$678,000 FCLF financing (2 loans)
9,952 sq ft residential & commercial
13 affordable apartments, retail and office space
The city of Melbourne in Brevard County is known for its great beaches, proximity to aerospace and high-tech, and revitalized historic downtown district. But there is also a need for affordable housing and property improvement in area neighborhoods, some of which experience poverty rates as high as 37%.
The Pirouette Group was formed to help improve one such low-income neighborhood. Since 2001, founders Mark and Lisa Herendeen have owned and managed properties in Melbourne that are affordable to low-income individuals and families, with a focus on quality of life to create a safe environment and detour criminal behavior. At one apartment building owned by the Herendeens, there has been a 60% decrease in police calls – saving money for the City in reduced police response and arrests while providing a safe, affordable home for residents.
With financing from Florida Community Loan Fund (FCLF), the Pirouette Group purchased and will renovate 2 adjacent commercial buildings totaling 9,952 square feet: a 13-unit apartment complex, a duplex, and spaces for 2 retail establishments and 4 offices. While major renovations are underway to bring the properties up to current standards, tenants will be able to move into newly remodeled apartments as they are completed.
With additional funding from the City of Melbourne’s SHIP program, this project is an example of how public-private partnerships can revitalize a low-income community.
Pictured above and below, the Piroette Group apartmens and retail space before renovation.