[Photo: Studio One Eleven]
“Many times, for better or worse, these types of developments can help uplift an area and to some extent gentrify an area,” he says. “And I think the most economical way, if an area is going to gentrify, is to get the affordable housing in there first so that the affordable housing developers aren’t competing at higher land costs and there’s already an embedded affordable housing population there.”
Source: How a drab office building was repurposed into gorgeous, affordable ap
Once the home of a leading national maker of horse blankets, the former National Blanket Building on Cleveland’s West Side could be repurposed as affordably priced apartments for families.
“We’re afraid bricks may fall from it,” he said of the three-story factory dating from 1890 that was expanded until it covers a city block. He’s excited, though, because plans to renovate it to new use are taking shape. “It will mean a lot for the neighborhood in terms of morale because it’s the largest building here and it’s been vacant so long,” León said, “in addition to the economic benefit of it being put back into use.”
Source: Rehab/reuse project is warming up for old blanket factory
Courtesy of Trinity Financial – Trinity Financial is redeveloping the Van Brodie Mill into affordable housing in Lawrence, Mass. The completed project will contain eight studio apartments, 25 one-, 56 two-, and 13 three-bedroom apartments.
“We are thrilled to begin the transformation of the Van Brodie Mill,” said Trinity Financial project manager Dan Drazen. “Thanks to MassHousing’s investment, this project will breathe new life into a historically significant asset while creating much-needed mixed-income housing in the Gateway City of Lawrence.”
Source: Developer to Turn Massachusetts Mill Into Affordable Housing| Housing Finance Magazine | Adaptive Reuse, Construction Finance, Tom Lyons, Dan Drazen, Rob Vest, Thomas McColgan, Trinity Financial, MassHousing, Massachusetts Department of Housing and Community Development, Red Stone Equity Partners, TD Bank, Massachusetts
From left to right: Steve Shelton, executive director of the Trade Institute of Pittsburgh: John Folan, professor of architecture at Carnegie Mellon University; and Mike Gable, executive director of Construction Junction.
With $2.3 million in funding support from organizations that include the Heinz Endowments and the Colcom and RK Mellon foundations, Project RE launches as a 10,000 square foot production facility within Construction Junction in which architecture students within the UDBS work with the apprentice laborers from the Trade Institute of Pittsburgh, which operates a few blocks away, to design and build new affordable housing and other prototype products out of reused materials collected by neighboring retail operation.
via Design build social venture Project RE launches with big goals in North Point Breeze – Pittsburgh Business Times.
The approximately $100 million project will be financed through a combination of Low-Income Housing Tax Credits, Federal and State Historic Tax Credits, and other sources. “These tax credits make the project feasible from our perspective,” Condas says. Dominium specializes in affordable and workforce housing, as well as the adaptive reuse of historic structures.
“Projects like this one take an incredible investment from a construction cost standpoint, in order to make them work,” Condas says. “Without that stack of tax credits, the project wouldn’t be do-able.”
via Fort Snelling’s historic Upper Post to be transformed into workforce housing.