When the Stratham Place Apartments were put up for sale last fall, there was concern that Greenville would lose some of its already scarce affordable housing.
But a St. Louis-based Bywater Development Group has purchased the property and plans to rehabilitate the complex and its 90 apartments through affordable housing tax credits.
“The neighborhood is on the upswing,” said Aaron Burnett, company president. “We believe our development can ultimately help the neighborhood’s revitalization.”
The future of the apartment complex was discussed in a City Council work session on Monday. The apartments are on Shaw Street just north of Pete Hollis Boulevard and a block west of Poinsett Highway. It is less than one mile from the North Main Street and Stone Avenue area.
The area immediately adjacent to the apartments is undergoing dramatic change with construction of $350,000 to $400,000 homes adding to the concerns of losing affordable housing.
Bywater expects to hear from state housing officials this summer about the status of its application for tax credits. Greenville Community Development Director Ginny Stroud said about 75 projects have requested tax credits and about 20 to 25 are expected to receive them.
The project would include new roofs, more parking, a children’s playground and community gardens. Each apartment would be totally revamped and nine would be converted to fully accessible units for mobility-impaired residents.