NH&RA Summer Institute and NMTCservices.housingonline.com/nhra_images/NHRA Summer Institute...

NH&RA Summer Institute and NMTC SymposiumJuly 25‐28, 2012

Panelists:

• Dan Rosen, Klein Hornig LLP• Peter Sargent, Massachusetts Housing Investment Corporation• Steve Nolan, Nolan Sheehan Patten LLP• Albert Rex, MacRostie Historic Advisors

• LCW is a 501c3 non‐profit Community Development Corporation (CDC)

• Membership‐driven organization with over 5,000 members living or working in Lawrence

• LCW has built or renovated over 200 units of high‐quality affordable housing and a new community center, representing more than $25 million of investment in Lawrence neighborhoods

Project Developer:Lawrence CommunityWorks (LCW)

NH&RA Summer Institute & NMTC Symposium

Project Location: North Canal Historic District, Lawrence MA


View of Lawrence looking east over the Great Stone Dam

Union Crossing


Property Information

Multi‐phase redevelopment of two adjacent mill properties on the Merrimack River (former Southwick Factory and Duck Mill)Phase One includes three attached mill buildings on 5.5 acresConstructed in the early 19th centuryContributing properties in the North Canal Historic DistrictBuilding 9 comprises 140,000 SF on five floors


50 Island Street/ One Union Street

Union Crossing Phase One


Union Crossing Vision & Goals

Union Crossing is the next building block in the revitalization of the Reviviendo Gateway District and the City of Lawrence. The project will:

Redevelop Lawrence’s historic mills for Lawrencians

Provide Family and Workforce Housing

Support Local Economic Development

Set a Standard for Energy‐Efficient and Healthy Development

Build Resident Assets and Wealth

Promote Education and Wellness

American Recovery and Reinvestment ActBank of America

Boston Community Capital/ BCC Solar Energy AdvantageCommunity Economic Development Assistance Corp.

City of LawrenceColumbia Gas of Massachusetts

Dorfman CapitalFederal Home Loan Bank of Boston

MassDevelopmentMass. Dept. of Energy Resources

Mass. Dept. of Housing and Community DevelopmentMass. Exec. Office of Housing & Economic Development

Mass. Historic CommissionMass. Housing Investment Corporation

Mass. Housing Partnership FundNational Grid

National Council of La RazaNeighborWorks America

NHSA / Community Housing CapitalNew England Foundation for the Arts

Paul and Phyllis Fireman Charitable FoundationThe Life Initiative

TD BankU.S. Environmental Protection Agency

U.S. Dept. of Housing and Urban Development (HOME)U.S. Dept. of the Interior

U.S. Small Business AdministrationUnited Way of Mass. Bay and Merrimack Valley

Weak local markets+ high construction costs+ project complexity = difficult projects to finance

Phase One of Union Crossing is complete!

350+ construction jobs created

100% residential lease‐up within three months of opening

Brownfield cleanup and site infrastructure work complete

United Way Family Financial Stability Center will be opening this fall

$40MM of new investment in Lawrence ($30MM private)

Phase Two (Duck Mill) is currently in pre‐development

What Has Been Accomplished So Far?


Mural


Lobby


Hallway


Second Floor commercial space


River View


Site Plan


Ownership Diagram


Commercial/New Markets Organizational Chart[Preliminary version]

NH&RA Summer Institute and NMTCservices.housingonline.com/nhra_images/NHRA Summer Institute...

Documents

Transcript of NH&RA Summer Institute and NMTCservices.housingonline.com/nhra_images/NHRA Summer Institute...