Erie’s Methodist Towers in line for brand spanking new proprietor, $20 million renovation
An reasonably priced housing firm with workplaces in Virginia and California has reached a deal to buy Erie’s Methodist Towers…
An reasonably priced housing firm with workplaces in Virginia and California has reached a deal to buy Erie’s Methodist Towers and has plans to make $20 million in renovations to the 13-story senior residing advanced.
Group Preservation Companions has reached a cope with Methodist Towers, Inc., a nonprofit company based by the First United Methodist Church, to purchase the constructing.
Erie County property data present that CPP, which has workplaces in Reston, Virginia, and Irvine, California, has secured $6.4 million in mortgages to buy the property, situated at 160 W. Eighth St.
Methodist Towers contains 138 flats, and lots of tenants there obtain Part 8 rental subsidies or different help by means of the federal Division of Housing and City Improvement.
Methodist Towers:Mural to showcase range at downtown Erie advanced
CPP additionally introduced that low-income housing tax credit from the Pennsylvania Housing Finance Company, financial institution loans and different financing will assist fund each the acquisition and renovations.
The work will includeaccessibility upgrades, car parking zone repairs, enhancements to the constructing’s neighborhood sundeck, new flooring and renovations to particular person flats.
“We’re planning a significant rehab that may make present and future residents proud to name Methodist Towers dwelling,” Seth Gellis, CPP’s senior vice chairman, mentioned in a press release.
The corporate didn’t present a timetable for finishing the renovations. John Fraser, CPP’s director of growth, mentioned in a press release that Methodist Towers was inbuilt 1973 and “has by no means been by means of a significant rehab and as such, unit and customary space finishes want upgrades and modernization.”
The corporate additionally mentioned that Methodist Towers residents won’t be displaced through the renovations.
Renee Lamis, Erie Mayor Joe Schember’s chief of employees, mentioned metropolis officers are conscious of CPP’s plans at Methodist Towers and are serving to the corporate discover methods to lock down further financing for the challenge.
“It’s thrilling,” Lamis mentioned. “This firm is dedicated to reasonably priced housing and we’re enthusiastic about partnering with them.”
Schember’s administration lately helped one other reasonably priced housing firm, Boston-based Beacon Communities, pursue its plan for a $27 million renovation at downtown Erie’s 100-unit Richford Arms house advanced, 515 State St.
Richford Arms:‘Unprecedented funding’ drives challenge at downtown Erie house advanced
Beacon Communities’ plan for upgrades at Richford Arms, which gives reasonably priced housing to low- and moderate-income downtown residents, are financed partly by a $3.5 million low-interest mortgage from Erie Insurance coverage, the Fortune 500 firm whose downtown campus is adjoining to the house advanced, and $2.45 million in loans from the town of Erie.
Contact Kevin Flowers at [email protected] Comply with him on Twitter at @ETNflowers.
