Florence breaks ground on $20.5 million affordable housing redevelopment

Paces Preservation Partners and the Housing Authority of Florence broke ground Oct. 28 on Dr. Iola Jones, a 64-unit affordable housing community that will replace Oakland Place in Florence, South Carolina. The $20.5 million project is slated for completion in January 2028 and is designed to expand modern housing for residents earning 60% of area median income or less.

Why it matters: - The Dr. Iola Jones community adds 64 affordable homes in Florence, where local leaders say quality housing is in short supply. - The redevelopment replaces aging apartments with new units designed for families and residents who qualify for income-restricted housing. - The project is part of a broader effort to revitalize the Oakland Place site and strengthen the surrounding neighborhood.

What happened: - Paces Preservation Partners, a joint effort between The Paces Foundation and Soho Housing Partners, joined the Housing Authority of Florence for a groundbreaking ceremony on Oct. 28, 2026. - The new community will replace Oakland Place apartments in Florence, South Carolina. - The redevelopment carries a $20.5 million price tag and is expected to be completed in January 2028. - The financing package includes Berkadia (Freddie Mac), Advantage Capital and JP Morgan Chase in partnership with the Housing Authority of Florence.

The details: - The site covers 6.6 acres. - Oakland Place was built in 1972 and needs a full overhaul because of outdated plumbing, electrical systems and possible asbestos-containing building materials. - Four new residential buildings will offer one- to four-bedroom floor plans. - The new apartments will include energy-efficient appliances and central HVAC. - Planned amenities include a community building, business center, exercise facility, 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. - The new community is named for Dr. Iola Jones, a Florence social worker and community leader who lived from 1892 to 1978.

Between the lines: - The project combines public, nonprofit and private financing, underscoring how complex affordable housing deals often rely on layered partnerships. - Replacing older housing stock with newer units can improve livability and may lower operating and maintenance burdens over time. - Local officials framed the development as both a housing response and a neighborhood investment, signaling that the project is meant to do more than add units.

What's next: - Paces Preservation Partners is beginning demolition and new construction at the Oakland Place site. - The development team is targeting a January 2028 completion date. - Residents who meet the income requirements will be eligible for the finished apartments once the project opens.

The bottom line: - Florence is getting a new affordable housing community that replaces aging apartments with modern, income-restricted homes and a fuller set of resident amenities.

Source links: - Housing Authority of Florence information - The Paces Foundation - The Paces Foundation on LinkedIn