2008 Timmy Awards Finalists Showcase Outstanding Historic Tax Credit Projects
By Caitlin Jones & A. J. Johnson
11 min read
A former brewery converted to affordable housing, a retreat and meeting center created from former military buildings, and a new community and media center built from the transformation of a former power substation are just a few of the historic rehabilitation projects named finalists in the 2008 J. Timothy (“TimmyÓ) Awards for Excellence in Historic Preservation.
Started and administered by the National Housing & Rehabilitation Association (NH&RA), the Timmy Awards honor outstanding projects throughout the U.S. that involve rehabilitation of older, historic buildings using the federal historic rehabilitation tax credit and similar incentives. The Timmy Awards were named after the late Boston architect and preservation advocate J. Timothy Anderson, a leader in the historic preservation field.
The 2008 Timmy Awards competition is co-sponsored by the National Trust Community Investment Corporation, a subsidiary of the National Trust for Historic Preservation.
A panel of judges selected 20 finalists in the 2008 competition. One winner in each of seven categories will be recognized at an October 27th awards ceremony during NH&RA’s 2008 Fall Forum conference in Boston, MA.
Following are the finalists in each of the seven categories.
Affordable Housing – Large (Total Development Cost Above $5 Million)
AS220 AT THE DREYFUS
Providence, RI
An art gallery, restaurant, office space for a nonprofit, and 24 live and work studio apartments for artists have been created from this adaptive reuse and renovation into a mixed-use arts complex of a four-story brick building that began as a hotel in the late 1890s and later served for 25 years as a dormitory. Developed by AS220, a local nonprofit arts organization, this $8 million project was funded by equity generated by federal and state historic tax credits and the federal new markets tax credit, and various federal and state affordable housing and community development grants and loans.
The Armory Arts Village
Jackson, MI
This $12.5 million project has involved the transformation of 19th century former federal prison buildings on an industrial site into 62 affordable apartments, a gallery, and community spaces, in the first phase of larger redevelopment venture that is creating a live-work neighborhood near downtown. Developed by Excel Realty Investors, LLC, the project was financed by equity generated by the federal low-income housing tax credit, a first mortgage, a Cool Cities grant, and other sources.
Georgian Court Apartments
Kansas City, MO
Located along historic Armour Boulevard, Georgian Court was originally built in 1917 and served as a luxury hotel and luxury apartments before being converted in 1976 to an affordable federally subsidized rental housing complex. The developer, The Eagle Point Companies, purchased Georgian Court and two nearby properties in June 2006 to renovate and preserve them as affordable rental housing. The complex $17.4 million financing package for Georgian Court Apartments included equity generated by federal and state historic and housing tax credits, tax-exempt financing, decoupled interest subsidies, and other sources. Georgian Court Apartments has 89 affordable rental units.
River Garden Historic Apartments
New Orleans, LA
This apartment complex was created from the acquisition and rehabilitation of five historic buildings that were once part of the St. Thomas public housing development, which itself was redeveloped with a HUD HOPE VI grant. Developer HRI Properties in 2007 rehabilitated the two-story brick buildings, which feature iron-railed balconies and porches, into 37 affordable rental units at a cost of $9.7 million. The project, located in the Katrina GO Zone, utilized the federal historic tax credit at an enhanced credit rate, other funding sources, and a 99-year ground lease.
Gates of Ballston
Arlington, VA
AHC Inc., a local nonprofit, acquired this 464-unit apartment complex in suburban Washington, DC, built in 1938-40, for $35.5 million in 2002, and subsequently undertook a comprehensive renovation of the Colonial Revival style buildings that also entailed construction of a new community center and other amenities. Of the 464 apartments preserved, 357 are affordable and 107 are market-rate. AHC financed the $106.7 million project using multiple sources, including equity generated by federal and state historic tax credits and federal housing credits, tax-exempt bond financing, a county loan, and other sources.
Affordable Housing – Small (Total Development Cost $5 Million or Less)
Sentney Lofts
Hutchinson, KS
Equity generated by federal and state historic tax credits and the federal housing credit were key elements of the financing for this nearly $5 million project, which involved the rehabilitation of a building originally constructed in 1904 as a wholesale grocery warehouse, into 33 affordable apartments for seniors. The project was developed by Garrison Development Company.
Riverwood Pines Apartment
Little Falls, MN
Developed by MetroPlains, LLC, this $3.9 million project featured the historic rehabilitation of the former Our Lady of Angels Academy, a Catholic school originally constructed in 1911 but vacant since 1974, into 24 affordable apartments. Completed in December 2006, the project was funded by equity generated by federal historic and housing credits, a federal Section 515 loan with rental assistance, and other sources.
Best Hotel/Hospitality
The Liberty Hotel
Boston, MA
The former Charles Street Jail, a cruciform-shaped structure built in 1851 with a 90-foot tall rotunda and four extending wings of jail cells that was closed in the 1970s, has been restored to life as a new four-star hotel with 298 guest rooms, a conference facility, and multiple other amenities, in a $120 million project developed by Carpenter & Company, Inc. Funding for the project came from equity generated by federal and state historic tax credits, developer equity, and debt. The project was placed in service in September 2007.
Cavallo Point – Lodge at the Golden Gate
Fort Baker/Sausalito, CA
Developed by Equity Community Builders, LLC, Cavallo Point Lodge occupies 27 acres of national parkland near the Golden Gate Bridge on what was formerly the Fort Baker military installation. In this $98 million project, 21 historic buildings once used as officers housing and enlisted men’s barracks were rehabilitated, and 14 new structures constructed, to create a conference and retreat center comprised of meeting rooms, a restaurant and spa, healing arts center, and guest accommodations. Funding for the project, which is seeking LEED certification, includes equity generated by federal historic and solar energy tax credits, a state solar rebate, and a construction and mini-perm loan.
