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