Residences at PS186 Featured in Wall Street Journal

wsj-924

In March 2016, the Wall Street Journal ran a half-page article — complete with photos of progress to date — on the renovation of the historic PS186, the mammoth and long-vacant former public school  building that extends from West 145th Street to West 146th Street between Broadway and Amsterdam Avenue in Hamilton Heights.

“A terra-cotta bust of the goddess Minerva has kept watch over Public School 186 for more than a century, though for four decades the halls of the mammoth building in Harlem have been empty. But soon the Roman goddess of wisdom will have new charges, and the school new life, when the Boys & Girls Club of Harlem moves its educational programs into the first floor.”

The article presents a lovely portrait of this exciting development, a joint partnership of Alembic Community Development, Monadnock Development LLC and the Boys and Girls Club of Harlem (BGCH), that will see PS186 reborn as the community treasure it once was, now comprised of 10,000 square feet of space for BGCH and 78 affordable studio, one-bedroom and two-bedroom apartments for area residents.

“The five-story $49-million renovation includes preserving both exterior and interior details, including wood trim around former classroom doors, and staircase and the façade… Also to be preserved is a principal’s platform, a 12-by-24-foot decorative maple stage.”

This historic restoration project is expected to be complete over the summer of 2016. New residents and the Boys and Girls Cub of Harlem will occupy the space soon thereafter. You can follow the progress here at ps186living.com. And the Wall Street Journal article is here, although you will need a subscription to access the content.

Posted in: News Briefs | Keywords: , , ,

Myrtle Banks Redevelopment Honored by Novogradac

Myrtle Banks

Alembic Community Development receives its third award for Myrtle Banks. The press release follows.

See also Myrtle Banks Louisiana Landmarks Society award and Myrtle Banks Roof Topping Out Ceremony.

 

. . . . . .

For Immediate Release

CONTACT: Tom Warnke (Alembic) – (562) 212-2407

 

Myrtle Banks Redevelopment Honored by Novogradac Journal of Tax Credits

Award is Third Recognition for Rehabilitation of Historic Central City School

August 27, 2015 (San Francisco, CA) – The Novogradac Journal of Tax Credits this week announced that Alembic Community Development is a recipient of the Journal’s 2015 Historic Rehabilitation Awards for its redevelopment of the Myrtle Banks Building, a formerly blighted historic Central City school building in New Orleans, Louisiana.

Alembic was recognized in the Historic Development that Best Demonstrates Financial Innovation Category. The awards recognize development teams for excellence in the creative use of the historic tax credit (HTC) and winners will be honored Sept. 17 at the Novogradac Historic Tax Credit Conference in San Antonio.

Earlier this year, Myrtle Banks was honored by the Louisiana Landmarks Society, receiving the Society’s 2015 Award for Excellence in Historic Preservation, and the Associated General Contractors of America, receiving its 2015 Alliant Build America Award. The $14-million project transformed the building and surrounding property on Oretha Haley Boulevard into the 23,000-square-foot Jack & Jake’s Public Market, a fresh produce and prepared foods marketplace, along with office space for nonprofit, social and creative entrepreneurs, including new space for Alembic’s New Orleans office.

“We are tremendously honored to receive this award from the Novogradac Journal of Tax Credits and for the continued recognition of the Myrtle Banks project,” said Jonathan Leit, Director, Alembic’s New Orleans Office. “When we started this project, it was with a vision towards restoring a 100-year-old community icon while at the same time bringing food access and collaborative space for nonprofits and small businesses in Central City. We are very appreciative of being recognized for our work towards achieving both objectives.”

The brick schoolhouse was constructed in 1910 and was slated for demolition after a fire damaged it in 2008. The Louisiana Landmarks Society added the building to its list of New Orleans’ nine most endangered historical sites in 2009. With the help of federal and state HTCs, Alembic Community Development restored the structure and transformed it into the 23,000-square-foot Jack & Jake’s Public Market, artist exhibition space and shared office space for nonprofit, social and creative entrepreneurs. Other funding sources included new markets tax credits (NMTCs) allocated by First NBC Bank; loans from the New Orleans Redevelopment Authority and State Office of Community Development, which deployed HUD Disaster Community Development Block Grant funds; mezzanine financing from The Prudential Company of America’s Social Investments Program and sponsor equity from Alembic Community Development.

Read the Novogradac Journal of Tax Credits press release here.

###

This press release is also available as a pdf.

Posted in: News Briefs | Keywords: , , ,

PS186 Website Launch

Alembic and partners are excited to announce the launch of the website for The Residences at PS186, a former New York City public school building that is being renovated into a mixed-use showpiece in Harlem. When the full renovation is complete, the H-shaped Renaissance Revival structure will include the new home for the Boys and Girls Club of Harlem and high-quality affordable housing.

ps186web2

The website includes illustrations of the final project, including apartment layouts and outside images, along with information about all that the Harlem community has to offer potential residents. The site will serve as a resource for all those who are interested in the project and will provide progress updates as construction continues. And, when marketing commences for the project, the site will include the information needed to apply for an apartment.

