Intervest Corporation (Intervest), Hunt Capital Partners (HCP), and The City of Tupelo celebrated the grand opening for Carnation Village on Thursday, December 5th. Located at 514 Carnation St., Carnation Village is a non-smoking community offering 27 one- and 6 two-bedroom apartment homes for low-income seniors. The development transforms the historic Carnation Milk Plant into affordable housing for senior households who earn between 30%-60% of the Area Median Income (AMI).
To mark the special occasion, key speeches were provided in the clubhouse by Tupelo City Mayor Todd Jordan, Intervest Founder and President Steve Nail, Tupelo Historic Preservation Committee Member Doyce Dees, Cadence Bank Senior Vice President Will Shurtleff, HCP Managing Director William Teschke, and Mississippi Home Corporation Vice President of Tax Credits Brandon Morey in the community clubhouse. The event consisted of a ribbon cutting ceremony at the development’s iconic smokestack followed by property tours.
“Carnation Village fills a critical need for affordable housing in the City of Tupelo. The project also restores a nearly 100-year-old city landmark in an innovative way,” said Todd Jordan, City Mayor of Tupelo. “I want to thank Steve Nail and the team at Intervest for investing in the City of Tupelo and all that they did to make this a successful project.”
Carnation Village is an adaptive reuse project that revitalizes a historic structure representative of Tupelo’s rich history rooted in Northeast Mississippi’s dairy industry, preserving the community’s cultural heritage while creating high-quality senior housing. The community offers residents a comfortable living environment with common area amenities such as elevators, a butterfly garden, walking trails, and a community clubhouse with an exercise facility and central laundry.
The project was spearheaded by Intervest as the developer, who will also provide property management. Century Construction Group is the general contractor and Wallace Architects is the architect of record.
“The repurposed Carnation Milk Plant building in Tupelo, MS will provide a welcoming and affordable long-term housing option for elderly citizens in need. At Intervest, we are proud to have served as both the developer and manager for this much needed project. We extend our gratitude to the City of Tupelo and our dedicated partners for their invaluable contributions to bringing the vision to life. Together, we have created a community that will make a meaningful difference in the lives of its residents,” said Steve Nail; President, Intervest.
Carnation Village was made possible through financial support from public- and private- lenders. The Mississippi Home Corporation awarded $12.7 million in federal Low-Income Housing Tax Credits (LIHTCs) and $5.7 million in federal and state Historic Tax Credits (HTCs), which were syndicated by HCP through one of its multi-investor funds. Cadence Bank provided $10.9 million in construction financing and Financial Institutions Housing Opportunity provided $475,000 in permanent financing.
“Carnation Village was a true labor of love by Intervest for the seniors of Tupelo. Projects like these that repurpose historical buildings that meant so much to a city like Tupelo are extra special to the community and to the people who benefit from living there,” said Amy Dickerson, Chief Operating Officer, Hunt Capital Partners. “Hunt Capital Partners is honored to have come alongside Intervest in this effort to provide affordable housing, where senior residents will save, on average 47% in rent compared to market rate, and to revitalize part of Tupelo’s history.”
Residents will benefit from free on-site services that promote wellbeing, including nutrition classes, health awareness, credit counseling, personal budgeting, and annual health fairs.
