," Dektas said.