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Prospect Place Presentation - CPA 3.2.22Prospect 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