HUNTINGTON, W.Va., Dec. 19, 2023 /PRNewswire/ — Cornerstone Community Development Corporation, alongside more than twenty partners consisting of individuals, community partners, and state and federal agencies, is proud to announce the launch of the Prichard Hotel Building Renovation Project. The $51 million development effort will facilitate the revitalization of the Prichard Hotel Building in Downtown Huntington into an affordable housing location for seniors.
The Prichard initiative is a complex and intricate compilation of more than 11 funding sources merging to compile a capital stack that will create more than 200 jobs with multiple local companies during the construction phases.
Recognizing housing’s impact on health, CVS Health invested more than $17 million towards the adaptive-reuse and rehabilitation of the Prichard Hotel into affordable senior housing. In addition to its retail pharmacies across the state, CVS Health supports more than 270,000 West Virginians through its Aetna health insurance division.
“CVS Health is proud our investment will give the historic Prichard Hotel new life as stable affordable housing for vulnerable older adults, including those dually eligible for Medicare and Medicaid,” said Don Mazza, Chief Medicare Officer, Keystone Market, Aetna, a CVS Health company.
“Developing a center of excellence for healthy aging is critical to our nation and our region, as West Virginia reflects one of the oldest populations in our nation,” said Brad D. Smith, president of Marshall University. “Growing older is a wonderful journey, and this partnership will serve as a hub for delivering a holistic approach to healthcare, research and education that will improve services to older residents of Huntington, West Virginia and beyond.”
Plans call for the first two floors to provide healthcare services and additional community resources with the rest of the building providing 108 residential living spaces.
Christ Temple Church played the significant part in supporting this endeavor to succeed. Pastor Chuck Lawrence said, “Our city is an exceptional community, and we are so grateful to have a part in adding the extraordinary value and advantage this project will bring.”
Winterwood Development will work alongside Cornerstone on the project. “Winterwood is excited to be partnering with Cornerstone Community Development Corporation on the redevelopment of the Prichard Hotel into high-quality housing and Community space,” said Mike Hynes, CEO, Winterwood Inc.
SOURCE Cornerstone Community Development Corporation