City Attends Groundbreaking for New Affordable Apartments
Press Release
CORPUS CHRISTI – Soon FishPond at Corpus Christi will be home to 111 low-income seniors and an on-site manager. This morning, the City of Corpus Christi and FishPond Development LLC broke ground on the new affordable one-bedroom apartment homes at 902 Buford Street. Seniors from Sea Gulf Villa in downtown will be relocated to the new development in January 2022. The Sea Gulf Villa built in 1928, will be converted into loft-style market rate apartments.
The FishPond at Corpus Christi units will be affordable to seniors with incomes at or below 60 percent of the area median income.
The City of Corpus Christi has allocated $1 million to the project. Funding comes from the annual allocation of HOME Investment Partnerships Program from the U.S. Department of Housing and Urban Development and the City of Corpus Christi Business and Job Development Corporation’s affordable housing fund. Additional support for the $18.7 million project comes from the Texas Department of Housing and Community Affairs, Freddie Mac and low-income housing tax credit equity investor PNC.
FishPond at Corpus Christi is being developed under a joint venture between FishPond Development and GVA Management. FishPond Development was formed in 2018 to focus on new affordable housing development and recently completed two senior housing communities, one in Cuero and one in nearby Portland. David Fournier, Principal of FishPond Development has over 25 years of experience in investment and brokerage of affordable multi-family properties.
GVA Management, founded by Alan Stalcup, is committed to creating value in the multi-family real estate sector. GVA specializes in conventional as well as affordable opportunities, and currently owns over 15,000 units throughout Texas, Colorado, and Tennessee.