Historic Tax Credits News Briefs - November 2012

Thursday, November 1, 2012

The Hanna Building Annex in Cleveland’s theater district received new market tax credits (NMTCs) from nonprofit group Cleveland Development Advisors, which also provided a loan to the project until it receives historic tax credits (HTCs). Developer K&D Group will convert the existing eight-story, 120,000-square-foot office building into 102 apartments. The $24 million development also received a construction loan from PNC Financial Services Group Inc. The Hanna Building Annex has been listed on the National Register of Historic Places since 1976 as part of the Playhouse Square Group, the country’s second largest theater complex.

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Park Street School Apartments in Kennebunk, Maine opened its doors on Labor Day weekend to low-income seniors. Formerly Kennebunk High School and then an elementary school until 2005, the 30-unit apartment building was financed by federal and state HTCs. Developer Avesta Housing maintained many original building elements like chalkboards and old coat closets in some of the units, large classroom doors, floor tiles in the stairways and ceiling molding from an old auditorium. Windows on the front three faces of the building were preserved and new windows were designed to match them. The school’s old gymnasium was converted to a community room and kitchen. Other amenities in the $8 million development include a communal laundry room, hair salon, bike storage and a planned community garden behind the building.

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Historic preservation industry leader, developer, restaurateur and hotelier Tony Goldman passed away in New York City at the age of 68 in September. In addition to serving as a board member of the National Trust Community Investment Corporation (NTCIC) and as a former trustee of the National Trust for Historic Preservation, Goldman has been recognized as instrumental in revitalizing New York City’s Wall Street Financial District and SoHo neighborhoods, Center City in Philadelphia and South Beach in Miami Beach. He was honored in 2010 with the National Trust’s Louise DuPont Crowninshield Award, the highest national award for excellence in historic preservation. He received a bachelor’s degree in drama from Emerson College in Boston in 1966 and founded Goldman Properties Company in 1968. Goldman is survived by his wife and two children. His daughter Jessica Goldman Srebnick will become chief executive of Goldman Properties.

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Technical Preservation Services recently published its new website Solar Panels on Historic Properties. The site features projects that have successfully added solar energy systems to historic buildings, districts and landscapes. The site shows how to integrate solar panels with a historic property in a way that meets the Secretary of the Interior’s Standards of Rehabilitation. The site highlights different examples of solar panels added to new building additions, flat roofs, pole-mounted arrays, low-slope gables, cross gables and rear porch roofs. It also shows how to integrate solar panels with natural landscapes. The property has solar panels located outside park boundaries to avoid visual intrusion of technology into natural scenery. Access the website at www.nps.gov.

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The Oxford Mills mixed-use project in Philadelphia’s South Kensington neighborhood recently received HTC and NMTC funding for its two-building rehabilitation, which will be designed to meet Enterprise Green Communities Criteria. The $37.8 million development will house 38,000 square feet of office space for education and social service nonprofits, a 1,300-square-foot café and 114 apartments marketed primarily to Philadelphia’s public school teachers. Twenty-three of the apartments will be reserved for people earning 80 percent or less of the area median income and new teachers will receive rent discounts on 68 designated affordable units. Enterprise provided $10 million in NMTC, while the NTCIC and Philadelphia Industrial Development Corporation added $9 million and $15 million in NMTC respectively. TD Bank provided full equity investment for the NMTC allocation and afforded $17.8 million in term debt and $6.3 million in historic tax credit equity. A $3 million acquisition and predevelopment loan came from Enterprise.

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