A senior housing community is coming to Monkey Junction. What to know about the site, cost.
An affordable housing complex aimed at seniors is getting closer to realization in the Monkey Junction area. Updated site plans for the 56-unit apartment complex were submitted to the city of Wilmington in late January.
Last summer, the developers at Norco Management Holdings were awarded $1 million in gap financing by the city. According to Norco, the total development cost is estimated to be $13.75 million. The property was annexed into city limits and zoned as a high-density multiple dwelling residential space.
The site
The property, which sits near a Walmart Supercenter, was chosen intentionally.
“A site’s proximity to a major retail center with grocery and pharmacy choices, in addition to shopping, and a variety of jobs and services is always the first place we begin our search," said Stephanie Norris, owner of Norco. "The Sterling Reserve property is within one mile of the Monkey Junction commercial hub that offers all of these options for the residents."
The apartment complex will consist of 32 one-bedroom and 24 two-bedroom units in a four-story building with an elevator. Amenities include a resident computer center, game and craft room, and a multi-purpose room with kitchen.
Norris said the building will also include a porte-cochere (a covered vehicular drop-off and pickup), indoor mailbox kiosk and storage areas. The exterior amenities will include various sitting areas around the property, a covered picnic area with grill and more. The building and on-site amenities will also be handicap accessible.
Eventually, the North Carolina Department of Transportation will construct a paved, multi-purpose path from the Walmart to the adjacent community, Willoughby Park, to provide Sterling Reserve residents a walkable path to services in the Monkey Junction area.
The price point
According to Norris, all residents must pass the credit and criminal background checks and must meet the income requirements to qualify for a unit.
The price point for the property is for those with an income between 30% to 60% of the Area Median Income (AMI). For a one-person household, 30% AMI in 2023 would be $18,960; 60% AMI for a one-person household is $37,920.
“The Department of Housing and Urban Development releases new data for every county in NC around May of each year, which means the 2024 data will be available soon and 2025 data will be available before we start pre-leasing in summer 2025,” Norris said.
What’s next?
Norris said they are currently in the design phase with the city of Wilmington for the site.
“The building plans will be submitted to New Hanover County for permitting by the end of February 2024. Our target for the clearing and grading start is April 1, 2024, with a construction completion of August 2025,” she said.
This article originally appeared on Wilmington StarNews: Sterling Reserve senior housing community coming to Monkey Junction
