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The Preserve At Ridgeville

Project Impacts

Back to Project Details: The Preserve At Ridgeville

Note: At the time of this report, SDS is in the process of collecting additional data from the project sponsor, development team consultants, local government officials, community stakeholders, and others to assess the full scope of the project’s impacts in the context of the surrounding community. The projected impacts below are based on the ASREF CRA Analysis. For more information on Impact Report methodology, please see section 1.3.

Impact on
LMI Individuals
& Communities

By requiring that 50% of units must be affordable to residents making less than 80% AMI, ASREF’s investment into the Preserve at Ridgeville will go towards increasing the affordable housing stock in accordance with local authorities assessed needs and recommendations. Further, the Sponsor’s underwriting maintains that 68% of units (163 of 240) will be affordable at 80% of AMI.

Economic
Development
Impacts
AREA REVITALIZATION

At the time of this report, there are no additional multifamily projects planned or under construction within a twelve-mile radius of the new Volvo manufacturing facility. This is primarily due to a county level strict zoning ordinance as well as the area’s vast wetlands, which limit the availability of zoned land that would permit the use of higher density living.

ALIGNMENT WITH LOCAL REDEVELOPMENT PLANS

The site for the Project is two miles away from the recently constructed Volvo Plant, which broke ground in 2015 and opened in June 2018 and employs approximately 1,500 employees. The Preserve at Ridgeville Apartments will provide an affordable option for the workforce of the recently completed Volvo Plant and ancillary service workers located at the Camp Hall Commerce Park. The property is featured as the best affordable multifamily apartment in the new hire handbooks at the Volvo plant and Walmart distribution facility.

The Preserve at Ridgeville is situated in a Federal Opportunity Zone – indicating low income and high poverty areas that are designated to spur private investment. Additionally, the City of Charleston and two major counties in the MSA worked together in 2014 to identify and evaluate the housing needs of their residents and identified that there was a significant need of affordable and workforce housing.