The Franklin Housing Authority (FHA) has selected The Michaels Development Co. from among eight others to assist in the potential redevelopment of its public housing inventory of about 297 units across 60 acres of land.
“We want to find a way to make better use of land and create more affordable and workforce housing as well as homeownership housing,” Derwin Jackson, FHA executive director, tells MHN. “While there is no timeline yet, I would like to see it completed within the next five years.”
The Michaels Development Co. will be working with the FHA to come up with a master plan that will include rehabilitation of existing units as well as construction of new units.
“It was a very tough decision to choose from all the great proposals we had, but ultimately it came down to who had the most expertise and innovative ideas. In addition, Michaels is also bringing some funding and the company has some local partners,” says Jackson.
The FHA is seeking to implement a comprehensive, multi-phased strategy for the redevelopment of its property in Franklin. This would include the construction of 308 new units to replace its current 297 dwelling units through public and private resources. In addition to vastly improving the standard of living for residents, this redevelopment will increase the availability of raw land owned by FHA that can be used for the development of additional low- and moderate-income housing.
“The majority of our housing units were constructed in the 1950s and 1960s and do not have the conveniences of modern residential structures. This endeavor will not only allow us to improve living conditions but also free up land so that we can build transitional affordable housing not currently available in Franklin,” added Jackson.
The Michaels Development Company has developed more than 35,000 housing units since 1973. The company specializes in the development of mixed-use, mixed-income and mixed-finance communities and has completed successful HOPE VI communities in 13 cities.
“Our firm worked with Derwin Jackson on a similar project in Meridian, Miss., and we were excited to have the opportunity to replicate our success in Franklin,” says Ava Goldman, senior vice president of The Michaels Development Co. “This project became even more appealing as we learned more about the history and community of Franklin. We are confident that working with the Franklin Housing Authority, we can dramatically improve the public and affordable housing options here.”
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