:: Central Dallas community Development corp ::

Christmas in July (2): Wynnewood Seniors Housing

admin — Tue, 07 Sep 2010 15:46:47 +0000

The second project that we have before the Texas Department of Housing and Community Affairs is Wynnewood Seniors Housing. It’s a partnership with Bank of America CDC. Here’s a brief description of the project:
The proposed Wynnewood Seniors Housing development will encompass a total of 140 units and will be designated as a seniors-only development. This development is to be the first phase of a multi-phased redevelopment of an existing property called the Parks at Wynnewood.
The Parks at Wynnewood was originally constructed in the 1940′s ostensibly to house war veterans and their families. Throughout several decades that followed, it was an attractive rental option for families wanting to live in the Oak Cliff area of Dallas. Unfortunately, by the 1980′s, it had fallen into an advanced state of disrepair and ultimately HUD was forced to foreclose and take over ownership of the property. Dallas City Homes, along with Banc of America CDC, entered into a protracted series of negotiations with HUD and other neighborhood stakeholders with the intent to purchase the property and then completely and thoroughly renovate the project.
As mentioned earlier, this property was originally constructed in the 1940′s. Despite our ongoing maintenance and capital expenditures program, the fact remains that much of the infrastructure is quite dated. In addition, while extensive interior renovations were done, there was no financially feasible means available at that time to cure and correct all functional obsolescence. Given these factors, we see a great opportunity to completely redevelop this site, while still preserving and maintaining affordable housing units. Given the challenges in lining up the necessary capital to do a complete redevelopment, this must be done in phases over a period of time. The request herein pertains to the first phase of redevelopment which we contemplate being a seniors only development.
In order to accommodate the new construction, we will find it necessary to demolish 108 existing housing units located in 19 buildings. We will make every effort to do all we can to minimize the impact on the families currently residing in these units. The Parks at Wynnewood currently has approximately 85 units occupied by seniors so there is a significant source of demand within the existing project for the proposed project. Our existing residents are excited about the prospect of having a portion of the property redeveloped into a seniors-only development that will provide them with amenities and features designed exclusively for their needs. In addtion, significant demand exists within the greater community as well and we look forward to the opportunity to help meet at least a portion of that demand
The Wynnewood Seniors Development will include 68 1BR units, 72 2BR units, and approximately 9000 square feed of community center space. This proposed development will be placed on an 8.5 acre site carved out of the existing 48 acres that comprise the Parks at Wynnewood currently. Given the size of the site and the number of units being developed thereon, the density of approximately 16.5 units/acres allows for significant green space to be used by the residents.

The property will be two-story, served by three elevators, and will allow for all residents to access the community center without exposure to the elements. The current design contemplates pitched roofs with 30 year architectural composition shingles, design elements seen in the surrounding community , and with all exterior surfaces covered with either brick, stucco, or cementious siding. Unit interiors are designed such that all units will be handicap accessible. All unit interiors will be finished with a full compliment of features typically seen in a quality development.
Our goal here is to create a first class multi-family rental property that caters exclusively to those 55 and older who are still capable of living independently. That said, we are desirous of having a community that encourages a significant level of interaction among the residents and to that end, we are providing multiple outlets to them. Included with the management company’s responsibilities will that of coordinating programs and activities at the development.
Unfortunately, even as much as I love old buildings, sometimes it just isn’t practical to bring older buildings back to life.

Like a number of apartment complexes built in Dallas immediately after World War II, the building plan for the Parks at Wynnewood look like they were derived from Army Barracks. This project is in another pool from Atmos Lofts—the at-risk group (current affordable housing that is in danger of being lost), so the two projects aren’t competing against one another.
I’ve been trying for a number of years to work on a project with my good friends at Bank of America, so if we get tax credits for this project as well, Thursday will be like a Christmas where you get everything you want.

John Greenan

Christmas in July (1): Atmos Lofts

admin — Wed, 01 Sep 2010 15:02:50 +0000

Christmas in July (1): Atmos Lofts
The first project that we have before the Texas Department of Housing and Community Affairs is Atmos Lofts. Here’s a brief description of the project:

Atmos Lofts will be a true mixed-use, mixed-income project located in the heart of downtown Dallas. The four existing buildings, constructed over a 55-year period beginning in 1924, contain 448,995 gross square feet of floor space. Hamilton Properties Corporation and Central Dallas Community Development Corporation will co-develop this exciting urban revitalization project bringing together their significant expertise of rehabilitating historic buildings while adding critically needed quality affordable housing to the downtown market.

