Housing Resources Bainbridge has begun fundraising for the purchase of the 550 Madison Apartments from Housing Kitsap.
The board of commissioners for Housing Kitsap decided earlier this week to sell the 13-unit, low-income apartment complex to Bainbridge development company Madison Avenue Development for $1.75 million.
The company has announced plans to partner with Housing Resources Bainbridge on a redevelopment of the property, and the new development will also include new homes on adjacent land owned by Madison Avenue Development.
Housing Resources Bainbridge, in an email newsletter, announced Wednesday it had begun raising money for the purchase of the apartment complex.
“At HRB, we are thrilled to partner with Madison Avenue Development and are now looking ahead to finance the first step — our share of the acquisition,” said the email, which was signed by Phedra Elliott, executive director of HRB, and Linda Lincoln, chairwoman of the nonprofit’s board of directors. “Our initial contribution to the overall project will ensure that the current tenants remain stably housed in the short-term.”
“In the future, as the site is redeveloped, we will need to raise funds for the construction of affordable units to ensure that at least 13 will be preserved in perpetuity,” they added.
HRB also announced it was joining with the Bainbridge Community Foundation to establish a dedicated fund to raise $300,000 by the end of August for the project.