Thursday, February 8, 2024: Tapestry at Roan Hill groundbreaking from left to right: Carey Parker, CEO, LHP Capital; Katie Moore, Community Outreach Liaison, THDA; Darryl Berry, John Sevier Center Resident; Rob Rotach, Senior Managing Director, Walker & Dunlop; Scott Black, SVP Development, Bristol Development; Cathy Ball, City Manager, Johnson City; Johnson City Mayor Todd Fowler; Hank Carr, former chair, JCDA; Walter Perry, Field Office Director, HUD; Shannon Castillo, Chair, JCDA; Robert Williams, former board member, JCDA; and Lisa Laugherty, Asset Resolution Specialist, HUD.
On February 8, 2024 community leaders, developers, and future residents gathered to celebrate the groundbreaking of Tapestry at Roan Hill, a new affordable housing development designed specifically for older adults aged 62 and over and individuals with disabilities. The development will provide housing for residents currently living at the John Sevier Center, in downtown Johnson City.
Tapestry at Roan Hill will consist of a three-story garden style apartment building offering 145 spacious one-bedroom apartment homes. With its location at 2162 S. Roan Street, residents will have close and convenient access to a major grocer, pharmacy and public transportation.
“Today marks a significant step forward in our city’s commitment to providing safe, secure and affordable housing for all of its citizens,” said Johnson City Mayor Todd Fowler, speaking at the groundbreaking ceremony. “Tapestry at Roan Hill will provide the residents of John Sevier Center with a place they can be proud to call home.”
Mayor Fowler speaking at groundbreaking Feb. 8 in Johnson City, TN.
Tapestry will provide lifestyle amenities geared toward independent seniors such as a community room, business center, and fitness center. The apartment homes will be nicely appointed with luxury vinyl plank flooring, contemporary fixtures, and energy-efficient appliances, including in-room washer and dryer, dishwasher and microwave. Rent will be based on income and will include cable TV and internet.
“We stand here today ready to celebrate the start of construction of beautiful new housing for two of our city’s most vulnerable populations—the elderly and individuals with disabilities,” said Shannon Castillo, Chair, Johnson City Development Authority (JCDA). “This important moment belongs to every one of us.”
JCDA, LHP Capital and Bristol Development are working with the U.S. Department of Housing and Urban Development (HUD) to facilitate the transfer of the Section 8 HAP contract from John Sevier Center to the new development when finished.
“LHP Capital is proud to partner with Bristol Development, Johnson City, JCDA and our other partners to make this project a reality,” said Alvin Nance, CEO, LHP Development. “Investing in affordable housing is an investment in our community’s future. Together, we are building not just homes, but opportunity, hope and happiness for many families and for many years to come.”
LHP Capital’s Alvin Nance welcomes guests.
The developers worked closely with the Tennessee Housing Development Agency (THDA) to secure financing for the project. THDA provided $25 million in tax exempt bonds and approximately $19 million in Low Income Housing Tax Credits (LIHTC).
“This project has been important to THDA for many years and we’re so grateful to be here, breaking ground and getting to see this through,” said Katie Moore, Community Outreach Liaison, THDA. “THDA exists to partner with communities and developers to create and maintain sustainable housing, which strengthens Tennessee. This project is such a great example.”
Additional financing for the development includes a $12 million mortgage originated by Walker & Dunlop, a $6 million loan from the Industrial Development Board of Johnson City, and an additional $12 million bridge loan provided through First Horizon. As part of the requirements for the development, Tapestry at Roan Hill must remain an affordable housing community for seniors and people with disabilities for the next 30 years.
The contractor for Tapestry is Merit Construction and the architect is Smith Gee Studio. The expected completion date is December 2025. For additional information, visit www.lhp.net and www.bristoldevelopment.com.
