THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Sunday, February 19, 1995 TAG: 9502170250
SECTION: VIRGINIA BEACH BEACON PAGE: 04 EDITION: FINAL
SOURCE: BY TOM HOLDEN, STAFF WRITER
LENGTH: Short : 49 lines
The Captain's Quarters Hotel at 28th Street near the oceanfront could become the city's latest home for elderly and low-income residents under a plan being considered by a Portsmouth real estate developer.
The plan would convert the resort area hotel into 42 one-bedroom and 42 efficiency apartments with the help of $4.8 million in revenue bonds issued by the Virginia Beach Development Authority.
On Tuesday, the City Council approved the use of the bonds, a move required by the Internal Revenue Service regulations if the bonds are to be considered tax exempt.
``All we did is approve the issuance of the bonds,'' said Councilman W.W. ``Bill'' Harrison Jr., who represents Lynnhaven borough. ``We saw no reason to object because no one came to any of the public hearings and objected. We don't approve the credit worthiness of the bonds or the viability of the project.''
Richard Barrick, the owner of Barrick Real Estate and a retired dentist, is the project's developer.
``There is a demand for elderly housing wherever you go,'' said Barrick. ``The elderly population is exploding and many need housing and I mean nice housing.''
The two principals in the project are Sequoyah, a limited liability company whose principals are Barrick and Monford M. Gregory Jr., and Tidewater Westminster Homes, a non-stock, non-profit company that has developed area nursing homes.
Many decisions remain to be made before anyone picks up the first hammer. Chief among them is the precise type of financing that Barrick and his partners settle, a decision that will decide whether ``elderly'' means anyone 55 or older or anyone over 62.
Barrick said there is no time line for the project so it was unclear when the hotel might become available for use as an elderly low-income residence. If it's finally approved, the building will appear much as it does today, although repairs will be made to some existing exterior blemishes.
The conversion also anticipates the addition of an elevator, 42 kitchenettes with sink, stove, refrigerator and one cabinet and wall-mounted heating and air-conditioning units.
KEYWORDS: ELDERLY HOUSING by CNB