You can read more about the project and see photos from the November 2014 groundbreaking ceremony here.

Posted in: News Briefs | Keywords: , , ,

Myrtle Banks: Award for Excellence

Breaking news! Alembic’s Myrtle Bank project was chosen for an award of excellence by the Louisiana Landmarks Society. Read the press release:

 

For Immediate Release

CONTACT: Tom Warnke (Alembic) – (562) 212-2407

Myrtle Banks Redevelopment Honored by Louisiana Landmarks Society

Rehabilitation of Historic Central City School Receives Award for Excellence in Historic Preservation

March 3, 2015 (New Orleans, LA) – The Louisiana Landmarks Society last week announced that the Myrtle Banks Building, Alembic Community Development’s rehabilitation of a historic but fire-ravaged former Central City school building, is a recipient of the Society’s 2015 Award for Excellence in Historic Preservation.

In its announcement, the Louisiana Landmarks Society praised Myrtle Banks as “a model for adaptive reuse projects in the Crescent City.”

The recently completed $14-million project has transformed the building and surrounding property on Oretha Haley Boulevard into the 23,000-square-foot Jack & Jake’s Public Market, a fresh produce and prepared foods marketplace, along with office space for nonprofit, social and creative entrepreneurs, including new space for Alembic’s New Orleans office.

“We are tremendously honored to receive this award from the Louisiana Landmarks Society,” said Jonathan Leit, Director, Alembic’s New Orleans Office. “When we started this project, it was with a vision towards restoring a 100-year-old community icon while at the same time bringing much needed resources, especially quality food options, to an underserved neighborhood. It is gratifying to be recognized for success in achieving both objectives.”

Myrtle Banks is one of 18 developments across New Orleans honored by the Louisiana Landmarks Society. The 2015 awards will be presented and celebrated at a reception on April 15, 2015.

Read the Louisiana Landmarks Society press release.

###

Learn more about the Myrtle Banks project and view some “before” pictures.

See also a story about the preservation awards in The Times Picayune: “Carver Theater, SoFab museum and PanAm Life building among 18 winners of Louisiana Landmarks Society’s historic preservation awards” by Susan Langenhenning on February 24, 2015

Myrtle Banks

Myrtle Banks

Posted in: News Briefs | Keywords: , , , , ,

P.S. 186 Groundbreaking

Alembic and partners, the Boys and Girls Club of Harlem and Monadnock Development LLC, broke ground on this historic renovation in mid-November. The Italian Renaissance-style, five-story school building opened in 1903, and served as an elementary school for 72 years.  Called P.S. 186, the school was designed by American architect and engineer Charles B. J. Snyder. By the mid-1970s, however, the building fell into disrepair and was deemed unsafe. In 1975, P.S. 186 closed its doors, but the building stood vacant and exposed to the elements for many years.

PS 186 Groundbreaking

Strongly supported by the community, the development team worked diligently to create and execute a development plan that would preserve the original structure. The partners are taking great care to preserve the architectural features that lend the building its historical significance, and it is anticipated that P.S. 186 will soon be included on the National Register of Historic Places.

The plan for the five-story structure will contain 19 studio units, 47 one-bedroom units, and 12 two-bedroom units.  In an effort to fulfill the neighborhood’s needs and the de Blasio Administration’s call for affordable housing for all New Yorkers, this development will have designated units that will be affordable to very low, low, middle-income and market-rate households.

The remaining development space will serve as a new clubhouse for the Boys and Girls Club of Harlem. The Boys and Girls Club of Harlem currently serves an average of 1,500 young New Yorkers, ages 6 through 18 years of age, annually. It is projected that this new location will increase the Club’s capacity to 2,000 youth served and an average daily attendance of 150 individuals. The new location will expand the group’s reach to include the Washington Heights community.

The total development cost of the P.S. 186 development is approximately $48.6 million. HPD will provide $20.4 million in 9% Low-Income Housing Tax Credits toward permanent financing. HPD also provided $5.1 million in City Capital. This development qualified for the National Park Services Historic Tax Credits due to the preservation of the building’s historic features. The National Park Service provided $11.5 million in Historic Tax Credits toward permanent financing. The New York State Energy Research and Development Authority (NYSERDA) will provide $90,000 toward permanent financing. The Bank of New York will act as lender. Red Stone Equity Partners, LLC will act as tax credit syndicator.

