Amarillo Local leaders and community members joined investment and development partners today to celebrate the ground breaking of “Marabella” –the newest Independent Senior Living community in Amarillo, Texas.
Paul Stell, Managing Director of Stellar Development Company, a Lubbock based company kicked off the ceremony by talking about the impact this development will have on the increasing 65+ community.
“We look forward to providing affordable luxury housing, that improves the lives of the aging members of the Amarillo community.” said Paul Stell, Managing Director of Stellar Development Company
Located on Amarillo Boulevard close to Gem Lake Rd., The Marabella will consist of 101 apartment units located on 3 acres. The units will be 1 and 2 bedrooms and will be available to residents who are 55 years and older and who earn up to 60% of the area median income. The property will include a community room, fitness center, business center, movie/activity center, library, storages and beautifully landscaped courtyard with outdoor patio areas.
According to Development Manager for Stellar, Drew Gray “This project will provide many luxury and high-quality amenities, which the Marabella residents will be able to enjoy on a daily basis.”
Many local organizations, financial institutions and government leaders played a role in developing this project. Partners in the project include: Area Agency on Aging, Red River Aging & Disability Resource Center, Emmanuel Temple Church of God in Christ, Inc., Jane Werner Adult Day Care Center, and Madhouse Development Services, Inc.
Marabella will be partially financed by equity provided by the Low-Income Housing Tax Credit Program (LIHTC). Considered by industry experts as the most successful affordable housing program in the nation, the LIHTC program brings together government and private developers to provide very high-quality luxury affordable housing to seniors.
“This is a very complex project that takes between two years to bring to fruition, and it wouldn’t be possible without the support of all our local leaders and development partners. This project will continue to enhance the growing W. Amarillo corridor, while providing increased tax base for the city,” said Paul Stell.
History - Marabella is Stellar’s first affordable project in the Amarillo market.