Showing posts with label MHCDO. Show all posts
Showing posts with label MHCDO. Show all posts

Tuesday, March 02, 2010

Mayfair Mansions: Condos No More

2 comments
Despite the economic climate, government financed low-income housing projects have largely marched forward, but the condo bust is now hitting home in the subsidized low-income market, too. In November 2007, development partners Community Preservation and Development Corporation (CPDC) and Marshall Heights Community Development Organization (MHCDO) broke ground on the planned renovation of Mayfair Mansions - almost 600 units of affordable housing. Of the 17 buildings, 12 rental buildings were slated for interior renovation, and 5 buildings were to be renovated and converted to condos. Today the 12 rental buildings are fully renovated and occupied, but the planned 160-unit condo element of the Mayfair Mansions has now been pigeonholed permanently.

In 2005 the Mayfair Mansions Tenant Association organized a purchase of the property, selecting CPDC and MHCDO to assist with the acquisition, rehabilitate the buildings and maintain the Mansions as affordable housing - affordable mansions, technically.

The rental renovations began in 2007 and completed this past September. But, according to Paul Brown at CPDC, the condominium project, originally scheduled to deliver first quarter of 2010, is not "going to deliver this year. It probably is not ever going to deliver as a condo." Brown said the conversion to condo never happened and the building, sans renovation, still serves tenants. Brown said CPDC is working closely with MHCDO to figure out how to finish the renovations.

The partners did complete the a new LEED-eligible community center, which delivered just in time this past summer for the community to enjoy a new pool facility, computer labs, an assembly room and classrooms for services such as literacy programs.

The non-profit developers purchased the property with a $24.2 million loan provided by the District's Department of Housing and Community Development (DHCD). Additional funds for the residential renovations and the construction of a new community center came from the DHCD Housing Production Trust Fund (HPTF), Federal Historic Tax Credits, as well as Tax Exempt Bond financing and Low Income Housing Tax Credit allocations provided by DC Housing Finance Agency (HFA). Of the funds, $23 million went towards successfully revitalizing the 410 rental units. The $6.9 million set aside for undelivered condos, however, equates to lots of public money for development, which never happened. Kind of like Lehman Brothers.

Mayfair received a Federal Historic Rehabilitation Tax Credit because of its historic status; the Mayfair Mansions were originally constructed in the 1940s specifically for the African-American community in a time when racially restrictive covenants had a stranglehold on housing practices. The community was designed by Albert Cassell, a renowned African American architect who designed numerous milestone structures for Howard University.

Wiencek + Associates and McDonald Williams Banks Architects served as the design team. Gilford Construction Corporation and Hamel Builders Inc. served as general contractors in a joint venture.

Washington DC real estate development news

Thursday, June 19, 2008

Seniors, Row Houses for Benning Neighborhood

4 comments
You would think that Benning Road had enough developments planned or in the works, with the Anacostia Waterfront Initiative, the outstanding Benning Road-Minnesota Avenue RFP, and the 150-unit development adjacent to the Benning Road Metro Station by the DC Housing Authority and Abe Pollin, but developers in the area can't seem to get enough, so in addition to its already approved massive mixed-use and mixed-income phase one development adjacent to the Cesar Chavez Public Charter School, Parkside Residential LLC is now seeking approval for a second phase of development. Phase one's progress is limited to approval - the site stands vacant.

The developer, a partnership between Bank of America Community Development Corporation, Lano International, City Interest, and Marshall Heights Community Development Organization, is planning phase two on 165,000 s.f. of land in the western end of the overall PUD site. The second phase of the project will front Anacostia Avenue, Foote Street, Barnes Street, and Franklin D. Roosevelt Place, NE and will include a 98-unit, four-story senior living facility and 112 market-rate and workforce-rate row houses at its completion.

The developer will build a 137,400 s.f. senior living facility on "Block A" complete with ground floor common areas that will include a fitness room, a salon, and a coffee bar, keeping its elderly residents fit, social, and caffeinated. The site will also include 18 parking spaces and an outdoor terrace. "Block B" and "Block C" will host 347,860 s.f. of two, three, and four bedroom row houses.

The Zoning Commission held a public hearing Monday night at which the developer was instructed to submit additional materials by June 30th. If the developer meets that deadline, the ANC and the Office of Planning will have until July 7th for responses and the project will then go on the July 14th agenda to receive a yea or nay from the commission.

Phase one, which includes a new above-grade pedestrian bridge to the Minnesota Avenue Metro Station, designed by Boston-based transportation architects Rosales and Partners, will also deliver 1,500-2,000 residential units, twenty percent affordable, twenty percent workforce, 500,000-700,000 s.f. of office space, and 30,000-50,000 s.f. of retail space at its completion. The developers plans also include a face lift for Ward 7's neighborhood amenities. The Zoning Commission unanimously approved stage one in June 2006.
 

DCmud - The Urban Real Estate Digest of Washington DC Copyright © 2008 Black Brown Pop Template by Ipiet's Blogger Template