congress street residences - yolancdaregion1.yolasite.com/resources/salem cd award...congress street...

Congress Street ResidencesMuch More than a Housing Project

A Project By North Shore Community Development Coalition

An Award Winning Community Development Organization Based in Salem and Serving the North Shore of Massachusetts

Real Estate Youth Development CommunityPublic Art

North Shore CDC Invest in Neighborhoods to Create Thriving Communities

The Point Neighborhood

NEIGHBORHOOD CHARACTERISTICS

Downtown Salem

WORK IN SALEM SINCE 2010....

North Shore CDC was Founded

2010

2014

2016

2015

Designated the Point As

a Historic District

Community Vision and Action Plan

Rehabbed 77 units - 11

Buildings

$

2017

Rehabbed 64 units - 8 Buildings

$

Created an Open Air Urban Art Museum2013

40 Ward Street

6 Ward Street

52-60 Dow Street

105 Congress St. 107 Congress St.71 Palmer Street

32 Perkins Street

4 Lynch StreetTotal Cost : $26.3 Million Number of Buildings: 8Number of Units: 64Program Space: 2,000 SFType of Development: Gut-RehabArchitect: Davis Square ArchitectsGeneral Contractor: NEI General Contracting Inc. Unit Types: 1Bedroom, 2 Bedroom, 3 Bedroom, 4 BedroomSustainability: Enterprise Green Community Certifi cation

Community Vision and Action Plan

2013 2017

Acquisition$

Design

$Financing

Construction

2014 2016

2015

Completion

Target Properties

TIMELINE

52-60 Dow St. in 2014

USES AND SOURCES

Sources

Uses

Federal LIHTC and HTC Equity $10,123,110.00 State Historic & LIHTC Equity $5,427,431.00 DHCD Subordinate Debt $3,939,688.00 Other Subordinate Debt $277,581.00 Permanent Debt $5,655,150.00 Sponsor Loans $852,943.00 Accrued Interest $36,992.00 Total Source $26,312,895.00

Acquisition $6,207,000.00 Hard Costs Direct Construction $13,025,338.00 Construction Contingency $1,625,723.00 Soft Costs $3,349,444.00 Dev. Fee and Reserves $2,105,390.00 Total Uses $26,312,895.00

52-60 DOW ST. 2017

The re-design of the court-yard was a major endeavor, The scope of work included the addition of a handicap ramp, landscaping and the relocation of gas meters to the basement.

Before

Layout Confi guration

After

105 Congress St.

105 Congress St.

Before

After

“ESPACIO”: COMMUNITY SPACE

Before Rehab

After Rehab

THANK YOU