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Aurora St. Charles Senior Living 2 Development Team Historic Rehab - - PowerPoint PPT Presentation
Aurora St. Charles Senior Living 2 Development Team Historic Rehab - - PowerPoint PPT Presentation
1 Aurora St. Charles Senior Living 2 Development Team Historic Rehab Experience: Rosenwald Courts Historic Rehab Experience: Humboldt House Senior Housing Experience: Senior Building at Oakwood Shores 6 Project Team 7 Adaptive Reuse of the
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Historic Rehab Experience: Rosenwald Courts
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Historic Rehab Experience: Humboldt House
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Senior Housing Experience: Senior Building at Oakwood Shores
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Project Team
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Adaptive Reuse of the Historic St. Charles Hospital
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Revitalizing a Piece of Aurora’s Past
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Transforming a City Block
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Positive Impact on the City
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An Aurora Landmark
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Main Entry Chapel Façade Preservation and Restoration of Historic Detail
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Preservation and Restoration of Historic Detail
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Resident Amenities
- Huge, beautifully restored community room
in former chapel space
- Management office on property
- Off-street parking – 1 parking space per unit
- Significant green features – Energy Star,
high-efficiency HVAC systems, etc.
- Fitness room, library, on-site gardens
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Development Features
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Site Plan
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Sources and Uses Use Amount Land Assembly $ 3,030,000 Construction $ 14,878,716 Soft Costs $ 1,546,830 Financing Costs $ 899,943 Reserves / Dev. Fee $ 2,430,254 Total $ 22,785,743 Source Amount First Mortgage $ 2,680,000 City of Aurora $ 500,000 LIHTC Equity $ 12,043,503 Federal HTC Equity $ 3,700,634 State HTC Equity $ 2,988,892 Total $ 22,785,743
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On a Fast Track
- 3/27/15 – Application submitted to IHDA
- Late June 2015 – IHDA funding decisions
- Late 2015 – closing and construction start
- December 2016 – construction completion
- Summer 2017 – all residential units leased
up
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Resident Amenities
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Local Contracting Opportunities
- Targeting 20%+ of subcontracts to be
provided to local, minority- and/or women-
- wned businesses
- Will undertake a more rigorous review with
NLDC participation of Linn-Mathes’ approach to subcontracting
- Engaged Linn-Mathes as a general
contractor
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Economic Impact - Contracting
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Job Creation
- Local hiring is a construction priority
- Anticipating at least 60 construction jobs
(including some new hires from the Aurora community) to result from development
- Final development will include 2-3
permanent jobs for property manager and maintenance technician
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Economic Impact - Jobs
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Partnership to Achieve Shared Goals
- Restoration of a community landmark
- True income mix for seniors who want high-
quality apartments in a great location
- Anchoring McCarty Park and the East Side
- Community preferences in jobs and
contracting Thank you for your continuing support!
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Opportunity for Aurora
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