“It may have taken longer than expected, but we always believed this day would come,” said Shirley Lewis, chair, BGCH Board of Directors. “We are delighted, and enormously appreciative of the support we’ve received from Alembic, Monadnock, HPD and the many other supporters and funders who have come through and made this day possible. When complete, the Boys and Girls Club of Harlem will be a true destination for this community.”

Posted in: News Briefs | Keywords: , ,

The Harlem Dowling Groundbreaking

Alembic, along with partners Harlem Dowling – West Side Center for Children and Family Services, and The Children’s Village joined together to celebrate the start of construction on the Harlem Dowling affordable housing development. This 60-unit new development will be located at 2139 Adam Clayton Powell Jr. Blvd, in the Harlem neighborhood of Manhattan.

Harlem Dowling Groundbreaking

The development will be a ten-story residential building with a landscaped terrace, a lobby with two elevators, a residential lounge, and a laundry room.  This development will include 59 low-income units affordable to households earning at or below 60 percent of the Area Median Income (AMI).  The building will also include one additional unit for an onsite superintendent. All of the studios will be set aside for youth aging out of foster care.  These 12 studio units for youth will be located on the 9th and 10th floors, with a resident’s lounge intended to foster a communal environment.

The cellar and ground floor will consist of program and administrative space for Harlem Dowling and The Children’s Village. This new development will serve as the headquarters for the organization Harlem Dowling, and will include a satellite office for The Children’s Village. Both organizations focus on providing supportive services for youth aging out of foster care.  Harlem Dowling was one of the first charitable institutions in the United States dedicated to children, and the very first to provide services to minority children. The organization continues to serve children and families in need.

Financed by the New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC), this vacant formerly city-owned property is being transformed into affordable housing as one of the first deals financed under Mayor Bill de Blasio’s Housing New York: A Five-Borough, 10-Year Housing Plan.

The total development cost of the Harlem Dowling affordable housing development is approximately $26.7 million. HDC provided $12.8 million in tax-exempt bonds towards construction financing, and $990,000 in tax-exempt bonds towards permanent financing. HDC also provided $3.9 million in subsidy from its corporate reserves. HPD provided $11 million in 4% Low-Income Housing Tax Credits, $3.6 million in City Capital and $1 million in Reso A. Citi Community Capital provided $4.2 million of permanent financing toward the development of the program and administrative space, and will act as the lender. The New York State Energy Research and Development Authority (NYSERDA) provided $60,000 in financing. Richman Housing Resources will act as the tax credit syndicator.

Posted in: News Briefs | Keywords: , ,

Bishop Joseph M. Sullivan Residence

At the end of November, Alembic Community Development and Providence House celebrated the opening of our second supportive housing development together, the Bishop Joseph M. Sullivan Residence. This $8.2-million development will provide permanent service-enriched affordable housing for homeless adults and low-income community residents.

Bishop Sullivan ResidenceA joint project of Alembic Community Development and Providence House, the six-story Bishop Sullivan Residence provides 22 units of affordable housing for individuals and families earning 60% of area median income (AMI) and less. The unit mix comprises 20 studios, including one super’s unit and two two-bedroom units. Seventeen of the studios are set-aside for NY/NY III-eligible homeless single adults who have special needs. The remaining units are for income-qualified community residents. The building also includes a community room and backyard, social service offices and a laundry room.

Our partner in this project, Providence House, believes in emphasizing the dignity of every human person. Providence House affirms its commitment to provide shelter and support to homeless, abused and formerly incarcerated women and their children in a hospitable, non-violent, compassionate atmosphere. Founded in 1979, Providence House is a not-for-profit organization that accomplishes its mission one family at a time through its programs and services. Through their shelters and transitional and permanent housing, Providence House provides shelter to people in need, and it also strives to break the cycle of homelessness and return to incarceration through the values, skills and relationships that are established during their time at Providence House.

As with many affordable and supportive housing developments, The Bishop Sullivan Residence required many financing partners and a creative financing structure. Specialized financing for The Bishop Sullivan Residence is provided through federal Low Income Housing Tax Credits, the New York City Department of Housing Preservation and Development Supportive Housing Loan Program, and Richman Housing Resources. Pre-development funding for the project was provided by the Corporation for Supportive Housing.

The development is dedicated to Bishop Joseph M. Sullivan who, as executive director of Catholic Charities in Brooklyn and Queens starting in 1968, became a nationally-recognized advocate for the poor and downtrodden.

Posted in: News Briefs | Keywords: , ,

Myrtle Banks Roof Topping Out Ceremony

Alembic Community Development announces a topping out ceremony on June 23rd to celebrate the redevelopment of the former Myrtle Banks school into the Jack & Jake’s Public Market and shared office space.

Our invitation follows. We hope you can join us in the celebration.

. . . . . .

