$19.7M Rehabilitation Of Parkwood Commons Complex Nears Completion
The rehabilitation of a low-income Peoria apartment complex is wrapping up. But the lengthy waitlist suggests there may be more demand than supply for affordable housing in the city.
You might know it as Pierson Hills, but the redevelopers of the Section 8 housing are redubbing the modernized '70s-era housing as "Parkwood Commons."
Wallick Communities is nearing completion of the rehab. Vice President of Development Alexis Dunfee said bringing the apartments up to snuff has taken four years--and $19.7 million.
"We were able to address some of those things that as operators and managers of this, we'd say, 'Time out, this is a life-safety issue, right?" Dunfee said. "So wiring, windows that weren't meeting egress, doors that were falling off the hinges kind of situation, where people couldn't even lock their front door."
The rehab of the 50-building apartment complex has taken place over several stages, with the first residents moving back in months ago. But Parkwood Commons isn't yet fully up and operational.
"We've had some challenges along the last year or so with COVID, and labor and supply. But we're optimistic that we'll be able to finish this spring," said Dunfee.
Dunfee said there's currently a waitlist of more than 500 people for a Parkwood Commons apartment. That's unusually lengthy; the backlog usually hovers around 30 to 40 people for similar projects, she said.
"I think it really demonstrates not only the quality of the product, and why people are excited about living in this facility now that's it's rehabbed, but it also demonstrates a little bit of the need that we've seen in Peoria," she said.
Wallick was also behind the rehabilitations of Parkview Estates, Hurlburt House, Schlarman House, and Reservoir Estates.
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