Kimberly Park Terrace Revitalization
Winston-Salem, North Carolina

Development:
242 Rental Apartments
110 Affordable Homes
Gateway Commons Linear Park
Stream Restoration

TCG Development Services, LLC with the Housing Authority of the City of Winston-Salem (HAWS), and its local partners transformed an area once dominated by distressed public housing into a vibrant new community.  TCGD, together with its local partner, Eagan & Sons, coordinated the demolition of all of the 590 barracks-style public housing that once occupied the site and the planning and development of a new mixed-income, mixed tenure community in its place.

 The new Gateway Commons, includes Aster Park, a multi-family community of 170 apartments, Azalea Terrace, a senior residence of 100 units developed by Eagan & Sons, Arbor Oaks, a 72 unit multi-family community, Glenn Oaks, a 110 unit homeownership community and the restored Peters Creek— featuring walking trails, picnic shelters and playground equipment. The TCGD team, as lead developer, undertook all aspects of master planning, financing, building and marketing of the new community.

Aster Park which includes 88 tax credit units, 57 public housing units and 25 market-rate units, was honored with a 2004 Housing North Carolina Housing Finance Agency Award as an outstanding rental development. It received the award based on design, sustainability, contribution to the local community and special features including supportive services to the residents.

Arbor Oaks includes 43 tax credit units, and 29 public housing units. Glenn Oaks, upon completion, will include 110 affordable homeownership units. The TCGD team performed the planning and land development of the entire subdivision, as well as construction of the first 8 homes. A local homebuilder is completing the remaining homes.

Development Team:
TCG Development Services – Master Developer
Housing Authority of Winston-Salem (Forsyth Economic Ventures)
Eagan and Sons

Financing:
U.S. Department of Housing and Urban Development
Housing Authority of Winston-Salem
The City of Winston-Salem
North Carolina Housing Finance Agency
Federal Low Income Housing Tax Credits syndicated by CICNIC

Architect/Engineer:
Stantec
Jordan Consultants

Contractor:
Ramey, Inc. – Apartments
Beazer Homes - Homeownership

Marketing/Management:
TCGD/Community Market Services - HO
Eagan and Sons - Rental