Florence to break ground on 64-unit affordable housing redevelopment Oct. 28

The Paces Foundation, Soho Housing Partners and the Housing Authority of Florence will mark the start of a $20.5 million redevelopment of Oakland Place with 64 new affordable apartments in Florence, South Carolina, on Oct. 28. The project is designed to replace aging housing stock with energy-efficient homes for households earning up to 60% of area median income.

Why it matters: - The Oakland Place redevelopment will add 64 affordable apartment homes for families in North Florence. - The project replaces aging housing stock that needs major infrastructure work and could improve housing quality for income-qualified residents. - The $20.5 million investment adds new affordable units to a market where long-term supply remains tight.

What happened: - The Paces Foundation, Soho Housing Partners and the Housing Authority of Florence will celebrate the groundbreaking for the new Dr. Iola Jones affordable housing community on Oct. 28, 2026. - The event will take place at Dr. Iola Jones Park/Oakland Place, 608 E Maxwell St., Florence, South Carolina, at 11 a.m. - The celebration is free and open to the public, and attendees can register here. - The program will include Mayor Lethonia Barnes, Housing Authority of Florence Executive Director Dr. Al Bradley, Soho Housing Partners Vice President of Development Alexis Pierre, Florence City Manager Scotty Davis, Rep. Terry Alexander and Housing Authority of Florence Board Chairman Calvin Robinson.

The details: - Paces Preservation Partners, a strategic partnership between The Paces Foundation and Soho Housing Partners, is set to begin demolition and new construction on the 6.6-acre site in North Florence. - Oakland Place was built in 1972 and needs a complete overhaul because of aging plumbing, electrical systems and building materials that may contain asbestos. - The new community will include four residential buildings with one- to four-bedroom floor plans. - Planned features include energy-efficient appliances, central HVAC, a community building, an equipped business center, an exercise facility, a covered pavilion for picnics and grilling, and a fully equipped playground. - All units will be reserved for residents earning 60% of the area median household income or less. - Financing is being provided by Berkadia (Freddie Mac), Advantage Capital and J.P. Morgan Chase in partnership with the Housing Authority of Florence. - Completion is projected for January 2028.

Between the lines: - The redevelopment shows a broader strategy to preserve older subsidized housing by replacing deteriorating buildings instead of making piecemeal repairs. - The inclusion of on-site amenities suggests the project is designed to serve families with more than just a basic apartment replacement. - The financing mix points to a layered affordable housing deal that depends on public-private partnership capital.

What's next: - Demolition and construction are expected to begin after the Oct. 28 groundbreaking. - The new Dr. Iola Jones community is slated to open in January 2028 if the project stays on schedule. - The Housing Authority of Florence and its partners will move ahead with lease-up planning for income-qualified residents as construction progresses.

The bottom line: - Florence is replacing a 1972-era housing complex with a modern affordable community built for long-term use and lower-income families.