The Durham Housing Authority and CVS Health have broken ground on an affordable housing community in downtown Durham.
The new community, Commerce Street Apartments, is the second housing phase of a four-phase redevelopment initiative known as Durham Choice.
Durham Choice, a partnership between the Durham Housing Authority and the City of Durham, aims to redevelop two public housing developments in downtown Durham, provide DHA residents with comprehensive health services, educational and employment training and invest in the surrounding neighborhood, with a focus on the historic Black community of Hayti.
Commerce Street Apartments will offer 172 mixed-income units in two four-story buildings: Eighty-eight units will be reserved for older adults, while 84 will be available to individuals and families of all ages. Seventy-one will be public housing replacement units, with another 58 serving households with incomes below 60% of Area Median Income.
CVS Health contributed a more than $17 million equity investment toward the construction through Red Stone Equity Partners. The project is in partnership with Laurel Street, a residential development company based in Charlotte. Additional funding sources include a $9.4 million Choice Neighborhoods Implementation grant loan, an $8.2 million HOME loan from the City of Durham and a $4.1 million land acquisition loan from Durham Housing Authority.
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