Representatives of Flaherty & Collins Properties have been working with the city of Urbana and the Champaign Economic Partnership to develop Legacy Place, a proposed 51 units of senior housing that would occupy the former North and South elementary schools as well as the Douglas Inn on Monument Square. Local officials have been working with architect McCall Sharp Architecture, Springfield, and say that they are 10-11 months from closing on the property sale and beginning construction, which they hope will happen in summer of 2019.
On July 24, the Urbana City Council unanimously authorizing a fee waiver of up to $500 in support of Flaherty & Collins’ application to the affordable housing program of the Federal Home Loan Bank of Cincinnati, including but not limited to water and sewer tap fees, construction permit fees and zoning fees. The resolution affirmed that the city council supports the efforts of Flaherty & Collins to obtain the necessary financing resources to redevelop all three buildings.
Flaherty & Collins also obtained tax credits through the Ohio Housing Finance Agency and state historic credits, all of which add points to the competitive application to the affordable housing program, due in mid-August.
“The big win was we got a tax credit allocation through the Ohio Housing Finance Agency, that was announced in May, and we still have some smaller pots of money to run after,” said Julie Collier, vice president of development with Flaherty & Collins. “We’re about 10-11 months from closing and construction start. We still need to come up with plans and get our arms around specific construction costs, which we’re doing and putting a lot of work in there to date, but there’s still some work to do. Some of it is just going after some other funding pots. We’ll hear back on those by the end of the year and have some better thoughts and direction then. Our hope is to close June/July of 2019 and start construction then.”
Marcia Bailey, CEP’s economic development director, the Ohio Revised Code allows the school district to dis-invest of the two properties no longer needed. Rather than demolish the buildings, the plan is for them to be purchased by the city for $1 each under an already-signed purchase agreement. Then the CEP will act on behalf of the city to sell the buildings to Flaherty and Collins.
“The city council agreed to do all of this,” said Bailey. “We had the city schools that were willing because they didn’t want to see the buildings demo-ed either, and it’s a cost savings for taxpayers not to have to pay for the demolition. But the city council agreed that they will take on the buildings … That was an important component, because if the city had not agreed to do that we wouldn’t be where we’re at right now.”
When ready to complete the sale of property, Flaherty & Collins will work directly with private owner John Doss to acquire the Douglas Inn.
“Just seeing the Douglas get put back into use again is a very positive thing for the community,” said Community Development Manager Doug Crabill. “Seeing those school buildings be reused rather than being torn down and vacant lots gives us a good feeling, because at least we know there is a plan for re-purposing those buildings.”
“It’s something we’re used to doing and we feel like there’s usually an extra need for senior housing in communities, and in communities like Urbana there’s a need to help older (buildings) continue their life,” said Collier. “It’s two-fold for us because we’ll help save some important buildings in downtown Urbana, and we’ll also fulfill a housing need for local residents.”
The future Legacy Place community will be for residents 55 or older making 60 percent of the area median income or less, roughly $24,000 to $25,000 a year. Bailey said that in addition to providing a built-in customer base for downtown Realtors, the project will be an example to members of the Moving Downtown Forward committee to inform developers how to move projects ahead in downtown Urbana.