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Senior complex coming

Shown is Cypress Trace in Bay Minette. Developers say Atmore Senior Village will be identical.

News Staff Writer

Officials of Florence, Alabama-based CRN Development confirmed this week that the company is in the process of constructing a 50-unit housing complex, just outside Atmore, for senior citizens.
The “affordable senior adult multifamily” development, to be called Atmore Senior Village, is already under construction. It will be located on land east of McRae Street, just a few yards outside Atmore’s city limits, near the Olde Towne development. Atmore Mayor Jim Staff said the development will benefit from hookups to city water, sewer and gas lines that were already installed for Olde Towne.
“Atmore Senior Village is a development for elderly individuals (who are) 55-plus years (of age),” said Carrie Cornelison, CRN’s Director of Development. “The project consists of 50 units, 14 one-bedrooms and 36 two-bedrooms.”
The projected cost of the complex, of which Cornelison said the units will not be government subsidized, is $8.7 million. It will feature several amenities that are not normally a part of such projects.
“The development will have a clubhouse, community kitchen, exercise room, computer lab and outside pavilion with grills,” said the company official, who pointed out that the Atmore Senior Village project is being financed by Alabama Housing Finance Authority, United Bank and BBVA/Compass (a subsidiary of the Spanish multinational Banco Bilbao Vizcaya Argentaria).
According to CRN Development’s website, the company has put together 13 other communities, including those in Gulf Shores, Daphne, Fairhope and Loxley. In all, the company has developed nine housing communities in Alabama, three in Georgia and one in North Carolina.
UB Community Development, LLC (UBCD), a community development partner of United Bank, announced last week that it has provided $700,000 in “secondary financing” to Gateway Development and CRN Development for the construction of the housing complex.
A press release issued by UBCD officials, states that United Bank will also provide an additional $2.8 million in construction funding for the project, as a participant in BBVA’s construction facility.
Since 2017, United Bank has been the recipient of two Capital Management Fund (CMF) awards, totaling $10 million. United Bank is the only Alabama-based bank to receive and administer CMF awards.