Steele Properties continues to monitor the current environment as the situation continues to change and evolve. We are, first and foremost, committed to the health and safety of our residents, team members, vendors, partners and the communities that we own and manage. We have adopted new policies and procedures during this crisis that follow the Centers for Disease Control and Prevention (CDC) recommendations and comply with all state and local government mandates to help reduce the spread of the virus.
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Built in 1979, Somerset Plaza is a Project-Based Section 8 Senior and Disabled property consisting of one, seven-story building with one-bedroom apartment homes on 1.61 acres. It is located at 23 Somerset Street in Wichita, KS 67204, near I-135 and 2 miles north of the Wichita central business district.
Somerset Plaza will receive over $32,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of the renovation encompasses important interior and exterior upgrades including new roofing, new paint and upgraded / life safety features.
Other project renovations include a renovated community room with kitchen and business center; updated library and fitness center; upgraded common area lighting; as well as ADA unit conversions. Apartments will receive upgraded kitchens with new appliances, cabinets and countertops; new wood plank flooring and window replacements.
Steele continues to work with its contractors to ensure that the rehabilitation complies with the latest Centers for Disease Control and Prevention (CDC) guidelines for preventing person-to-person transmission of COVID-19 as well as all emergency state and federal executive orders.
This project is financed with 4% tax credits allocated by Kansas Housing Resources Corporation (KHRC), tax exempt bonds issued by the City of Wichita, permanent and construction financing provided by KeyBank, and tax credit equity provided by National Development Council (NDC).