Masonic Hall - Alphabet City Project Case Study
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1 Masonic Hall - Alphabet City Project Case Study Craig Dunham 12/5/2018 1
2 Agenda: Site History Non-Profit Sponsor Arts Anchor Project Scope Financing Sources & Uses Financing Structure Outcomes Lessons Learned Discussion 2
3 Site: Site 3
4 Site History: Allegheny City / Central North Side 4
5 Site History: Urban Renewal 5
6 Site History: Federal North Block 1970 s Masonic Hall vacated along with many properties in the area 1989 Federal North Development Area certified by City 1996 Master Plan prepared by Community and Mattress Factory 1997 Redevelopment Plan and $40M TIF District established to acquire properties and redevelop area 1997 URA takes Garden Theater by Eminent Domain 2001 Garden Theater case initially argued in local Court 2006 State Supreme Court rules in favor of URA 2007 RFP issued by URA and Community Various Development proposals advanced and abandoned 2010 URA and Community select Developer for full block 2013 Developer acquires Garden Theater and renovates 2013 Developer proposes retail and residential conversion of Masonic Hall and approaches City of Asylum to be Tenant 6
7 Site History: Federal North Block 7
8 Federal North Block: Masonic Hall Redevelopment 2014 Developer abandons redevelopment of Block 2015 City of Asylum proposal to redevelop Masonic Hall approved 2016 Masonic Hall placed in service 2017 Alphabet City opens 8
9 Non-Profit Sponsor & Arts Anchor: Henry Reese and Diane Samuels found City of Asylum Pittsburgh in 2003 City of Asylum creates a thriving community for writers, readers, and neighbors. We provide sanctuary to endangered literary writers, so that they can continue to write and their voices are not silenced. We offer a broad range of literary programs in a variety of community settings to encourage cross-cultural exchange. We anchor neighborhood economic development by transforming blighted properties into homes for these programs and energizing public spaces through public art with textbased components. 9
10 Non-Profit Sponsor & Arts Anchor: 10
11 Non-Profit Sponsor & Arts Anchor: 11
12 Non-Profit Sponsor & Arts Anchor: 12
13 Non-Profit Sponsor & Arts Anchor: 13
14 Project Scope: 14
15 Alphabet City Basement Program 15
16 Alphabet City First Floor Program Day to Day 49 seat restaurant 10 seats at bar 16
17 Alphabet City First Floor Event Setup 90 event seating Full restaurant and bar 17
18 Alphabet City First Floor Event Setup 200 event seating Limited restaurant and bar 18
19 Financing: 19
20 Uses: Land 120,000 Apartments and Restoration 4,520,000 Alphabet City 3,030,000 Soft Costs 895,000 Financing/Interest/Reserves (7 years) 1,470,000 Contingency 700,000 Total: 10,735,000 20
21 Sources: Foundations & Private Donors (11 sources) 3,823,000 URA Storefront grant 35,000 City - Federal North Tax Increment Financing 1,410,000 County - Gaming Funds 250,000 County ARAD Sales Tax Funds 10,000 PA Neighborhood Assistance Program 50,000 PA - Historic Tax Credits 135,000 PA Redevelopment Assistance Capital Program 400,000 Federal Historic Tax Credits 1,510,000 Federal New Markets Tax Credits 2,496,000 Debt The Reinvestment Fund 620,000 Total: 10,735,000 21
22 Structure: Tax Credit Driven Complexity 22
23 Structure: New Markets Tax Credit 23
24 Structure: Federal Historic Tax Credit 24
25 Structure: PA Historic Tax Credit 25
26 Structure: the Put 26
27 Structure: Long-term support of the Non-Profit 27
28 Outcomes: Apartment annual rent $ 150,000 Commercial annual rent $ 95,000 Annual property taxes $ 25,000 FTE created since opening 21 Over 250 events in 2018 Non-Profit receives new revenues from bookstore and restaurant unrelated to traditional philanthropic support and property obligations Adjacent Bradberry Apartment Building renovated and opened with 16 units in 2018 fully leased Vacant properties on adjacent blocks acquired and redeveloped in 2017 and 2018 with more planned 28
29 Outcomes: Apartments 8 Units 478 sf to 1,591 sf 1 BR to 3 BR + Loft 2 Affordable Units 29
30 Outcomes: Alphabet City 30
31 Lessons Learned: Leverage the mission and role of the non-profit Minimize exposure to Debt Leverage Grant sources Complexity of Tax Credit Financing Role of Sponsor for security Completion Schedule dependency Patience for State and Local Reimbursements = Reserve sizing Financial Reporting during Compliance Period Communicate & Celebrate Often 31
32 Discussion: City of Asylum-Pittsburgh Dunham regroup LLC 32
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