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ALK Development outlines plan to redevelop the Drake Apartments using tax credits, estimates $10 million rehab
Summary
Andrea Kents, owner of ALK Development, told the Metropolitan Development Commission the firm plans a roughly $10 million rehabilitation of the Drake Apartments using 9% low‑income housing tax credits and federal historic tax credits.
Andrea Kents, owner of ALK Development, told the Metropolitan Development Commission on June 18 that her firm proposes to redevelop the Drake Apartments using 9% low‑income housing tax credits and federal historic tax credits, with an estimated rehabilitation budget of about $10,000,000.
Kents said the project aims to convert existing four‑bedroom units into smaller units and that the building would total about 30 units after rehabilitation. She told the commission the building sat vacant for about 10 years and that stabilization…
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