A rundown apartment complex in West Ashley is getting a face-lift.
San Diego-based developer Hampstead Group, through a nearly $6 million loan from TD Bank, will renovate 100 units at Palmilla Parkside apartments, previously known as St. Andrews Gardens off Ashley River Road.
The rehabilitated units will provide housing to moderate-income tenants.
Built in the 1970s next to St. Andrew’s Parks and Playground, the complex was designed for low-income housing. They are now in “extreme disrepair,” according to a statement from TD Bank.
Hampstead, the developer, will install energy-efficient windows, plank flooring, stainless steel appliances and other upgrades as part of the renovation effort over the next 15 months.
“We are very excited about what we’re seeing in Charleston and the activity in the market,” said Chris Foster, Hampstead president. “This partnership with TD Bank will undoubtedly help change the character of the neighborhood for the better, and we look forward to the completion of this project.”
Palmilla Parkside is one component of a multi-use development, which includes another 228 apartment units in an adjacent complex.
“TD Bank continues to invest in multi-housing projects that enhance communities and create access to quality housing in the Lowcountry,” said Michael Renault, regional vice president for TD Bank in Charleston. “We feel strongly that residents should have access to affordable, safe housing and look forward to working with Hampstead as they build on this vision in Charleston.”
Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.