The Walnut Village renovation project in Cookeville has nearly come to an end.
Craig Cobb works for LHP Capital, a firm assisting Highlands Residential Services with the project. He said the last three or four residents affected by the project move back into their units Friday.
“That’s about 8 to 10 weeks ahead of schedule on the contract,” Cobbs said. “There will still be some site work and punch list items, but that should be complete by our February 5 draw meeting with HUD. So that should be the 100-percent no more items to delay completion. February 5 we will be 100-percent complete.”
Crews began renovating the 80 units in May 2019. HRS Executive Director Down Harris said finishing the project early helps the agency out financially.
“We’re able to access the tax credits quicker, some of the equity partners get access to their tax credits quicker, and our market rents come into play quicker,” Harris said. “Those things enhance our cash flow on the site, so it’s a big plus for us.”
HRS Board of directors voted last year to ban all smoking at Walnut Village once renovations come to an end. In addition, the agency installed new life alert devices inside each unit and provided cable TV to the tenants.