[Project Summary] [The Site] [Planning] [Development] [Project Profile] [Under Construction] [Funded] [Permitted] [Financing] [Community Building] [Observations and Lessons Learned] [Project Information] [Interviewees] [Credits] QUICK FACTS Location Salem, Massachusetts Project Type District/Corridor/Community Site Size 195 acres Land Uses Community center Health care facility Affordable housing Transitional housing Multifamily rental housing Park Parking Public open space Recreation […]
AF Bornot Dye Works is a loft apartment and retail project that involved the adaptive use and restoration of three timber and concrete factory buildings north of Center City Philadelphia. The three four-story buildings include 17 rental residences on the upper levels and 13,210 square feet of retail space across two lower levels. The developer, MMPartners, built upon 15 years of experience renovating and building scores of residential and retail properties in the nearby Brewerytown neighborhood. The $10.7 million development was funded with a conventional loan, federal and state historic tax credits, a city incentive loan, partner equity, and a $375,000 mezzanine loan from an online crowdfunding platform.
St. Joseph’s Campus in Oakland, California, offers 146 new apartments affordable to seniors and families with low incomes, on a multigenerational campus comprising three rehabilitated historic buildings, one new building, and amenities like gardens, community and art rooms, and social services. The campus was built in one of the costliest housing markets in the United States, and the deal was assembled during the immediate aftermath of the 2008 financial crisis, at a time when housing construction had come to a near-standstill.
The design sensitively creates environments that cater both to independent seniors who have aged out of their homes, as well as to large families seeking safe and clean housing. The campus rejuvenated a beloved local landmark, respecting the neighborhood’s history while adding substantial new housing density on a site near transit, shops, schools, and services.
Cynthia Parker, president and CEO of developer BRIDGE Housing, calls St. Joseph’s an “intergenerational campus that allows people to live, work, and play here . . . a vibrant place for many generations to come.”
AF Bornot Dye Works is a loft apartment and retail project in central Philadelphia that involved the adaptive use and restoration of three timber and concrete factory buildings. Located along Fairmount Avenue, one mile north of Philadelphia’s City Hall, the surrounding Art Museum area is one of Philadelphia’s hottest submarkets, accounting for one-fifth of Center City’s new housing in 2015. The four-story buildings include 17 rental residences on the upper levels and 13,210 square feet of retail space across two lower levels, which has been preleased to neighborhood-serving tenants. In undertaking the project, developer, MMPartners, built upon 15 years of experience renovating and building scores of residential and retail properties in nearby Brewerytown. The $10.7 million development was funded through a combination of conventional loans, federal and state historic tax credits, city incentives, partner equity, and a $375,000 mezzanine loan from an online crowdfunding platform.
The Sullivan Center project involved renovation and repositioning of a historic downtown department store complex made up of nine buildings on a 2.35-acre site in the heart of Chicago’s Loop. The upper floors of the building have been converted into modern office space, and the lower levels are now occupied by several retail and restaurant tenants, including a new three-level CityTarget store. The project unfolded over more than ten years and involved historic tax credits, tax increment financing (TIF), detailed historic restoration of cornices and cast-iron facades, creation of modern office and retail space, and a financial restructuring.
