Sterling Hamilton Closes Multifamily Deal
SPRING CREEK VILLAGE OFFERS AFFORDABLE HOUSING THROUGH PUBLIC-PRIVATE PARTNERSHIP MODEL
Mixed-Income Rental Community in East Springdale Brings Affordable Housing Win to the Northwest Arkansas Region
(SPRINGDALE, ARKANSAS) — Spring Creek Village, a mixed-income, multi-family community in east Springdale will break ground mid-year of 2022. The project will increase housing availability in Northwest Arkansas and present a new, scalable model aimed at meeting the demand for affordable housing. The public-private partnership with the City of Springdale is led by Sterling Hamilton of Cushman & Wakefield | Sage Partners; Thom Embach of Leisure Homes Corporation; and Casey Kleinhenz of Community Development Corporation of Bentonville.
The development team will rely on City infrastructure contribution, Opportunity Zone tax incentives, and non-competitive development funds to underwrite the affordable portion of the project. The availability of these sources increases the chance that the project not only succeeds in Springdale but replicates in Northwest Arkansas and beyond.
The 6.3-acre project site is located about one mile east of The Jones Center near Emma Avenue and McCullough Drive. Residents will have multimodal access to Springdale amenities by a new connection to the Dean’s Trail spur of the Razorback Greenway. The site design of Spring Creek Village is a collaborative effort of Civil Design Engineers, Inc. and Core Architects.
“Thom, Casey, and I have been able to collaborate on this new concept in affordable housing, utilizing Opportunity Zones and federal subsidies in partnership with a practical and forward-thinking city like Springdale. This public-private partnership should be a case study for other cities in need of affordable housing,” says Sterling Hamilton, Assistant Vice President of Cushman & Wakefield | Sage Partners. “We still have a few technical items to address, but the initial framework and contract with the city are set up for a successful project. We hope to deliver a walkable, mixed-income community that can be an example for other developers, funders, and governmental organizations.”
About Sterling Hamilton, Cushman & Wakefield | Sage PartnerA Fayetteville, Arkansas native, Sterling Hamilton is a father, real estate developer, and active community member of Fayetteville. A champion for affordable housing, Hamilton seeks to provide housing options for his neighbors across Northwest Arkansas. He has worked at non-profit affordable housing organizations in Chicago, Illinois, and Seattle, Washington, and holds a Master of Urban Planning from the University of Washington in Seattle.
About Thomas E. Embach, Leisure Homes CorporationOwner and President of T & E Contractors, Inc., representative of Professional Property Management, Thom Embach has been a licensed General Contractor since 1992. He has constructed and rehabilitated over 70 developments, the majority of which were under affordable housing program regulations. He has served as President of the Affordable Housing Association of Arkansas. He is Home Program certified by the Arkansas Development Finance Authority; has served on the Energy and Green Building subcommittee of the Construction Codes and Standards Committee for the National Association of Homebuilders; and has been on the “Green Building Designation Board of Governors” since its inception.
About the Community Development Corporation of Bentonville
The Community Development Corporation of Bentonville is a 501(c)3 nonprofit Community Housing Development Organization. Executive Director, Casey Kleinhenz, has led the organization since 2015. There is no other nonprofit in the region that matches CDC capacity to direct and manage public affordable housing funding dollars. CDC has been successful in developing scattered-site projects that blend into the existing community rather than redefine it. The organization currently operates about 450 rental units. Staff utilizes funding programs including Low Income Housing Tax Credits, HOME, USDA-RD, HUD 202, FHLB grant, and private programs.