NIIF Investments

Final Phase of the Somerset Homes Redevelopment Moving Ahead

The Perkins-Somerset-Oldtown Transformation Plan is continuing to come to fruition.  Public housing on the site dating back some 75 years was razed in 2008-2009 and the 9-acre site is experiencing a renaissance with the creation of a new mixed income community.

As part of the project, Mission First Housing Group and Henson Development have teamed up to oversee a multi-phase project to redevelop Somerset Homes in several phases.  The first property, 1234 McElderry Apartments, opened in September of 2021 and others are under construction.  In April of 2023, NIIF provided a $1.4 million predevelopment loan for the final phase which is an eight-story multifamily project that will include a 35,000 square foot grocery store on the ground floor.

“The Perkins and Somerset residents and local stakeholders walked with us every step of the way, sharing their passion and commitment to this new neighborhood of choice. This project represents what can be achieved when you build for people with people,” said Dana Henson, Principal at The Henson Development Company.