2011 LIHTC Development that Best Reflects Market Success in Overcoming Significant Obstacles

Winner

Dahlia Square

Developer: McDermott Properties LLC
Owner: Dahlia Square Senior LLLP
Location: Denver, Colo.

Dahlia Square

Efforts in the 1980s and 1990s to turn around Denver, Colorado’s Dahlia Square failed to meet the challenges of land assemblage, financing, market conditions and a deteriorating location.  Improvement of the site began in 2003 when McDermott Properties LLC put together the strong support of the urban renewal agency, a U.S. senator, a U.S. congressman, state senators and representatives, Denver elected officials, local clergymen, neighborhood associations and concerned citizens. Construction on the $12.23 million dollar, 88-unit affordable senior community began on October 5, 2010 and was completed 10 months later on the neighborhood’s only multifamily development built in 40 years.

Development Team: McDermott Properties LLC, Shaw Construction, Lewis Himes Associates, ComCap Asset Management Inc., Faegre & Benson, Novogradac & Company LLP, Bank of America and RBC Capital Markets.

Honorable Mention

Temple Landing

Developer: Preservation of Affordable Housing and UFDC
Owner: Preservation of Affordable Housing and UFDC
Location: New Bedford, Mass.

Temple Landing

Temple Landing’s $42 million challenge was to turn around a New Bedford, Massachusetts multifamily housing development located on an 11-acre superblock long known for its connection to gangs and drugs. In 2007, Preservation for Affordable Housing with the help of MB Management brokered an arrangement with the city, MassHousing, and owners United Front Development Corporation and AIMCO that allowed POAH and UFDC to stabilize operations, assemble the financial resources required to reposition the property and transform the crime infested area into a community that offers its residents open access ways and a reconnection to their city.

Development Team: Preservation of Affordable Housing, City of New Bedford, Massachusetts Department of Housing and Community development, MassHousing, United Front Development Corp., HUD, National Housing Partnership and AIMCO.

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