A $4.5 million renovation of the Columbia Creek Apartments has gotten an assist from the Woodstock City Council. It approved having the Canton Housing Authority issue tax-exempt revenue bonds to finance the project.
Columbia Creek is a 15-year-old, 172-unit apartment complex at 50 Sandy Circle. Rentals for most units have been restricted to persons earning less the area median gross income.
Dominion Development and Acquisition LLC, a Minnesota-based operator of affordable housing, plans to acquire Columbia this fall, begin renovations early next year and manage the property for the next 15 years. The acquisition and rehab are estimated to cost up to $24 million, according to a resolution approved recently by the City Council.
The property is to get a new roof, landscaping, mechanical system upgrades, unit interior improvements and a clubhouse rehabilitation, Nick Anderson, a Dominion representative, told the Council.
Absent the bond issue, Anderson said, “we would likely perform some renovation, but far less than what’s being proposed if this is approved. We likely would not be involved for another 15 years.” The property probably would end up with multiple owners over that period, “which in our experience results in a negative outcome.”
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