LAKE CHARLES, La. (KPLC) – Construction is set to begin immediately on a new mixed-income housing complex at the southeastern corner of 18th and Lake Streets. Mid-City Lofts is a $18 million project by HRI Properties that will consist of a 46-unit, three-story, disaster-resilient building and will serve as the first phase of the “Mid-City Choice Neighborhoods Transformation” initiative.
The project is scheduled to be completed in late 2025.
“News of the imminent start of construction for the Mid-City Lofts is exciting,” said Lake Charles Mayor Nic Hunter. “HRI Communities has already made significant investments into expanding attainable housing in the City through their Woodring Apartments development in Downtown Lake Charles. Their transformation of another long-vacant lot will kick start the Mid-City Choice Neighborhoods Transformation. Thanks to a $40 million HUD Choice Neighborhood initiative grant and additional public and private investment, this is yet another area in Lake Charles that is seeing generational change. We are proud of the work being accomplished through private-public partnerships in our community.”
Mid-City Lofts will incorporate such amenities as a community room, fitness center, and computer room.
The project is located directly adjacent to the Lloyd Oaks public housing site which will be transformed from the currently vacant 240 public housing units into a 562-unit mixed-use, mixed-income community.
HRI Communities was awarded a $3.5 million PRIME 3 Program loan that will be administered by Louisiana Housing Corporation (LHC) and sourced with Disaster Recovery Community Development Block Grant Funds from the Louisiana Office of Community Development. LHC also provided a competitive allocation of $15 million of 9% Housing Tax Credits that generate equity investment in the development.
Additional financial partners include First Horizon Community Investment Group, Inc. as the Low-Income Housing Tax Credit and 45L Tax Credit investor, First Horizon Bank as the construction lender, Hope Federal Credit Union as the permanent lender, the Lake Charles Housing Authority (LCHA) as an operating subsidy provider, and the Calcasieu Parish Public Trust Authority as the issuer of a PILOT property tax abatement.
Since Mid-City Lofts will serve as the first phase of development in the Mid-City Choice Neighborhoods Transformation, the development has been planned in close collaboration and in partnership with LCHA, the City of Lake Charles, and the U.S. Department of Housing and Urban Development. HRI Communities has further partnered with Project Build a Future, Inc., a Lake Charles non-profit organization that will have a 25% interest in the Project’s Managing Member.
