Mercy Housing is currently in negotiation with Polk School District for the purchase of the Euharlee School building and property in Rockmart.
School officials note that closure on the acreage and 15,000-square-foot building is expected within 30 days. The listed purchase price is approximately $300,000.
Sharon Guest, Senior Real Estate Developer, Mercy Housing, confirmed that negotiations are under way regarding the property.
The $5.5 million development calls for remodeling the existing school structure into 14 one-bedroom rental apartments for seniors and construct a new building to house another 36 units. The multi-family project would be available to seniors and families.
She said, during the Rockmart Planning Commis-sion meeting, the existing building would also contain a community center, fitness room and other amenities for seniors.
The project is still in the design stage but will conform to existing requirements of the City of Rockmart, according to Guest.
Sitework will include parking spaces that will be spread throughout the complex with a courtyard placed between the existing and new building.
Financing will be obtained with the help of tax credits, described as a competitive application process through the Georgia Department of Community Affairs.
Guest said an announcement regarding the application would be made after September. If Mercy Housing receives the tax credit, work on the project should begin by the summer of 2010. Construction is expected to take about 12 months. The housing units would be available in 2011.
Mercy Housing plans to manage the property for about two years and then North West Georgia Housing Authority would manage it. Both will own the property when purchase negotiations are complete.
Mercy Housing, founded in 1981, has developed over 15,000 affordable housing units and has developments in Atlanta, Madison and Savannah as well as North and South Carolina.