D8 housing and econ dev susan ottenweller - albino house


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Affordable housing can do more than provide safe, secure homes to those in need. Communities have been able to maximize their housing infrastructure projects to create a better quality of life for their families, seniors, and veterans, while also creating a stronger local economy. Learn how affordable housing projects can be used to strengthen economic development and mixed-use projects in rural settings.

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D8 housing and econ dev susan ottenweller - albino house

  1. 1. Albion Academy: Affordable Housing as Economic DevelopmentA PathStone Real Estate Development presentation by: Susan Ottenweller Senior Vice President of Real Estate Development 7 Prince Street Rochester, NY 14607 sottenweller@pathstone.org 585. 340.3306
  2. 2. History• Located in the Village of Albion, Orleans County, NY.• Built in 1906.• Constructed with grey Medina sandstone.• Served as a school until the 1970’s.• Largely vacant, neglected and in a state of disrepair by the 1980’s.
  3. 3. The Renovation• Purchased by PathStone in 2005.• Senior housing determined as best primary use and most financially feasible.• Construction began in 2007.• Residential units on 2nd, 3rd & 4th floors.• Two commercial tenants identified for the first floor.• Development team included Nathaniel General Contractors, Passero Associates and Davidson Fink Attorneys.
  4. 4. The Residential Space
  5. 5. • 30 modern apartments were carved out of old classrooms and the auditorium.• Apartments feature high, stamped-tin ceilings.• New high-quality, insulated windows were installed in original window openings to match the style and profile of the historic windows.• Original classroom doors left in place as decorative elements.
  6. 6. Maximizing historic preservation was a goal of the development team. The grand staircase, original moldings and Corinthian columns were restored and relocated elaborate wood trim were restored or replicated. from the auditorium to the community room.
  7. 7. The grand main entrance features refinished wood wainscoting andstamped tin ceilings.
  8. 8. The Commercial Space
  9. 9. Orleans County Officeof the AgingPROGRAMS• Nutri-Fair Senior Nutrition (subcontracted to The Arc of Orleans County)• Case Management• Home Care Aides• Lifeline• Information and Assistance• Caregiver Assistance• Health Promotion• Exercise Classes
  10. 10. Orleans County Officeof the AgingECONOMICDEVELOPMENT• 17 paid employees.• # of clients served has dramatically increased since relocation to Albion Academy due to: • Improved parking, • Building & community accessibility, • Larger space = greater capacity.• Allows seniors (including building residents) to “age in place” and continue to be community consumers.
  11. 11. The Arc of OrleansCountyPROGRAMS• Day Habilitation Provides people with developmental disabilities life-skills training to enhance and expand their ability to interact with the community. Participants build their skills and expand their personal experiences through music, crafts and community outings leading to a fuller, richer life.ECONOMIC DEVELOPMENT• 7 paid employees.• 16 individuals served.• Financial resources allowed the development project to be feasible.
  12. 12. Funding Sources• NYS Assembly• National Equity Fund• NeighborWorks® America• Federal Home Loan Bank of New York/Maple City Bank• NYS Division of Housing & Community Renewal• NYS Office of Community Renewal• M&T Bank• Greater Rochester Housing Partnership/Bank of America• NYS Office of Mental Retardation & Developmental Disabilities• Orleans County Department of Housing Assistance• Rural LISC• Village of Albion• Town of AlbionDevelopment CostsCommercial units = $1,303,462Total project cost = $8,335,619
  13. 13. Town & Village Impacts• Residential space received tax exemption. • Attracts possible future funding to improve the• Commercial space received a PILOT. community as a whole.• Preserved/restored a historic building and • Provides a central location for important an anchor in the Village. community services.• Property went from “detraction” to “attraction” • Responds to a community need for senior• Significant impact on market value of housing. surrounding properties. • Allows people to remain in the community for housing and services.
  14. 14. Thank you!A PathStone Real Estate Development presentation by: Susan Ottenweller Senior Vice President of Real Estate Development 7 Prince Street Rochester, NY 14607 sottenweller@pathstone.org 585. 340.3306