What's Up Newp: Senator Euer celebrates preservation of 204 affordable housing units at Festival Field Apartments
By WhatsUpNewp Crew -March 31, 2020
Sen. Dawn Euer is heralding the sale of the Festival Field Apartments as a victory for much-needed affordable housing in Newport.
A New York-based real estate developer and operator, Fairstead, recently announced it has purchased the Festival Field Apartments, a 204-unit affordable housing complex at 90 Girard Ave., and that it plans to maintain it as affordable housing and invest in significant renovations for it.
What's Up Newp was the first to report on the sale on March 26th -Festival Field Apartments sells for $33.25 million
“This apartment community could have been redeveloped as market-rate or even more expensive apartments that would have significantly reduced the availability and affordability of housing on our island. Instead, not only will it remain affordable, Fairstead will renovate every unit and the complex as a whole, making it a better home for all who live there,” said Senator Euer (D-Dist. 13, Newport, Jamestown) in a statement, who had been advocating for months for a commitment to maintain the property as affordable housing. “Newport, like many communities, is always at risk for losing affordable housing to gentrification and profit-based redevelopment, so it is a great relief to know that Festival Field will remain affordable and be improved.”
To view the complete article, visit What's Up Newp
Courtesy of What's Up Newp
Sen. Dawn Euer is heralding the sale of the Festival Field Apartments as a victory for much-needed affordable housing in Newport.
A New York-based real estate developer and operator, Fairstead, recently announced it has purchased the Festival Field Apartments, a 204-unit affordable housing complex at 90 Girard Ave., and that it plans to maintain it as affordable housing and invest in significant renovations for it.
What's Up Newp was the first to report on the sale on March 26th -Festival Field Apartments sells for $33.25 million
“This apartment community could have been redeveloped as market-rate or even more expensive apartments that would have significantly reduced the availability and affordability of housing on our island. Instead, not only will it remain affordable, Fairstead will renovate every unit and the complex as a whole, making it a better home for all who live there,” said Senator Euer (D-Dist. 13, Newport, Jamestown) in a statement, who had been advocating for months for a commitment to maintain the property as affordable housing. “Newport, like many communities, is always at risk for losing affordable housing to gentrification and profit-based redevelopment, so it is a great relief to know that Festival Field will remain affordable and be improved.”
To view the complete article, visit What's Up Newp
Courtesy of What's Up Newp
Follow Us
Twitter
Facebook