Mayor Pro Tem/Commissioner Ron Washington joined Cambridge Square residents for “Cambridge Square Community Day,” a day that celebrated a $16 million renovation and modernization of the community’s 200 affordable apartment homes as well as new amenities that include a community garden, a dog park, and picnic areas.
The Cambridge Square Community, built in 1979 and comprised of 8 two-story buildings with 200 (1, 2, & 3 BR) affordable apartments, exemplifies that public-private partnerships can work together to help cities modernize and protect aging affordable housing.
In 2020, the City signed off on low-income tax credits to help make renovations. In 2021, Fairstead, a purpose-driven real estate company committed to sustainable development and the creation of affordable housing, acquired Cambridge Square and invested $16 million to renovate and modernize the buildings and their units. Fairstead representatives joined Cambridge Square residents in celebration of the community and the completed renovations.
“Thank you Fairstead for investing in our community,” Washington told the crowd. “Stable and affordable housing for Covington families and individuals is so important. Over the last 20 years, Covington taxpayers have spent more than $100 million on low-income housing opportunities for its citizens.”
The renovation plan involved the replacement of floors, bathrooms, and lighting fixtures in every apartment as well as the installation of new kitchen fixtures and appliances.
The plan also addressed new windows, façade improvements, and HVAC systems along with new roofs and hot water heaters. Improvements were made to the community room, playground, and leasing office, along with overall design upgrades to enhance the look and feel of the neighborhood.
The renovation added a community garden, dog park, and new picnic areas to further enhance the sense of community among residents.
The celebration in pictures (Photos by David Stephen Photography):
Fairstead/City of Covington