First Federal Of Lakewood Partners With City Of Lakewood For An Innovative Home Conversion Project
First Federal of Lakewood and the City of Lakewood have announced plans to convert a duplex into a single-family home at 2227 Bunts Road. The project is a combined effort between First Federal, the City and independent architect, Paul Beegan. Prudential Lucien Realty is handling the property sale. Construction is set to begin in mid-May, with completion forecast for late summer 2007.
The renovation is part of the City’s plan to increase home ownership. The City will be providing up to $50,000 in assistance from its recently-approved Grow Lakewood Housing Fund. The assistance will be utilized to fund the improvements to the property. City money used for the improvements will be repaid when the property is sold as a single-family home.
“We approached First Federal of Lakewood to take a leadership role in this type of project because of their strong roots in the City and surrounding area, and solid reputation for giving back to the community,” said Lakewood Mayor Thomas George. “We hope the success of this project will encourage more renovations to bring more owner-occupied homes to the City.”
“We have called Lakewood home since 1935 and we are dedicated to programs that support the community,” said Gary Fix, First Federal president, CEO and managing officer. “This is a model program to prove these conversions can be done profitably and serve as a catalyst to encourage development and home ownership in Lakewood.”
The home will be approximately 2,200 square feet upon completion. Exterior renovations include: new windows, siding and roof, removal of the top-floor porch to create a single-family home front, a back-yard deck, landscaping and garage construction. Interior renovations include: air conditioning, second-floor laundry room, master bedroom with a new bathroom and a walk-in closet.
For more information on this project, visit www.FFL.net for