ANDERSON — A development company is interested in purchasing and doing a major rehabilitation project of the Courtyard Apartments.
The Anderson Redevelopment Commission on Tuesday heard a presentation from Property Resources Associates pertaining to their potential plans for the apartments located in the 2700 block of West 16th Street.
The Redevelopment Commission took the presentation under advisement with no action requested on funding for the project.
The 129-unit Courtyard Apartments opened in 1956 and have undergone a series of new owners over the years.
Gary Plichta of Property Resources Associates said the company has a contract to purchase the property.
He said the business has been operating since 1983 and deals with the rehabilitation of multiple family units.
“We saw an opportunity for the betterment of the community and the residents,” Plichta said. “I’m not sure anything has been spent on the property for a few years. We look for assets that have potential.”
The proposed work includes the rehabilitation of all units, new exterior windows, new heating and air conditioning units, repairs to the parking lots and sidewalks and installation of security cameras.
“There are a number of units that are in deplorable condition,” Plichta said.
He said the original cost estimate to rehab the apartments was $850,000. However, after an inspection of all units, the cost has increased to an estimated $1.8 million.
Plichta suggested the Redevelopment Commission could provide some tax increment financing funding to be repaid through property tax payments.
The Redevelopment Commission has provided a similar funding mechanism for the Tower Apartments and Beverly Terrace in downtown Anderson.
Plichta said the remodeling work would take approximately nine months to complete.
“We would start on the exterior and then work on the interiors,” he said.
“We hope there is an interest from the community,” Plichta said. “If there is, we will close on the property and start work in the next few weeks.”
ARC member Aspen Clemons asked if local contractors would be used on the project; Plichta said they would like to use local labor on the project.
Clemons also asked about the current residents of the Courtyard Apartments.
“We would like to have the current residents remain,” Plichta said. “Occupancy right now is not that strong. As we remodel units the tenants could be relocated.”