Lafayette Lofts: A New Model for Religious Properties. NY Statewide Preservation Conference April 17, 2015

Similar documents
HAMLIN PARK HISTORIC DISTRICT A Preservation Case-Study in Buffalo, NY. April 25th, 2014 State Preservation Conference Rochester, NY

The Arts & Adaptive Reuse: Case Studies in Historic School Buildings

Tax Credit Finance Primer. Tim Favaro. Partner Cannon Heyman & Weiss, LLP.

DISABILITY HOUSING NETWORK LOW INCOME HOUSING TAX CREDIT DEVELOPMENT

10/30/ B Design Strategies for Big Living in Small Spaces. Course Description Design Strategies for Big Living in Small Spaces

New York State and Federal Historic

The Chesler Continuum

Cleaning Up Brownfields through Community Land Trusts

When the Plan is not Enough

Polk/Des Moines Assessor - Photograph

N.C. Housing Finance Agency

Introduction to Architecture Prep. Course

Mixed-Use Real Estate Planning

CHICAGO LOW-INCOME HOUSING TRUST FUND MAUI Program Guide and Application (Operating Reserve Fund)

Buy a New Home Without A Bank Loan

Housing is a key component in the history of community. Getting to Scale: The Need for a New Model in Housing and Community Development

Detroit Neighborhood Housing Markets

At Home in the Lake Region A Regional Housing Study

HISTORIC PRESERVATION BOARD BOARD AGENDA

DATE: July 11, Ron Davis, City Manager/Executive Director

Bijou Square Downtown Bridgeport

Back in the Loop. It was a place of refuge, of big shoulder pads and bad hair. In the 1980s, it

Housing Assistance in Minnesota

ARKIS PROPERTIES LLC. Business Plan. admin 8/20/2009. Arkis Properties LLC 1411 Potomac Ct Geneva, IL Cell (630) Fax (630)

Tree-lined streets, multilevel

CHICAGO LOW-INCOME HOUSING TRUST FUND MAUI Program Guide and Application (Capital Investment)

County of Sonoma Agenda Item Summary Report

IPX 1031 REVERSE ORDER FORM

2016 LANDU Course Descriptions. Agricultural Land Brokerage and Marketing

The New NYC Building Code Chapter 11 Accessibility. New York City Department of Buildings. Technical Affairs. Keith Wen, R.A. Copyright Materials

Historic Tax Credit Presentation Date: March 22, 2016

Models for Vacant Property Disposition and Community Stabilization

THE BASICS: Commercial Agreements

Partnering To Develop Affordable Housing

NSP - How Can Counties Recover from The Malaise of Homeowner Foreclosures June 16, Working Together for Stronger Communities

Key Steps to Start a Co-op

CHICAGO LOW-INCOME HOUSING TRUST FUND MAUI Program Guide and Application (Capital Investment)

Campground Sales Questions and Answers

GOV. MALLOY ANNOUNCES FUNDS TO SUPPORT AFFORDABLE HOUSING THROUGHOUT THE STATE Funding Will Spur an Additional $116 Million in Private Investments

NSP Program Overview. Daniel Blanchard COJ Management Consultant

A Circus of Damages: Reining in Negligence Claims through the Economic Loss Doctrine. RLI Design Professionals DPLE 190 April 04, 2018

The State of North Broad

2015 Downtown Parking Study

Downtown Housing. Techniques for Growth

DRAFT. Amendment to the Master Plan Land Use Element for Block 5002, Lot Township of Teaneck, Bergen County, New Jersey.

Neighborhood Stabilization Program

NEIGHBORS INVEST IN BROADWAY. Neighbors Invest in Broadway: A Slavic Village Renovation Program

INFORMATION SUBJECT: AFFORDABLE HOUSING PRODUCTION AND PRESERVATION REPORT FOR OCTOBER 1,2017 THROUGH DECEMBER 31, 2017

Real Estate Development 46th Annual Basic Economic Development Course

FLORENCE NEIGHBORHOOD REVITALIZATION

Subject to the following limitations: 40 years on a fully amortizing basis. Subject to market conditions.

Infill Development Panel. Presented By:

Vendor Financing for Realtors/Builders

2019 9% Competitive Housing Credit Application

Housing Trust Fund Developer Advisory Group. Options and Considerations Related to the HTF Operating Assistance and Operating Assistance Reserves

A ROADMAP TO INCREASING PROPERTY VALUE WITH ROOFTOP AMENITIES

Waterfront Market Analysis

NORWALK LAND DEVELOPMENT. NORWALK PLANNING COMMITTEE AND REDEVELOPMENT AGENCY NOVEMBER 19 th 2014

Tax Credits 101. Wednesday, November 7 10:45am 12:00pm

New Markets Tax Credits: Community Development Entity

The Low-Income Housing Tax Credit and the Hurricane Katrina Relief Effort

Update on Section 108 Guaranteed Loan Application Projects

Leases: Overview of the new guidance

National Rental Affordability Scheme. NRAS and Mistakes to AVOID!

