d8 housing and econ dev susan ottenweller - albino house
DESCRIPTION
Affordable housing can do more than provide safe, secure homes to those in need. Communities have been able to maximize their housing infrastructure projects to create a better quality of life for their families, seniors, and veterans, while also creating a stronger local economy. Learn how affordable housing projects can be used to strengthen economic development and mixed-use projects in rural settings.TRANSCRIPT
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A PathStone Real Estate Development presentation by:Susan Ottenweller
Senior Vice President of Real Estate Development7 Prince Street
Rochester, NY [email protected]
585. 340.3306
Albion Academy:Affordable Housing as Economic Development
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History• Located in the Village of Albion,
Orleans County, NY.
• Built in 1906.
• Constructed with grey Medina sandstone.
• Served as a school until the 1970’s.
• Largely vacant, neglected and in a state of disrepair by the 1980’s.
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The Renovation• Purchased by PathStone in
2005.
• Senior housing determined as best primary use and most financially feasible.
• Construction began in 2007.
• Residential units on 2nd, 3rd & 4th floors.
• Two commercial tenants identified for the first floor.
• Development team included Nathaniel General Contractors, Passero Associates and Davidson Fink Attorneys.
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The Residential Space
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• 30 modern apartments were carved out of old classrooms and the auditorium.
• Apartments feature high, stamped-tin ceilings.
• New high-quality, insulated windows were installed in original window openings to match the style and profile of the historic windows.
• Original classroom doors left in place as decorative elements.
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The grand staircase, original moldings and elaborate wood trim were restored or replicated.
Corinthian columns were restored and relocated from the auditorium to the community room.
Maximizing historic preservation was a goal of the development team.
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The grand main entrance features refinished wood wainscoting and stamped tin ceilings.
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The Commercial Space
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Orleans County Office of the Aging
PROGRAMS
• Nutri-Fair Senior Nutrition (subcontracted to The Arc of Orleans County)
• Case Management
• Home Care Aides
• Lifeline
• Information and Assistance
• Caregiver Assistance
• Health Promotion
• Exercise Classes
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Orleans County Office of the Aging
ECONOMIC
DEVELOPMENT
• 17 paid employees.
• # of clients served has dramatically increased since relocation to Albion Academy due to:
• Improved parking,
• Building & community accessibility,
• Larger space = greater capacity.
• Allows seniors (including building residents) to “age in place” and continue to be community consumers.
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The Arc of Orleans County
PROGRAMS
• Day HabilitationProvides people with developmental disabilities life-skills training to enhance and expand their ability to interact with the community.
Participants build their skills and expand their personal experiences through music, crafts and community outings leading to a fuller, richer life.
ECONOMIC DEVELOPMENT• 7 paid employees.
• 16 individuals served.
• Financial resources allowed the development project to be feasible.
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• NYS Assembly • National Equity Fund • NeighborWorks® America • Federal Home Loan Bank of New York/Maple City Bank • NYS Division of Housing & Community Renewal • NYS Office of Community Renewal • M&T Bank • Greater Rochester Housing Partnership/Bank of America • NYS Office of Mental Retardation & Developmental Disabilities • Orleans County Department of Housing Assistance • Rural LISC• Village of Albion• Town of Albion
Funding Sources
Development CostsCommercial units = $1,303,462Total project cost = $8,335,619
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Town & Village Impacts• Residential space received tax exemption.• Commercial space received a PILOT.• Preserved/restored a historic building and
an anchor in the Village.• Property went from “detraction” to “attraction”• Significant impact on market value of
surrounding properties.
• Attracts possible future funding to improve the community as a whole.
• Provides a central location for important community services.
• Responds to a community need for senior housing.
• Allows people to remain in the community for housing and services.
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Thank you!
A PathStone Real Estate Development presentation by:Susan Ottenweller
Senior Vice President of Real Estate Development7 Prince Street
Rochester, NY [email protected]
585. 340.3306