The end product, Raffay believes, helps the neighborhood and the city.
Paula Bary, director of planning and zoning, said that rehabilitating buildings and property can be healthy for a community.
She said that once someone starts to spend money in an area it "starts to catch on and other people will invest money in that area."
Each of the 24 apartment units on Holladay Drive has been modernized. The boiler system was taken out, and now each unit has its own water heater. Stackable washers and dryers were put in. There are new fixtures, wallpaper, paint, cabinets and flooring.
All of the units are two-bedroom and one-bath.
The company is also working on its property on Patrician Place.
Raffay said that they have skilled workers on staff who renovate property and that makes it less expensive for them to rehab than to build.
The company was founded in 1997 and now has more than 130 commercial and residential units in Danville. Recently, the company announced that as part of installing wireless Internet to its properties downtown, it would extend the service to Weisiger Park and the Community Arts Center.
The company owns the building on North Fourth Street across from the courthouse that contains Subway and Three Babes and a Monkey on the ground floor. Upstairs on the second floor there are apartment units.
Raffay said Redwood is in the planning stages of putting urban apartments on the third floor. The units would be spacious and have exposed brick walls.
If Danville passes a proposed new planning and zoning ordinance ,the company won't have to have a conditional use permit for the apartments.
City commissioners asked the Danville-Boyle County Planning and Zoning Commission to add a definition for lofts in the ordinance to encourage property owners downtown to use the upper floors of their buildings.
Raffay said that Redwood is interested in the effort to revitalize downtown, and wants to do their part as property owners.
For more information, call 236-8173 or visit www.redwoodcompanies.com.