A Garden Blooms in SarasotaAchieving “Green” in Affordable Housing

Presented by Milton R. Pratt Jr.Senior Vice President,

Michaels Development Co.

Revitalizing Newtown

Like much of the nation’s older public housing stock, Sarasota’s three public housing sites, Janie Poe, Bertha Mitchell, and Orange Ave./the Courts , were obsolete and structural deficient.

The historic neighborhood of Newtown, once a thriving hub of business and activity, was being dragged down by the outdated public housing and high concentrations of poverty.

A New Beginning

In 2006, the Sarasota Housing Authority selected the Michaels Development company as its partner/master developer on an ambitious plan to revitalization Newtown

When all three phases are complete, the new community will offer affordable rental, public housing, and market-rate apartments.

Financial Structure –Janie’s Garden Phase I

Investor Equity from sale of 9% LIHTC: $10,970,300

SHA Loan (from City/County funds): $1,869,500

1st Mortgage Permanent Loan $1,900,000

FHFC ELI Loan: $765,000

FHLB of Chicago AHP Loan: $325,000

SHA Reinvested Developer Fees: $408,300

Total Development Costs: $16,238,100

Designed for living and walking

FHFC is incorporating sustainable design into QAPs, and green features are becoming critical to winning LIHTCs

For the Janie Poe revitalization, the Sarasota Housing Authority emphasized that the new community and its amenities should include green building features.

Janie’s Garden is Sarasota’s first transit-oriented development

Rapid bus station on site

Minimal parking to encourage walking and use public transit

Phase 2 includes significant neighborhood retail and commercial space

MICHAELS AND OUR ARCHITECTS, TORTI GALLAS, SELECTED MICHAEL CARLSON, A SARASOTA-BASED EXPERT ON GREEN

BUILDING TECHNOLOGY, TO SERVE AS OUR EXPERT AND GUIDE US THROUGH THE LEED CERTIFICATION PROCESS.

Green Expertise

Janie’s Garden Phase 1 includes a LEED-certified community center featuring a fitness room, activity room, and computer center.

Getting to LEED Certification

Paperwork

Initial upfront costs

Commitment to the Process

The design incorporates extensive green space and native landscaping

Worked with a city arborist to save as many old growth trees as possible

On site storm water retention pond

Green Features at Janie’s Garden

High efficiency HVAC, 15.5 seerSolar hot water productionUse of reclaimed (gray) water for toilet flushing & irrigationZero potable water used for wastewaterInsulated, impact resistant glassWindows on the north facade offer natural day lightingOver 90% of the occupied spaces have views to the outsideOccupied spaces also have daylight due to large windows in each roomR-20 spray foam walls insulation, 30% higher than codeR-30 spray foam roof insulation, 30% higher than code

Green inside and out

Occupancy sensors automatically turn on and off lights in most spacesLow VOC materials and adhesivesOver 10% of the materials made from recycled contentStaff can bike to work knowing there are bike racks and showers available to them onsiteClose location to public transit allows staff to ride the bus to workHigh solar reflective roof lowers heat gain and reduces the “urban heat island effect”Landscape is drought tolerant, which lowers the demand on municipal water

Water Savings & Energy Efficiency are Critical

Plumbing fixtures are low flow+50% water savings over traditional construction+18% energy efficient over standard buildingDeep overhangs shade the east and west facadeOverhangs were also added to shade the south facing windows

The Bottom Line

Green building features offer long-term operational savings for the owner as well as individual residents, through reduced utility costs.

Green building offers a market rate opportunity, appealing to both lower-income and market-rate households

MICHAELS BENEFITS FROM BEING AN INDUSTRY LEADER IN GREEN BUILDING AND MIXED-FINANCE COMMUNITIES

“Michaels Development has realized our vision of transforming notorious public housing into a desirable community serving residents of all incomes.”

-William Russell, executive director, Sarasota Housing Authority

Industry Leadership

WHAT’S NEXT?

Green Building in Florida

MILTON R. PRATT JRTHE MICHAELS DEVELOPMENT COMPANY

WWW.THEMICHAELSORG.COM

Questions?