Best Sustainable/ Green Rehab
BNN Charles J. Beard II Media Center
Roxbury, MA
A vacant, underutilized former power substation, originally built in 1909, was acquired and rehabilitated by developer Urban Edge into a state-of-the-art community facility and media center for the Boston Neighborhood Network. By re-using an existing building and making use of green technology, the $7.9 million development is a model for green historic preservation projects. Funding sources included equity generated by federal and state historic tax credits and the federal new markets tax credit, city funds, and capital campaign dollars.
Our House for Design & Technology
Lawrence, MA
The former St. Laurence O’Toole School building, originally constructed in 1904 as a Catholic parish campus and abandoned after 1981, was acquired and rehabilitated by nonprofit Lawrence CommunityWorks into a green community center that offers programs and classes for close to 250 members daily from surrounding neighborhoods in academic and vocational subjects, family asset building, etc. The $5.7 million project was funded by equity generated by federal historic and new markets tax credits, local fundraising, and other sources.
White Stag Block
Portland, OR
Completed in the spring of 2008 and developed by Venerable Group, Inc., with financing from KeyBank, this $38 million project involved the rehabilitation of three historic buildings constructed between 1883 and 1907, and previously used for warehouse, manufacturing, and other purposes, into 137,000 square feet of commercial space that has the University of Oregon as anchor tenant. Funding for the project included equity generated by federal historic and new markets tax credits, various loans and grants, property tax relief, and other assistance.
Market-Rate Residential
Royal Mills at Riverpoint
West Warwick, RI
Developed by Struever Bros, Eccles & Rouse, this massive $112.9 million project involved the acquisition and rehabilitation of a former textile mill and manufacturing facility into 250 residential units in four restored buildings, plus a fitness center, community building, and historical center. A fifth building is being renovated into restaurant and commercial space. The buildings, once used as a Fruit of the Loom factory, were constructed in 1890 and occupied for a time by a textile manufacturer called Royal Mills, which at its peak had 1,300 employees. The property later went through several owners before abandonment in 1993. Project funding sources included equity generated by federal and state historic tax credits, developer equity, a town contribution, state hydroelectric subsidies, and a bank loan.
Mixed-Income Residential
Washington Mills Building No. 1
Lawrence, MA
A 240,000-square-foot former textile mill, originally built in 1886, has been renovated into a 155-unit mostly market-rate apartment complex by Banc of America Community Development Corporation, in collaboration with the Architectural Heritage Foundation. The $43 million project, completed in September 2007, used multiple funding sources, including equity generated by federal and state historic tax credits, state lead base paint abatement credits, permanent debt, a state economic development grant, private grants, and other sources.
Globe Tobacco Lofts
Mount Airy, NC
This $8.4 million project featured the rehabilitation of an historic building originally built as a tobacco warehouse and later used for textile manufacturing, into 43 apartments, 34 of which are income-restricted. Developed by The Landmark Group and completed in December 2007, the project was financed by equity generated by federal and state historic and federal housing tax credits, and loans from the city and state housing finance agency.
The Dartmouth Hotel
Boston, MA
An historic former hotel, originally built in 1871, was acquired and rehabilitated by the Nuestra Communidad Development Corp. into 65 affordable apartments in this $20.6 million development that also involved the construction of additional space. Multiple sources of federal, state, city, and private funds were utilized for the project, including equity generated by state historic and housing tax credits.
Best Adaptive Reuse/ Commercial Rehab
So Flo Office Solutions
San Antonio, TX
In a $1.8 million project that has received LEED Silver certification, a 1948 industrial building once used as a truck trailer manufacturing plant has been reconfigured and rehabilitated into a modern office complex, with some of the parts and pieces from demolition incorporated in the new development. The project, developed on an urban infill site by Magnificent So Flo Seven, LLP, was funded by various sources including tax abatement from the city.
The Commons at Plant Zero
Richmond, VA
This $16 million mixed-use project was created by the rehabilitation and adaptive re-use of two historic warehouses and manufacturing plants adjacent to the Plant Zero Art Complex. Developed by Fountainhead Real Estate Develop-ment, the project contains 44 market-rate apartments and more than 35,000 square feet of office/retail suites. Funding sources included equity generated by federal and state historic tax credits and the federal new markets tax credit, permanent debt, and local tax abatement.
Historic Gund Brewery Lofts
La Crosse, WI
The former Gund Brewery, built in 1903, was transformed through renovation and adaptive re-use into quality affordable rental housing available to employees of nearby Gundersen Lutheran Medical Center and to others, in this nearly $13 million project by developer Gorman & Company. The project, with 41 loft apartments in the converted bottling house and 45 units in a new addition, utilized multiple funding sources. These included equity generated by the federal historic and housing tax credits, a first mortgage, brownfield grant, and deferred developer’s fee.
The Hanover Theatre for the Performing Arts
Worcester, MA
The Worcester Center for the Performing Arts, the developer, restored the luster and glory of this historic structure, reopening it in March 2008 as a theater, after a nearly $35 million rehabilitation project, to host plays, concerts, and other events. The original Hanover Theatre, built in the early 20th century and billed at one time as the “grandestÓ theater in New England, went through multiple uses over the area, the last as a movie theater from 1968 until its closure in 1998. Funding for the theatre renovation came from equity generated by federal and state historic tax credits and the federal new markets tax credit, and other sources.