The Partnership for Building Reuse: Learning from Los Angeles

DISPOSITION OF REAL AND PERSONAL PROPERTY POLICY

Transit-Oriented Development Specialized Real Estate Services

$350 Million In Active Listings. $12 Billion In Closed Transactions. About Calkain

FUMC Research Task Force Site Visit Report Westminster Presbyterian Church, Alexandria April 14, 2015

Center for Creative Land Recycling. Education Series: Financing Municipal Redevelopment

Proposed Development. The first phase of development will include the construction of an as-of-right tower, which will avail itself of the permitted d

+ What is Adaptive Reuse?

PHASE 1 AMENDMENT TO THE STATION AREA REDEVELOPMENT PLAN BOROUGH OF NETCONG, MORRIS COUNTY, NEW JERSEY

How Prevailing Wages Can Imperil the Development of Affordable Housing in New York State

The New NYC Building Code Chapter 10 Means of Egress. New York City Department of Buildings. Technical Affairs. Fatma M. Amer, P.E.

Nobody s home free: A closer look at Colorado s housing crisis. Here is your guide to the issue. LiveAffordablyColorado.org

FIRM ARTICLE ITALIAN LAW ON REAL ESTATE. Real estate matters are fundamentally regulated by the Civil Code.

Grantee: Broward County, FL Grant: B-08-UN April 1, 2011 thru June 30, 2011 Performance Report

December Loan Modification 8, 2015 and Preliminary Bond Items February 13, 2015 Ted Miyahara Director of Housing Finance

Bending the Cost Curve Solutions to Expand the Supply of Affordable Rentals. Executive Summary

Dual Income Property Strategy

Honorable Mayor and City Council Members Honorable Chair and Agency Board Members Attention: Laura C. Kuhn, City Manager/Executive Director

Profitable Pre$ervation

The History and Science behind the Legal Defense Reserves Calculator

SUFFOLK COUNTY INDUSTRIAL DEVELOPMENT AGENCY

To make money in short-sale foreclosures you must

A SELLER S GUIDE. T: F: fultongrace.com

The National Homeownership Strategy: Partners in the American Dream. Chapter 1: The National Homeownership Strategy

SPEAKERS. Julie Thompson Downtown Goldsboro. Jason Epley, AICP Benchmark CMR, Inc. Dana Hart Rowan County Building Inspections

Troy Community Land Bank Corporation. Troy, New York Board of Directors April 2018 Meeting Agenda April 18, 2018

Housing Tax Credits and GICH

The Downtown Lowell Renaissance

Rapid City Planning Commission Rezoning Project Report

DUE DILIGENCE HEART OF A PRIVATE EQUITY TRANSACTION

Legal Interests & Issues in RAD Conversions

SERVICE & IMPROVEMENT PLAN AND ASSESSMENT PLAN:

Affordable Housing Advisory Committee Review of Recommendations. Planning and Development Department Community Development Division March 10, 2015

DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY BOARD OF DIRECTORS MEETING June, Florida Avenue, NW Washington, DC :30 p.m.

NSP Rental Basics: A Primer on Using Rental Projects to Meet NSP Obligation and 25% Set-Aside Requirement. About this Tool

REPORT. DATE ISSUED: February 3, 2006 ITEM 103. Loan to San Diego Youth and Community Services for Transitional Housing (Council District 3)

Transcription:

Lafayette Lofts: A New Model for Religious Properties NY Statewide Preservation Conference April 17, 2015

AIA Rochester A001 ROC2015- Lafayette Lofts: A New Model for Religious Properties Murray F. Gould, Port City Preservation LLC Mark Kostrzewski, MBK & Associates Carly Battin, Elmwood Village Association April 17, 2015

Credit(s) earned on completion of this course will be reported to AIA CES for AIA members. Certificates of Completion for both AIA members and non-aia members are available upon request. This course is registered with AIA CES for continuing professional education. As such, it does not include content that may be deemed or construed to be an approval or endorsement by the AIA of any material of construction or any method or manner of handling, using, distributing, or dealing in any material or product. Questions related to specific materials, methods, and services will be addressed at the conclusion of this presentation.

Course Description The congregation at Lafayette Avenue Presbyterian Church in Buffalo faced a serious problem. A community of 100 with a 60,000 square foot facility. They knew they could not continue under the increasing financial strain. After more than five years of challenges and setbacks, the property is reborn as Lafayette Lofts, a mixed-use facility of residences, assembly space, commercial office and meeting space, a culinary center as well as the church. This is the story of how a community of faith faced and overcame these challenges to create a new vibrant addition to the neighborhood.

