$83M Li’l Abner III Going Up in Sweetwater

CREI Holding is developing an eight-story affordable housing development in Sweetwater. The Li’l Abner III will have 328 units and is expected to cost $83 million. Commercial Edge reports Centennial Bank secured a $67 million construction loan for the project. Construction will begin in 2024’s second quarter, with delivery slated for 2026. Li’l Abner III will be adjacent to its sister communities, the 87-unit Li’l Abner I and the 244-unit Li’l Abner II, which came online in April 2023, as well as the 900-unit Li’l Abner Mobile Home Park.

40 percent of the residences will be reserved for households making up to 80 percent of the area median income, while the remainder will be restricted to individuals earning 120 percent of the AMI. Additionally, 40 percent of the project will be age-restricted for seniors of 55 and over.

Common-area amenities will include a fitness center, storage facilities, a resident lounge and a central courtyard. Burgos Lanza Architects & Planners designed the project.

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