Friday, January 13, 2012
Neighborhoods Downtown's Imperial Hotel building purchased, extensive renovations planned for affordable housing project
Posted by Thomas Wheatley @thomaswheatley on Fri, Jan 13, 2012 at 10:43 AM
- saddle.tramp via Flickr
- Imperial Hotel
The move was considered a devastating blow to the city's most needy citizens. For the last 15 years, the 102-year-old building — which in June 1990 was occupied by homeless people and advocates — had provided an affordable place to stay for Atlantans living on low incomes and formerly homeless men and women.
Well, last week, Atlanta-based affordable housing developer Columbia Residential and National Church Residences, a nonprofit provider of senior and permanent supportive housing, quietly scooped up the property — once one of the city's leading hotels and home to nightlife hotspots — after nearly a year of discussions with the state and city over funding.
Rather than converting the single-occupancy rooms into pricey condos — or just sit on the building until the market recovered — the joint venture over the next two years plans to, according to a press release: "[C]ontinue to serve low- to moderate-income residents exiting homelessness and others with special needs by providing supportive services in a secure, high-quality affordable rental housing community." Current residents will have to be relocated prior to the renovation but will have the option to return.
Via the Columbia Residential and NCR's announcement:
The renovated building is expected to contain 90 fully renovated units, with improved floor plan configurations, fully updated leasing and management offices, resident amenities and spaces for case managers and service providers and onsite security.The extensive repairs will require a careful relocation of existing residents prior to construction. Residents will have the opportunity to return to the newly renovated building. In the meantime current residents will be provided with replacement housing and continuation of supportive services through careful work by Columbia and NCR staff.
The new owners have applied for a complex array of funding to ensure a long-term, sustainable community with a comprehensive replacement/update of building systems, unit interiors and management and amenity areas, enhanced security features, as well as updating to a sustainable (LEED-certified) energy-efficient building.
The joint venture is committed to historic preservation, maintaining the Imperial’s landmark character while updating the interiors and operations to a 21st century standard.
UPDATE, 4:06 p.m.: A spokeswoman tells us about the project's public funding:
Well, the state of Georgia and city of Atlanta have been instrumental in working to save the Imperial from foreclosure, as well as working with the Columbia and NCR development team on financing for the redevelopment. The development team made applications for project construction/redevelopment financing last year to State and City. The State has awarded low income housing tax credits to the project for redevelopment and mortgage financing. The City has also committed mortgage financing for the new development. The funding commitments, along with private investment sources, will allow for a comprehensive renovation of the building and a sustainable capital structure for long-term operation as permanent supportive housing.The redevelopment of the Imperial as permanent supportive housing would not even be possible without the support and commitments of the state and city.
Atlanta history buffs will want to read the city's interesting write-up about the building's past. Little Richard and Fats Domino once performed in the hotel's lounge.
Comments (7)
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I'm glad to know that this didn't end up being a conversion to a high-end condo or apartment. Looks like the new owners are doing the right thing for both the building and the low-income/formerly-homeless community. I'll be interested to find out if the relocation of current residents goes well, though. I wonder where they'll be relocated to.
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I agree, its good to see this type of housing improved versus taken away. Wish there was more of it. Wouldn't it be nice if neighboring counties had to shoulder some of the inevitable issues and costs of dealing with homelessness that occurs in major metro areas.
Like with transit and care of the uninsured they largely get a freeride on those costs.
Can they snap up the Medical Arts building too and make it nice again?
Medical Arts building building needs to become condos. The rehab will be very expensive. Has to be foreclosed upon and bought for bargain basement price to make it worthwhile, but have you seen the views from the top stories? they are amazing. If you are paid up on your Hobo Stab insurance, you should make the trek up the stairs.
I don't know where you get Hobo Stab insurance, but I am very intersted. Perhaps I should try Lords of London since they are known for wacky policies.
There was a financial analysis done on the Medical Arts building a few years ago. The conclusion was that it would make the most money by being turned in to condos but even in the best case scenario the developer would have to be given the building for free to have any chance at even a small profit. And there is no way they're going to get the building for free because the current owner paid millions for it and is surely going to want a huge profit when selling. So most likely it is just going to sit there until it eventually becomes so decayed that it is a hazard.
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