Developers present plan to renovate Colbert Square, council to consent to housing authority bond next week

Developers and city staff briefed the Woodstock mayor and council on plans to renovate Colbert Square, an existing senior housing development, and to add 20 units; council was told it will be asked next Monday to approve a consent resolution allowing the Canton Housing Authority to issue bonds for the financing.

The presentation explained why the project is being structured with project-based vouchers awarded by the Georgia Department of Community Affairs and how that change improves the financing and leasing prospects. City staff said the consent resolution before council would be limited to authorizing the housing authority to issue the bonds and would carry no recourse against Woodstock.

Mark Kemp, president of Rebuild America Inc., described the property and the rehabilitation scope. "We're gonna be looking at renovating some of these spaces, all the common areas and really making it look, I guess, an upgrade for the residents there," Kemp said, summarizing planned interior and common-area improvements. The property was built in 1989 on about 2.5 acres and currently contains about 70 units; the proposal adds 20 units on the west end of the building. Kemp said the project will include interior upgrades such as new appliances, quartz countertops and new flooring, plus new community amenities including a fitness center and raised garden beds.

Mr. Moon (city staff) told council: "This resolution will be on your agenda next Monday night to consent to the Canton Housing Authority issuing the bonds for that." He emphasized that the council vote would be a consent to the financing mechanism rather than a vote to add the units, which the project team said are already entitled.

Kemp said the financing picture improved when the project received project-based vouchers from the Department of Community Affairs, making it easier to lease the renovated units. "When you have project based vouchers, it's much easier to fill that apartment," he said. He added that residents would pay about 30% of income for rent, with the remainder covered by voucher funding and other supports.

Council members asked about specifics including where the 20 units would be added (the west end of the building), whether amenity upgrades were financially feasible (Kemp said the vouchers helped the rent-up economics), and safety items such as stove heat-limiting technology or under-range fire suppression; Kemp said those items are sometimes included in renovation scopes and that the development must comply with the project's qualified allocation plan, state requirements and local ordinances.

No council action was taken at the meeting; staff and the developer said a consent-resolution item would be on the council consent agenda at the next regular meeting for formal consideration.

The project team identified Rebuild America Inc. as the lead developer, Mance Amara Development LLC (financial/development partner) and Mansomar Inc. (property manager) as partners; the team said the development budget for this deal is roughly $40,000,000 as part of its larger portfolio of transactions.