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Ujima CDC seeks tenants for retirement village

Ujima CDC seeks tenants for retirement village
June 30
05:00 2016

BY TODD LUCK

THE CHRONICLE

Ujima Community Development Corp. (CDC) is trying to get deposits from 40 potential tenants before it can start construction of Emmanuel Retirement Village.

Ujima held an informational meeting on Monday, June 27, at The Enterprise Center, where the CDC is located. Ujima’s Hobart Jones told attendees the CDC has planned a quality retirement community for those age 62 and over.

“You want something you’re going to be proud of,” said Jones.

The CDC began in 2005, after Emmanuel Baptist Church Pastor John Mendez had the idea of putting a retirement community on property the church owned on Barbara Jane Avenue. The location of the project in East Winston and the 2008 recession stalled the project. Ujima finally found funding this year when the city approved $2.5 million for it in April. New Bridge Bank is offering a $3.2 million loan if the CDC can get 40 deposits of $500 from those interested in living in the retirement community.

Ujima’s Larry Weston said this was a good deal for the CDC, requiring it to only have to raise $200,000 for the project, since developers are usually asked to contribute far more equity for a project of this size. The deposits will go in an escrow account and can be returned at any time if the potential tenants change their mind.  The CDC is hoping to reach its goal before the end of August, so it can begin construction this year and open it late next year or in early 2018.

Emmanuel Retirement Village will have 28 single bedroom units in a two story apartment building, and duplexes with 22 two-bedroom units and a community center. A one bed-room, one bathroom unit including utilities is $899 and a two bedroom, two bathroom unit including utilities and a garage is$950.

“There are no independent living units of this quality in this kind of set-ting in East Winston,” said Weston.

Some expressed interest but no checks were written among the few that came at the beginning of the drop-in information session. Already the CDC has five deposits and expects that number to climb to at least 13 by week’s end when they’re able to get in touch with interested Emmanuel congregates.  The CDC will be following up with those who’ve expressed interest. Jones said he believed it was a project that will sell itself.

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Todd Luck

Todd Luck

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