518 3 rd Avenue South St. Petersburg, Florida

Transcription

1 518 3 rd Avenue South St. Petersburg, Florida

2 Project Summary Preservation of Senior Housing Project Name: Viridian Address: rd Avenue South St. Petersburg, Florida Developer: Sage Partners, LLC Principals: Debra F. Koehler, President Todd S. Turner, Executive Vice President Unit Mix: # Units Type SF 83 Efficiencies One Bedroom/One Bath Total Units Rents: Type Set Aside # Units Rent Efficiencies Tax Credit 27 $ Bedroom Tax Credit 28 $ 669 Efficiencies Proj Based Sect 8 56 $ Bedroom Proj Based Sect 8 77 $1,000 Total 188 Year Built: 1971 Sources: Bank of America Loan $5,357,000 SAIL/ELI Loan (Sadowski Funds) 5,935,000 SHIP funds (Sadowski Funds) 586,510 Local Housing Trust Funds 1,613,490 Tax Credit Equity 4,793,921 Developer Equity 1,555,588 Total $19,841,609 2

3 Construction Type: Summary: 11 Story High-rise The substantial rehabilitation of Viridian provided much needed improvements to the aging 1971 facility to better serve our resident base of seniors and the disabled. Currently, there is a project-based Section 8 Contract on 70% of the units. HUD has approved a contract extension for a period of 20 years and the post- rehabilitation rents noted above. The rehabilitation did not require any tenant relocation. We reduced the occupancy only by natural attrition, and did not relocate any tenants offsite during the construction process. The rehabilitation took place two floors at a time and was completed in 12 months, commencing July Viridian is located in the heart of downtown St Petersburg, within walking distance to shopping, medical and public transportation. Many of the residences have views of the downtown skyline as well as Tampa Bay. The historical occupancy has been in excess of 97%. Jobs Created: Trade # Workers Cleaning 3 Concrete 7 Conveying Systems 2 Demolition 12 Electrical 8 Framing & Finishes 24 Furnishings 3 General Contractor 4 Mechanical 16 Metals 4 Millwork 8 Specialties 7 Thermal & Moisture Protection 8 Total 106 3

4 Project Scope: Building Systems Residences New roof with 20 year warranty R-19 insulation installed above top floor for increased energy efficiency New sprinkler system in all units and common areas Upgrade existing fire alarm system New diesel fire pump New cooling tower New domestic water booster pump New gas domestic water boiler with energy factor that exceeds.61 New common area air handler units (with exception of one that was recently replaced) Complete modernization of elevators, including new motors, new control panels and cab upgrades New fan coils in all residences with an equivalent SEER rating of 14 New programmable thermostats Floor to ceiling glass window in all residences with top floors having views of Tampa Bay Windows have a shading coefficient that exceeds.67 New Shaker-style cherry cabinetry with designer countertops in kitchen New Energy Star interior light fixtures throughout residences Paint entire unit with no VOC paint Environmentally friendly flooring with a cork look finish Programmable thermostats in each unit New lever hardware on entry and all interior doors New slider closet doors New window treatments New stainless steel sink with single lever kitchen faucet Pantry with wire shelving New Energy Star appliances New water saving flapperless toilets New low-flow faucets and shower heads New single handle shower diverters in baths New medicine cabinet with mirror New grab bars in all bathrooms New tile surrounds in bathtubs New shower rods, towel bars and toilet paper holders New wall hung lavatories 4

5 Amenities Community garden New library New fitness center New computer lab Emergency call service Upgrade common area laundry facility Common Area Paint exterior of building and caulk all windows Paint interior of all hallways and common areas with no VOC paint Paint all resident entry doors with complimentary color schemes New community room Carpet and Rug Institute Green Label certified carpet New courtyards with brick pavers surrounded by decorative wrought iron fencing New courtyard moon lighting New main entrance with improved accessibility Carded security entry to building and courtyard Closed circuit television cameras at all entries and elevators Motion detectors on all outside lighting attached to units New Energy Star efficient lighting in all common areas Florida Yards and Neighborhood Certification on new landscaping Daylight sensors on all common area outdoor lighting Sealing and striping all drive lanes and parking spaces New exterior and interior signage 5

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