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Transcript of NH&RA Summer Institute and NMTCservices.housingonline.com/nhra_images/NHRA Summer Institute...
NH&RA Summer Institute and NMTC SymposiumJuly 25‐28, 2012
Panelists:
• Dan Rosen, Klein Hornig LLP• Peter Sargent, Massachusetts Housing Investment Corporation• Steve Nolan, Nolan Sheehan Patten LLP• Albert Rex, MacRostie Historic Advisors
• LCW is a 501c3 non‐profit Community Development Corporation (CDC)
• Membership‐driven organization with over 5,000 members living or working in Lawrence
• LCW has built or renovated over 200 units of high‐quality affordable housing and a new community center, representing more than $25 million of investment in Lawrence neighborhoods
Project Developer:Lawrence CommunityWorks (LCW)
NH&RA Summer Institute & NMTC Symposium
Project Location: North Canal Historic District, Lawrence MA
NH&RA Summer Institute & NMTC Symposium
View of Lawrence looking east over the Great Stone Dam
Union Crossing
NH&RA Summer Institute & NMTC Symposium
Property Information
Multi‐phase redevelopment of two adjacent mill properties on the Merrimack River (former Southwick Factory and Duck Mill)Phase One includes three attached mill buildings on 5.5 acresConstructed in the early 19th centuryContributing properties in the North Canal Historic DistrictBuilding 9 comprises 140,000 SF on five floors
NH&RA Summer Institute & NMTC Symposium
50 Island Street/ One Union Street
Union Crossing Phase One
NH&RA Summer Institute & NMTC Symposium
Union Crossing Vision & Goals
Union Crossing is the next building block in the revitalization of the Reviviendo Gateway District and the City of Lawrence. The project will:
Redevelop Lawrence’s historic mills for Lawrencians
Provide Family and Workforce Housing
Support Local Economic Development
Set a Standard for Energy‐Efficient and Healthy Development
Build Resident Assets and Wealth
Promote Education and Wellness
American Recovery and Reinvestment ActBank of America
Boston Community Capital/ BCC Solar Energy AdvantageCommunity Economic Development Assistance Corp.
City of LawrenceColumbia Gas of Massachusetts
Dorfman CapitalFederal Home Loan Bank of Boston
MassDevelopmentMass. Dept. of Energy Resources
Mass. Dept. of Housing and Community DevelopmentMass. Exec. Office of Housing & Economic Development
Mass. Historic CommissionMass. Housing Investment Corporation
Mass. Housing Partnership FundNational Grid
National Council of La RazaNeighborWorks America
NHSA / Community Housing CapitalNew England Foundation for the Arts
Paul and Phyllis Fireman Charitable FoundationThe Life Initiative
TD BankU.S. Environmental Protection Agency
U.S. Dept. of Housing and Urban Development (HOME)U.S. Dept. of the Interior
U.S. Small Business AdministrationUnited Way of Mass. Bay and Merrimack Valley
Weak local markets+ high construction costs+ project complexity = difficult projects to finance
Phase One of Union Crossing is complete!
350+ construction jobs created
100% residential lease‐up within three months of opening
Brownfield cleanup and site infrastructure work complete
United Way Family Financial Stability Center will be opening this fall
$40MM of new investment in Lawrence ($30MM private)
Phase Two (Duck Mill) is currently in pre‐development
What Has Been Accomplished So Far?
NH&RA Summer Institute & NMTC Symposium
NH&RA Summer Institute & NMTC Symposium
NH&RA Summer Institute & NMTC Symposium
NH&RA Summer Institute & NMTC Symposium
Mural
NH&RA Summer Institute & NMTC Symposium
Lobby
NH&RA Summer Institute & NMTC Symposium
Hallway
NH&RA Summer Institute & NMTC Symposium
NH&RA Summer Institute & NMTC Symposium
Second Floor commercial space
NH&RA Summer Institute & NMTC Symposium
NH&RA Summer Institute & NMTC Symposium
River View
NH&RA Summer Institute & NMTC Symposium
Site Plan
NH&RA Summer Institute & NMTC Symposium
Ownership Diagram
NH&RA Summer Institute & NMTC Symposium
Ownership Diagram
NH&RA Summer Institute & NMTC Symposium
Ownership Diagram
Ownership Diagram
NH&RA Summer Institute & NMTC Symposium
Commercial/New Markets Organizational Chart[Preliminary version]