Sherman Thompson Towers is going to be renovated.

The 10-story high rise on 275 N. Third St., Ironton, was built in 1978 and has 151 units, all of which are HUD Section 8 assisted living units for people who are 62 years or older, or are disabled.

Ironton Mayor Katrina Keith is quite happy with the renovation plans.

“I’m excited about the investment that is being made into this facility,” she said. “It is a resource for the aged community. So to see that structure revitalized, it will be an aesthetic appeal to downtown. So we are excited by the addition.”

KeyBank Real Estate Capital has arranged a $6.9 million Federal Housing Authority loan for the renovation of Sherman Thompson Towers Apartments. Cleveland-based Millennia Housing Development purchased the Sherman Thompson Towers for $5.5 million in December of 2014.

The Ohio Housing Finance Agency provided tax credits for the project. According to the agency, renovations will include “extensive community and resident input and conducting a detailed physical inspection, the rehabilitation plan and scope of this proposal was developed to address physical needs while incorporating amenities and services, which will enhance residents’ lives.”

Highlights of the renovation include new roofing and mechanical systems, and common area upgrades, newly renovated kitchen and baths, and the addition of community gardens.”

In June, the city of Ironton executed a quit-claim deed on a piece of unused property to go to Sherman Thompson Towers

“They wanted to expand, but we still had to have access to our utilities,” Keith said. “They can’t build over our utilities.”

The property will probably be used for green space.

The project was awarded tax credits by the Ohio Housing Finance Agency and has a housing assistance payments contract that provides rental assistance to 150 of the 151 units.

The Millennia Companies owns and manages nearly 130 multifamily communities totaling over 10,000 residential units in Ohio, Michigan, Missouri, Indiana, Iowa, West Virginia, Kentucky and New York.