Myrtle-Banks-Development005

Myrtle-Banks-Development-004

Alembic Community Development
cordially invites you to the

Myrtle Banks Roof Topping Out Ceremony
Monday, June 23rd, 2014 at 1:00 PM
1307 Oretha C Haley Boulevard, New Orleans

Please join Alembic and project partners for our topping out ceremony to celebrate the redevelopment of the former Myrtle Banks school into the Jack & Jake’s Public Market and shared office space. The 100-year-old historic school building and entire 1.5-acre site are being transformed into a 23,000 square foot fresh food market operated by Jack & Jake’s, Inc. and 9,300 square feet of shared office space targeting the creative industries, nonprofits and small businesses.

For additional information, please contact Veronica Ridgley at email hidden; JavaScript is required or tel: 504.324.4242.

 

Posted in: News Briefs | Keywords: , , ,

Barrier Free Living Apartments Breaks Ground

Read all about it! Barrier Free Living Apartments is featured in the August 2013 issue of the Novogradac Journal of Tax Credits. Please click here to read the full article.

Barrier Free Living (BFL), Alembic Community Development and Foxy Management celebrated breaking ground on Barrier Free Living Apartments, BFL’s first permanent supportive housing development that, when complete, will provide 120 apartments with a preference for the disabled and survivors of domestic abuse. Also in attendance were project partners and supporters including the Corporation for Supportive Housing (CSH), Citi Community Capital, Richman Housing Resources, New York City’s Housing Development Corporation (HDC), the Department of Housing Preservation and Development (HPD, the Mayor’s Office for People with Disabilities (MOPD), along with the New York State Homeless Housing and Assistance Corporation (HHAC) and local elected officials.

photo 9

Barrier Free Living Apartments is BFL’s first permanent supportive housing development.  One building, on East 138th Street, will provide 51 apartments for families with a head of household who is a survivor of domestic violence. The second building, on East 139th Street, will comprise 70 apartments for individuals with disabilities who are survivors of domestic violence, severely disabled women who are in a nursing home diversion program and women who are disabled veterans. Barrier Free Living will be providing social services for both of these buildings as well as 24/7 security and surveillance. These new buildings will replace an abandoned incomplete construction site which has been an eyesore to the community for many years.

The development will serve families and individuals earning at or below 60% of the Area Median Income (AMI) which is equivalent to an annual income of no more than $36,120 for an individual or $51,540 for a family of four. Units will be filled through referrals by Freedom House, DHS, Family Justice Centers and other community based domestic violence programs. The development will receive Project-Based Section 8 from HPD to help subsidize the cost of rent on 77 of the 121 total units.

The total development cost will be $42.5 million. HDC provided $24.8 million in construction financing and two mortgages toward permanent financing the amounts of $3.96 million and $7.86 million. HPD provided $1.5 million in Neighborhood Stabilization Plan funds. The New York State Homeless Housing and Assistance Corporation provided $7 million in funds through its Homeless Housing and Assistance Program. Richman Housing Resources provided $16.9 million in Low-Income Housing Tax Credits. Citi Community Capital will act as the Letter of Credit provider on this development.

To see a video of news coverage from the ground breaking click here.

Posted in: News Briefs | Keywords: , , ,

Alembic Community Development and Providence House Celebrate Ribbon Cutting for D’Addario Residence

On May 10th, 2013 Providence House, Inc., Alembic Community Development and their partners celebrated the grand opening of The D’Addario Residence, a $12.6 million development providing permanent service-enriched affordable housing for formerly incarcerated individuals and their families and low-income community residents.

Providence House and Alembic Community Development developed The D’Addario Residence with financing from HPD, Capital One and the Brooklyn Borough President’s Office. The 46-unit development includes supportive housing for women coming out of the criminal justice system, 2,845 square feet of outdoor recreation space, and 1,200 square feet of community space featuring a meeting room, exercise room and a learning center.  Providence House will provide on-site case management and life services to each resident as well as referrals to a spectrum of services in the community to include employment and training programs, health and mental health services, and childcare/after school programs. Providence House will connect tenants to recreational activities both inside and outside the building.

 

Kstreet Ribbon Cutting Medium

 

The completion of the D’Addario Residence represents the fruition of over seven years  of hard work by Providence House and Alembic. Initial opposition from some neighborhood residents substantially delayed the City’s conveyance of the vacant, City-owned project site to Alembic and Providence House, and one abutting property owner’s refusal to permit underpinning work interfered with excavation at the beginning of construction. Mega Contracting, the project’s general contractor, expedited the subsequent construction, resulting in an elegant, well-constructed building delivered on time and within budget.   The D’Addario Residence was designed by architect Alphonse Diaz who had the foresight to address revised ADA requirements at the first opportunity and pro-actively oversaw the re-design of the bathrooms for each apartment. The residence is named after Janet and Jim D’Addario, long-time supporters of Providence House.

Posted in: News Briefs | Keywords: , , , , , , , ,