Space Race Innovative Space Solutions for the Business Environment -2007
Space Race 40th Anniversary Issue
CONTACT: Denise Blake
513.588.2684
Denise.blake@mvg.com
George Snyder
937.853.2535 GSnyder@citywidedev.com
Miller-Valentine Group and the Phoenix Project Announce Groundbreaking of
The Rising at Phoenix
Dayton, Ohio (July 27, 2009) -Miller-Valentine Group, along with the Phoenix Project Partners announced that construction has begun on a residential redevelopment initiative - The Rising at Phoenix - in the Fairview neighborhood of the City of Dayton.
The Phoenix Project is a public-private partnership between Good Samaritan Hospital, the City of Dayton and CityWide Development that is investing millions of dollars for redevelopment activities near the Good Samaritan Hospital campus in the greater Fairview neighborhood. The Rising at Phoenix, which is made-up of 33 single family homes, is bounded by Hillcrest Drive, Salem Avenue, Catalpa Drive and Benson Drive. The Phoenix Project includes commercial and residential redevelopment as well as infrastructure improvements.
Miller-Valentine Group and CityWide Development became partners in The Rising by working together to complete homes which are throughout the neighborhood. This program was made possible by an award of Ohio Housing Tax Credits through the Ohio Housing Finance Agency. This program raised private equity for affordable housing construction through the sale of tax credits. The City of Dayton has invested federal HOME dollars in this effort as well.
"The Rising at Phoenix is one more wonderful step in a project that is re-making a great Dayton neighborhood," stated Dayton Mayor Rhine McLin. "The City of Dayton appreciates our community partners - CityWide Development Corporation, Good Samaritan Hospital and Miller-Valentine - for their long-term commitment to the Phoenix Project."
Each of the 33 houses will have four bedrooms, two full baths and a two-car detached garage. Homes are available in two-story and ranch floor plans with an average of 1450 square feet of living space. The homes in this area of Dayton were built between 1910 and 1930, roughly, and Denise Blake, Developer for Miller-Valentine says that the homes will include designs and features that preserve the character of the neighborhood.
These homes are being made available to qualified residents through a "lease-purchase" program. This concept is similar to other rent-to-own programs. Miller-Valentine Group and CityWide will own and maintain these homes for the duration of the 15-year leases taken by the individual residents. The residents who are occupying the home at the end of the 15th year will have the first opportunity to purchase the home at a below market value, based on the number of years during the 15-year period they occupied the home. This results in instant equity to the resident.
"This is an exciting opportunity for Miller-Valentine Group because it provides an avenue for people who work and live in the Good Samaritan area to have another housing option," noted Denise Blake. "There are conveniences and amenities in the City that you just can't find elsewhere and we are honored to be doing our part in providing great homes for larger families in the area and helping them become homeowners in the future."
MV Residential Property Management will be responsible for leasing the new homes. In addition, the MV Residential Property Management team will take care of all structural issues related to the property and appliance replacement, for the duration of the homes' lease.
According to George Snyder, Director of Neighborhood Development for CityWide Development, "These new homes are an important part of the Phoenix Project's housing strategy which seeks to expand opportunities for homeownership for working families. The new housing complements other development underway including a new PK-8 Dayton Public School, expansion of the City of Dayton aquatic facilities through the addition of a spray park, and the development of a new green space for civic activities, known as the Fairview Commons. We are pleased that Miller-Valentine has partnered with us on this project, and their experience in constructing affordable, quality housing is clearly helping us meet the Phoenix Project goals."
The first four homes should be ready for occupancy in November 2009, and all homes in this program should be completed by the end of June 2010.
The official groundbreaking ceremony will be held July 29 at 10 a.m. at 2125 Malvern Ave. with representatives from the City of Dayton, Good Samaritan, CityWide Development and interested neighbors. Parking will be available at Fairview Elementary and at the Dayton Theatre Guild.
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About Miller-Valentine Group
Miller-Valentine Group offers total real estate solutions in the areas of Design/Build Construction, Development, Management, and Financing for both commercial and residential markets and also provides Renovation, Brokerage, and Leasing services for commercial markets. All of Miller-Valentine Group's divisions have combined to provide customers with more than 50 million square feet of commercial space and over 10,000 residential housing units. Miller-Valentine Group, founded in 1963, develops real estate in the Midwest and Southeast regions of the country, with offices in Dayton and Cincinnati, Ohio, and Columbia, South Carolina.
Miller-Valentine Group offers a wide range of commercial products, including office, retail, lodging, healthcare, manufacturing and distribution facilities and an equally wide range of residential products, including multi-family, single family, active adult, and military housing throughout the Midwest and Mid-Atlantic regions.
Miller-Valentine Group has been awarded the prestigious national "Developer of the Year Award" by the National Association of Industrial and Office Properties (NAIOP); Miller-Valentine Construction has been awarded OSHA's Voluntary Protection Program "STAR" designation - the first general contractor to receive this designation on a statewide level.
