The Walnut Village renovation project in Cookeville hit substantial completion earlier this month.
The February 5 date came about eight weeks ahead of schedule. Highlands Residential Services Executive Director Dow Harris said finishing early benefits the agency 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 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.
Harris said the installation of cable and life alert devices will take a little bit longer to complete.
“They’re (residents) very happy with the renovations and the changes that were made,” Harris said. “The only negative I think that we experienced was the move. We had some disappointments with the residents perspective on some property that was damaged. Of course, we have made all of them whole.”
A total of 80 units received renovations. HRS broke ground on the project in May 2019.