THE RETREAT AT MINERAL SPRINGS
The Retreat at Mineral Springs represents the adaptive reuse of a historic two-story sheriff’s residence and county jail (originally constructed in 1890), a historic three-story sanitarium (originally constructed in 1897 as a mineral springs health spa) and the three-story former Kivett’s Five & Dime building (originally constructed in 1855 as a Masonic Lodge with ground floor retail). The buildings have been converted into 38 affordable homes for residents 55 years of age and over and include one efficiency apartment, 21 one-bedroom apartments and 16 two-bedroom apartments. Income restrictions include 7 homes at 30 percent of area median income (“AMI”), 9 homes at 40 percent AMI, 11 units at 50 percent AMI and 11 homes at 60 percent AMI.
Property amenities include on-site management and multi-purpose room at Kivetts, community room and computer room at the Sanitarium, one elevator each at the Sanitarium and Kivetts, and laundry facilities. Additionally, The Retreat at Mineral Springs also offers social services, adult education, and health screenings to all residents. The on-site property manager coordinates the provision of services with several local senior service providers.
This property was financed using the Low-Income Housing Tax Credit (Housing Credit). Financing for the Retreat at Mineral Springs was facilitated by R4 Capital. Flaherty & Collins Development and WellSpring Center, Inc. are co-developers for this property.