WACO (Waco Tribune-Herald) – Houston developer Lankford Interests will break ground Thursday on a $14 million senior housing project on the banks of Lake Brazos.
River Park Apartment Homes, located along Martin Luther King Jr. Boulevard near the East Terrace Museum and Mill Street, will have 48 one-bedroom and 76 two-bedroom apartments. Monthly rents will range from $222 to $695.
Residents must be at least 55 years old. According to Lankford spokeswoman Lisa Ray, one person renting a unit can make no more than $21,180 a year, while a two-person household can make no more than $24,180.
The first units should become available by Dec. 1.
Local businessman F.M. Young donated the project's roughly 12 acres to the Providence Foundation, which received the $1.2 million Lankford paid for the property.
The complex is being financed by JP Morgan Chase in Dallas and Red Capital Market Inc. of Ohio. The city is lending Lankford $417,000 at no interest through a tax increment financing district created to promote downtown development.