INDIANA AND MISSOURI — Flaherty & Collins Properties has unveiled plans for four affordable housing construction projects in Indiana and Missouri. Representing a total of $80 million in costs, the projects all involve renovations or adaptive reuse.
Jazz Hill is a $35 million project that will preserve 11 buildings along The Paseo, a historic boulevard in Kansas City. The 197-unit affordable housing community will feature new appliances, HVAC, roofs, flooring, bathrooms, cabinets, lighting and elevators.
A partnership with Twelfth Street Heritage Development Corp., the project was financed with 4 percent tax credits from the Missouri Housing Development Commission (MHDC) as well as federal and state historic tax credits and tax-exempt bonds from the Planned Industrial Expansion Authority (PIEA). Merchants Capital is the Low-Income Housing Tax Credits (LIHTC) investor, federal historic tax credit investor and construction lender, and provided Freddie Mac permanent financing. Monarch Capital is the state historic tax credit investor. The city provided $4.2 million in Central City Economic Development (CCED) funds.
Parkside at Tarkington is a $16.2 million affordable seniors housing project in downtown Indianapolis. The 60-unit development is an adaptive reuse of the former United Way headquarters building.
Flaherty & Collins is partnering with Midtown Indianapolis on the project, which will feature 8,000 square feet of first-floor office space. Twenty percent of the units will be reserved for residents with intellectual or development disabilities.
“United Way heavily discounted the building to help make the Parkside project possible,” says Drew Rosenbarger, vice president of development and lead project developer for Flaherty & Collins. “Time and again, we find great local and national partners who are willing to really put in the work to help make these projects a reality.”
The project was financed with 9 percent tax credits from the Indiana Housing & Community Development Authority (IHCDA). CREA served as the tax credit investor. Merchants Capital provided construction and permanent financing. The City of Indianapolis provided HOME funds while Federal Home Loan Bank provided Affordable Housing Program (AHP) funds.
In South Bend, Ind., Emerald Pointe is a 168-unit affordable housing community that has not had any major upgrades since it was built in 1998. Flaherty & Collins’ $18.4 million project will provide new countertops, flooring, cabinets, bathroom fixtures, roofs, stairs and HVAC. The project was financed using 4 percent LIHTCs in conjunction with the IHCDA. CREA is the equity investor, and 1st Source Bank provided construction and bridge financing. Merchants Bank of Indiana provided permanent financing through HUD.
Misty Glen is an 80-unit affordable housing property in Hebron, Ind., that has not had any major improvements since its construction in 1996. The $9.5 million project will provide new roofs, stairs, cabinets, countertops, flooring, bathroom fixtures and HVAC. The project was also financed with 4 percent tax credits in conjunction with IHCDA. CREA is the equity investor. First Merchants provided construction and bridge financing, while Cedar Rapids Bank and Trust provided permanent financing.
Flaherty & Collins Construction is the general contractor for Parkside, Emerald Pointe and Misty Glen. Centric is the general contractor for Jazz Hill. Flaherty & Collins Properties will serve as the property manager on all four projects.
Indianapolis-based Flaherty & Collins is a developer, builder and manager of multifamily properties. The firm, which has over $500 million in projects under development in the Midwest, Connecticut and Florida, manages 84 properties and 14,629 units in eight states.
— Kristin Hiller