Construction Begins on Village at the Beverly III
Third and Final Phase of Affordable Housing Community at the former Beverly Drive- In Theatre Site
Gulf Coast Housing Partnership has started construction on Village at the Beverly III in Hattiesburg, Mississippi. The project marks the third and final phase of GCHP’s Village at the Beverly development on the former site of the Beverly Drive-In Theater.
Village at the Beverly III is a mixed-use community with integrated commercial space that will benefit residents and the surrounding area. The new phase is located adjacent to Village at the Beverly I (52 units, completed in 2016) and Village at the Beverly II (40 units, completed in 2022).
GCHP will also build new shared amenities serving residents across all three properties, including a community center, business center, fitness center, playground, basketball court, jogging trail, and a covered multi-purpose bus stop structure.
Village at the Beverly III will include 30 one-, two-, and three-bedroom apartment homes with washers and dryers, patios, outside storage lockers, and indoor security systems. All units will be income-restricted to households earning at or below 60% of the Area Median Income (AMI), with four units set aside for persons with disabilities.
The buildings will be constructed to National Green Building and FORTIFIED standards, supporting energy efficiency and long-term resilience.
“We are excited to continue our investment in the Hattiesburg community, said Kathy Laborde, GCHP President and CEO. “This project reflects our commitment to creating stable, affordable homes that strengthen neighborhoods, and we are grateful to the financing partners who helped make it possible.”
The total development cost for Village at the Beverly III is $13.1 million. Funding sources include 9% Low-Income Housing Tax Credits (LIHTC) and HOME funds from the Mississippi Home Corporation; LIHTC syndication through 42 Equity Partners with investment from Cadence Bank; Affordable Housing Program (AHP) funds from FHLB Dallas and FHLB Atlanta; construction and permanent financing, as well as soft debt, from United Bank; and bridge financing from GCHP.
Completion is expected in early 2027.