Prospect Place Presentation - CPA 3.2.22.pdfProspect Place -Overview
Context
737 Bridge Road (former Northampton Nursing Home)
Location Features:
Transit Oriented:
On Bus Route
Near Bike Trail
Walk to:
Shopping
Cooley Dickinson Hospital
Child’s Park
Jackson St School
Northampton High School
YMCA
Northampton Survival Center
72,000 gross square feet on 2 floors
6.2-acre parcel
91 parking spaces
83 individual rooms; 85+ bathrooms
2 (inoperable) elevators
Structure and shell appear in excellent condition
Interior = full gut renovation needed
Much asbestos identified: $720K + for abatement
Existing Property Overview
Property is located in the URB zone
–City is considering 40R overlay.
Multifamily development is permitted in URB under a
Special Permit:
–Density allowed = 2,500 sf / unit or 2,500 for 2 half-scale units
–Land = 269,575 sf, so maximum density = 107 units or 214
half-scale units
–Parking required = 1 space / 1,000 sf of living area (72 spaces)
–Must provide open space, no fossil fuels, and other
Current Zoning
The large parcel size allows for unprogrammed space
There is potential for supplemental or future uses:
–Outdoor amenities / recreation (for tenants and / or shared
with the larger community)
–Co-location with community services
–Increased parking
–Added solar panels –over parking areas or ground mounted
–Added housing
Site Potential
Existing Vehicular Access
Existing Walkways
Existing Bridge Road
Existing Prospect Ave
Existing Hatfield Street
Currently 91 parking spaces. URB zoning requires 72.
Analyze how many spaces are needed.
Traffic Pattern: City indicates current Bridge Road 2-way
driveway is unsafe. Evaluate Options.
Site Plan: include amenities for tenants (gardens?
playground?). Seek neighborhood input—are there
outdoor amenities that would have value for residents
and also for neighbors?
Traffic, Parking, Site Plan
Existing Exterior
Existing Interior
Existing Interior
Current
First
Floor
Plan
Current
Second
Floor
Plan
Current
Elevations
I. Stabilize and secure current building
Building securely locked so there is no unauthorized entry
Install security cameras in key locations
Ensure roof is intact to avoid further water damage
II. Remove hazardous materials
Asbestos is primary issue / cost
Redevelopment Plan
III. Re-use as much of existing property as possible:
•Re-pave existing parking; repair sidewalks and walkways, if
possible
•Use existing utility connections
•Re-use building shell and structure
–Gut renovation of interior:
•New interior walls, windows, insulation, finishes, mechanical
systems
Redevelopment Plan (Cont)
Architect
Preliminary
Fit Test –
First Floor
Architect
Preliminary
Fit Test –
Second Floor
Occupancy after Redevelopment –Est. 60 apartments
Unit and Household Income Breakdown
Percent of Area Median Income (AMI)
Units 30%60%80%100%TOTALS
Studio 2 2 3 3 10
1 bdrm 6 4 6 4 20
2 bdrm 10 12 4 0 26
3 bdrm 2 2 0 0 4
TOTALS 20 20 13 7 60
1 Person
Household
4 Person
Household
30% Area Median Income $17,700 $26,500
60% Area Median Income $35,340 $50,460
100% Area Median Income $58,900 $84,100
Sample Income Limits (adjusted annually)
Studio 1-Bedroom 2-Bedroom 3-Bedroom
30% AMI (with
rent subsidy)$727 $874 $1,094 $1,353
60% AMI $852 $913 $1,095 $1,265
100% AMI $1,150 $1,250
Sample Rents (adjusted annually)
Rent expected to include all electric utilities: heat, hot water, cooling, cooking, plug-in electric
Tenant to pay phone, cable, internet
Rents subject to change based upon a Market Study
Provide long-term affordability
Anticipate 50-99-year deed restriction if Community
Preservation Act (CPA) funds are committed
If City funds are committed, the City will have its own
deed restriction, or will join a shared one
As planned, 100% of units are eligible for CPA and for
the MA Subsidized Housing Inventory
Affordability Term
1 full-time Property Manager on site
Part-time maintenance staff on site
Half-time Resident Services Coordinator (RSC) on site
RSC coordinates with service providers
Dedicated Dept of Mental Health services for 2 client
apartments
Dedicated Mass Rehab services for 3 apartments for
persons with disabilities
Staffing & Services during Occupancy
Developer / Managing Member:Valley Community Development
Co-Developer / Current Property Owner: 737 Northampton LLC
Housing Development Consultant:Peter Graham, Valley Housing
Consultants
Property Management:Housing Management Resources, Inc.
Pre-Development and Acquisition Lender:CEDAC
Architect: Austin Design, Inc.
Development Team
Property will be owned by an LLC
Valley will be the General Manager of the LLC
Valley will have majority ownership, seller will have
minority ownership
Ownership Structure
Organize meetings for neighbors to allow input on site plan, respond to questions and concerns.
1st meeting held Feb 16th. Primary Concerns:
–Traffic pattern and impact on side streets
–General traffic congestion on Bridge Rd
–Take traffic volume / noise into consideration when planning outdoor uses
–Re-name the project
2nd meeting requested to be on-site. Date TBD.
Community Outreach and Involvement –Neighbors
Include focus group of low-income renters to advise on
preferred amenities
Other potential focus groups of stakeholders (Lathrop
residents?)
Presentations to City Boards and Committees
Input received from Northampton Housing Partnership:
–Consider increasing # of 3-bdrm. apartments
–Consider including Wi-Fi in rent
Community Outreach -Other
Timeline Goals –Best Case
Date Tasks
January 2022 CEDAC Loan Approval
March 4, 2022 Property Acquisition
March –April 2022 Secure and stabilize building
Feb –June 2022 Community outreach; raise local funds;
advance plans
September 2022 Special Permit / Zoning Approval
January 2023 One Stop to DHCD
June 2023 DHCD Award
March 2024 Financial Closing / Begin Construction
June 2025 Complete Construction
December 2025 100% occupancy
Acquisition $2,600,000
Construction / Hard Costs $16,886,825
Soft Costs $3,318,289
Reserves, Dev OH, Dev Fee $2,520,000
TOTAL DEVELOPMENT COST (TDC)$25,325,114
TDC Per Unit $422,085
USES OF FUNDS
SOURCES OF FUNDS
Low Income Housing Tax Credits & Solar Tax Credits $13,336,780
DHCD Soft Debt Sources $4,455,213
Federal Home Loan Bank of Boston $650,000
Mass Housing Workforce Housing $2,000,000
Mass Development Underutilized Properties Program $500,000
Community Preservation Act $1,000,000
Private Donations (for PV Solar)$150,000
Permanent Debt $3,233,121
TOTAL SOURCES $25,325,114