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Olde Uptown Historic Neighborhood Revitalization Project

Olde Uptown Historic Neighborhood Revitalization Project. Project Financials and Lessons to Repeat. Total Cost Approximately $24M ($200K/property all-in) New and Recycled Equity and Debt, Public Subsidy Final Total Value: $19.2M Total Value Deficit: $4.8M Issues: Value Deficit environment

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Olde Uptown Historic Neighborhood Revitalization Project

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  1. Olde Uptown Historic Neighborhood Revitalization Project

  2. Project Financials and Lessons to Repeat • Total Cost Approximately $24M ($200K/property all-in) • New and Recycled Equity and Debt, Public Subsidy • Final Total Value: $19.2M • Total Value Deficit: $4.8M • Issues: • Value Deficit environment • Free-rider problem/Speculators • High acquisition value (“captured market” for blighted properties bolsters value) • Low “as completed” sale value (ceiling on renovated for-sale properties, caused by taxes, crime, schools) • $1.5M – PHFA Funds (NRI) • $3.0M – RACP Funds • $250K – Elm Street Grant • $100K – Growing Greener II • $4.8M – Total Subsidy • Key Tools to Repeat • Public subsidy • Tax abatement (100%) • Targeted police enforcement • Public infrastructure • Creative class amenities

  3. Olde Uptown Neighborhood Devastated from 1972 Agnes Flood

  4. 35 Years Later…. ● 337 tax parcels; 80% in need of substantial repair ● vacant, abandoned properties ● absentee landlords ● rampant drug trafficking ● vandalism, graffiti, loitering ● disinvestment in neighborhood Avg. Property Value Approx. $30K Neighborhood prior to revitalization project in 2006

  5. Aerial – “Olde Uptown Neighborhood”Municipal and National Historic District (Old Uptown)

  6. Phase I – New Townhomes

  7. Phase I 2007 Through 2008 Completed: 16 new townhouses Avg. Sale Price: $215K

  8. Modern Interior Design

  9. Since 2007, over 110 historic properties renovated 50 sold – Avg. Sale Price $175K60 rented – Avg. Rent $1100/month Most properties built around 1900

  10. Public Infrastructure & Safety Improvements • Infrastructure & Safety Improvements • New Sidewalks • Historic Street Lights • 60 Trees & Landscaping • Banners • Sewer/Water Laterals • Street Paving • Security Lighting/Cameras • Targeted Police Patrols

  11. Before After

  12. Before After

  13. Before After

  14. Before After

  15. Before After

  16. Before After

  17. Before After

  18. Community & Economic Development Benefits • Increased property values -- $30M • Existing homeowners greatly benefit • Increased # of residents (200+) • Significantly lower crime (-80%) • Decreased trash and blight • Less demand on public resources • More income for local businesses • Increased city revenues • Mercantile taxes • Earned income tax • Property taxes

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