Learning Objectives At the end of the this course, participants will be able to: 1) Participants will be able to employ new and creative tactics to advocate the benefits of historic building rehabilitation. 2) Participants will be able to identify prospective uses for underutilized or vacant religious buildings in order to revitalize a neighborhood. 3) Participants will be able to design adaptive reuse projects in historic religious buildings that both preserve the building s important character-defining features and that make the building safe and useable for new, 21 st -century uses. 4) Participants will be able to plan a multi-phased rehab/adaptive use project that utilizes multiple funding sources and communicates the economic benefits of rehabbing these buildings to elected officials, business leaders, and the general public.

Lafayette Avenue Presbyterian Church Constructed in 1895 One of Buffalo s first suburban churches 1,900 members at its peak The church and its tower is one of the most significant architectural features in Elmwood Village

The Sanctuary Seating Capacity 1,400

Parlor

Summer Chapel Modified in the early 1950s

Summer Chapel (cont.)

Kitchen

The Memorial House Constructed in 1921 to meet the increasing need for community space Named to honor the nine members of the congregation that died in World War I

Meeting Rooms

Gymnasium

Bowling Alleys

Facing Reality A congregation of 100. A 60,000 square foot complex. An aging building with years of deferred maintenance. A dwindling endowment. We needed to make drastic changes in order to survive.

Our First Big Step (2009-2010) We retained an architect to lead our efforts. Executed an Existing Conditions Survey. Had the property listed on the National Register of Historic Places. Developed a preliminary reuse plan.

Our First Major Setback We expended $125,000. We seriously questioned what we received in return. We terminated any further services with the architect. We felt betrayed.

Regrouping and Moving Forward (2011) Retained Port City Preservation LLC as project manager. Evaluated all prior work. Put together the key members of the project team. Prepared a realistic development plan. Started the financing process.

The Overall Plan Determine the current and future needs of LAPC. LAPC needs 11% of the overall space. How best to use the remaining space.

Working with the Elmwood Village Association (EVA) Offered invaluable insight and advice on market demand for potential residential and commercial uses. Leverage the strengths of the market. Has become the major cheerleader for our project. Provided $150,000 in financial assistance.

The Overall Plan A mix of residential and commercial uses. Retain every architectural detail if possible. LAPC remains a focal point. Removes 75 percent of the church pews to create a new event space. The new sanctuary seats 320, much more appropriate and intimate for the current congregation. Allow LAPC to get out of the real estate business and get back in the mission business.

The Overall Plan - Residential 21 residential units. Targets a higher-end market. Incorporates unique architectural features in the units.

The Overall Plan - Commercial Large and small event space. Meeting and Office Space. Conference Room with high-end technology. Pre-K School. Culinary Center.

Our Second Major Setback (2012) National Park Service (NPS) did not approve our proposed plan of rehabilitation. They said that the division of the summer chapel and the gymnasium into apartments does not meet the Secretary of the Interior Standards. After a six-month appeal, NPS reverses their earlier decision and approves our plan in January 2013. Delay resulted in higher construction costs.

Commencing Construction Plans and Specifications completed in April 2013. Site Plan and Building Permits Issued May/June 2013. Construction Commences June 2013. Final Financing Commitments are still pending.

Our Third and Biggest Setback (2013/2014) We initiated construction based on commitments from our lender and tax credit investor. Delays, Delays and More Delays. Lender provided a bridge loan to cover initial construction costs. Without final commitments we were forced to slow down construction resulting in inefficiencies. Construction was stopped in January 2014 until closings took place. Closing finally took place in March 2014. Delays resulted in higher costs/lower equity exceeding $350,000.

Branding & Marketing Proper branding and marketing is essential. Elmwood Village is a brand in itself. Capitalize on that brand. Market response have been overwhelming.

Status of the Project Certificate of Occupancy Received in December 2014. 20 of the 21 Residential Units have been Leased. Finish Work on the Event/Office/Meeting/Pre-K School Spaces have been completed. Culinary Center awaiting one final piece of Equipment.

Sources of Financing Source Amount Tax Credit Equity $2,554,000 LAPC Equity/Loan 848,000 First Mortgage 3,741,000 Deferred Development Fee 945,000 Main Street Grant 150,000 Gap 1,037,000 Total $9,275,000

The Finished Product

Sanctuary & Assembly Hall

Sanctuary & Assembly Hall

Summer Chapel Apartment

Summer Chapel Apartment

Summer Chapel Apartment

Memorial House Apartment

Memorial House Apartment

Bowling Alley Apartment

Bowling Alley Apartment

Gymnasium Apartment

Gymnasium Apartment

Gymnasium Apartment

Parlor

Parlor

Ladies Bathroom

Culinary Center

Culinary Center

What s Left to Do in 2015 Establish Lafayette Lofts as a Brand and Event Destination. Solve our Financing Gap. LAPC Competes its Transition.

Some Closing Thoughts What worked? What didn t work? What would you do differently?

This concludes The American Institute of Architects Continuing Education Systems Course AIA Rochester Linda Hewitt 585.232.7650

Questions & Answers