An Ohio-based affordable housing developer and manager is eyeing a Main Street site for its first local project. MVAH Partners is seeking to acquire two City-owned properties at 1703 and 1707 Main Street in order to construct an apartment building and seven townhouses.
From the proposed Designated Developer Agreement:
The Developer plans to utilize the property to build a five-story residential housing complex comprised of 147 one- and two-bedroom apartment units. Seven three -bedroom rental townhomes will also be constructed along with internal parking for the residents . The Project will serve as affordable housing for residents at or below 60 percent AMI. The developer currently maintains site control of the parcels adjacent to the city owned lots and must acquire city owned lots to initiate the project.
The projected cost of this project is set at forty-six million and sixty-five thousand dollars ($46,065,000). MVAH Partners will fund the Project with funding from proposed sources to include LIHTC Equity, Perm, NCP, BURA HOME, and Brownfield Credit Equity with the balance being owner-equity contribution.
It is unclear which neighboring parcels MVAH controls to construct the project; the property to south includes one-story and three-story buildings along Main Street and vacant portions behind them extending to Masten Avenue appear large enough to accommodate the apartment building and townhomes.
MVAH began developing affordable housing in 1993 and has constructed more than 7,000 affordable housing units ranging across a broad spectrum of housing types: multi-story apartment properties for families and seniors, villas, single-family developments, rehabs, adaptive reuse of existing buildings in large and small communities. Their portfolio includes over 100 affordable housing properties in 15 states.
The site is at the center of a cluster of recent developments including Sinatra & Co. Real Estate’s Mid-City Apartments, Severyn Development’s cluster of new housing along Lafayette Avenue, and the redevelopment of the Monroe Building at Main and Lafayette.