Developer proposes $8.2 million apartment building in Hartsville for seniors

HARTSVILLE, S.C. -- A developer wants to build an apartment complex for seniors in Hartsville. Peachtree Housing Communities LLC is proposing an $8.2 million, three-story building off South Fifth Street and Pleasant Lane, adjacent to the Piggly Wiggly property.

Hartsville Senior Village would consist of 50 two-bedroom apartment homes for active seniors 55 and older, said Josh Thomason, a principal with Peachtree Housing Communities. Thomason presented the proposal to Hartsville City Council during a special called meeting Tuesday.

Peachtree proposed a 40-unit single-family home complex for a different location in Hartsville in 2014, but that proposed project encountered some environmental obstacles that prevented it from going forward, Thomason said.

Of the total $8.2 million estimated cost of the new proposal, about $6 million of that will be in hard construction, Thomason said.

Peachtree is a real estate development company focused on developing apartment communities in the southeastern United States, especially in South Carolina and Georgia. The company is an asset-based developer and retains ownership in developments long term.

All of the apartments would be in one building, which would be elevator-equipped, Thomason said.

The firm plans to apply to the South Carolina Housing Authority for tax credits to facilitate financing for the proposed project. But to do that, the company must obtain a letter of support from the city, the reason for Thomasons appearance before council.

Council unanimously approved a resolution authorizing such a letter.

It is expected to take several months for the housing authority to make a decision on the tax credits.

In return for accepting the tax credits, the company would agree to rent a majority of the units to seniors with incomes at or below 60 percent of the area median income. The remaining portion of units would be rented to seniors at or below 50 percent of the area median income. Thomason said he expects monthly rental rates would range from $393 to $540.

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Developer proposes $8.2 million apartment building in Hartsville for seniors