The two historic buildings on the east end of the site (the “Historic Project”) will be converted to 123 luxury apartments with 113 of the units leasing for market rates (the other 10 units will house residents qualifying for 80% of median income) and 10,000 square feet of ground floor retail fronting both Harwood and Jackson Street. The modern Carrara marble clad building on the west end of the site will contain 107 Low Income Housing Tax Credit units on floors 2-12 (the “LIHTC Project”). The ground floor of the western building will contain the project’s leasing office as well as the fitness center, the middle building combined with the basements of all four buildings will be converted into a parking structure containing 301 parking stalls and the pool deck, grilling areas and outdoor theatre will all be located at the ground level just north of the western building (the “Common Area Project”). There will also be a motor court at the ground floor just east of the amenity area that will include 24 parking spaces for guests and retail customers (also part of the “Common Area Project”). The Historic Project, LIHTC Project and Common Area Project combined are referred to as “Atmos Lofts” or the “Project”.
I am very much hoping to see this project approved for tax credits. It would bring renewed life to an entire city block and provide 117 affordable apartments to Downtown Dallas. The ground floor retail space is absolutely gorgeous:

Going to pay your gas bill was a real experience in the past. I am hoping to see this space occupied by a bookstore in the future.
Right now, my numbers have the Atmos Lofts tied for the second highest score in Region 3, well within the level of projects that should get awarded tax credits. As my grandma used to say, God Willing and the creek don’t rise, I hope to have good news on Thursday.

John P. Greenan

Fifty-Year Old Books

admin — Tue, 31 Aug 2010 15:35:54 +0000

Fifty years ago in 1960 was a memorable time in American Literature. Much has been made this year of the celebration of the publication then of Harper Lee’s To Kill a Mockingbird. While To Kill a Mockingbird is undoubted an important book, it’s not the book from 1960 that speaks most directly to me. The fifty-year old book that really speaks to me is John Steinbeck’s Travels with Charley. Over the next month or so, as I lovingly and slowly read through Travels with Charley once again, I’ll be posting a number of pieces about Travels with Charley, but first I want to think a bit about why To Kill a Mockingbird doesn’t speak to me as it does to so many people.

I think the answer is both simple and complicated. I’m from the North; not from the South. It isn’t that the North doesn’t share the United States’ long and sad history with the problems of race and slavery, it’s that the North doesn’t feel the issue with the same immediacy that the South does.
When John Steinbeck reaches the South in his Travels with Charley, he addresses this point.
“[A]head of me lay an area, the South, that I dreaded to see and yet knew I must see and hear. I am not drawn to pain and violence. I never gaze at accidents unless I can help, or attend street fights for kicks. I faced the South with dread. Here, I knew, were pain and confusion and all the manic results of bewilderment and fear. And the South being a limb of the nation, its pain spreads out to all America.”
Travels with Charley, p. 242.
I feel much the same as John Steinbeck. Progress has certainly been made since 1960, but all the pain isn’t yet gone. I feel it but somewhat at second hand. I don’t quite understand it with the directness that my Southern friends, both White and Black do. It’s like a long-running, bitter family feud and I’ve just married into the family. I know a cloud of unresolved conflict divides the family. I know it’s the most important thing to some members of my new family. I know it hurts me as well.

John Greenan

Christmas in July

admin — Tue, 31 Aug 2010 15:22:20 +0000

The Texas Department of Housing and Community Affairs (“TDHCA”) may be a Grinch when it comes to making you work over the Holidays, but in July TDHCA plays Santa Claus.

I’m not sure I see the resemblance with the Chairman of the Board, Kent Conine, but sometimes the presents are even better:

Each year in the last week of July the TDHCA Board announces the projects that get tax credits—and usually get built—and the projects that don’t get tax credits and probably won’t get built.

The State of Texas is divided into thirteen regions for the competition—no superstitious people at the TDHCA I guess! The regions from sparsely populated rural areas with only enough money to fund one or two projects to the megaregions around Houston and North Texas where over $100 million may be at stake in the decision.
Here in Dallas, we’re in Region 3, which is highly competitive. Thirty-four projects have survived the seven-month long process to make it to the final decision. Only six or seven will get funded.
Twenty-seven or twenty-eight groups have spent many thousands of hours and probably more than $100,000 each on their tax credit applications and will get nothing. Six or seven groups will get credits worth millions of dollars.
It’s like playing the lottery, except it costs a lot more and your odds are better.
On Wednesday, July 28, 2010, I’ll be headed off to Austin to see if I get anything in my stocking. We’re involved in two applications and I’ll describe the projects over the next couple of days, but I’m hoping I’m not getting two lumps of coal.

John Greenan

Mark Cuban

admin — Wed, 25 Aug 2010 17:18:20 +0000

Blog Maverick
Mark Cuban writes an interesting blog called blogmaverick. You can find it here: http://blogmaverick.com/. He’s often got interesting things to say and I’ve learned at least something about business from reading him.
Once and awhile, however, I read something that makes me realize just how different his world is from mine. His August 5 blog on his failed effort to buy the Texas Rangers has one of those passages:
It is not easy to get liquid to the point of $400mm dollars or more in just a few weeks.
Or, in my case, it would be easy in just a few lifetimes.

John P. Greenan

Arizona High Schools

admin — Wed, 25 Aug 2010 17:14:05 +0000

Arizona High Schools To Now Teach Spanish Entirely In English

Stolen from The Onion (http://www.theonion.com/).
Finally, a language class I could handle.

John P. Greenan

Testing

admin — Tue, 24 Aug 2010 14:20:38 +0000

testing

Life

John P. Greenan — Sun, 15 Aug 2010 14:58:00 +0000

When life gives you a hundred reasons to cry, show life that you have a thousand reasons to smile.

Nick Sowell

Test Post

admin — Wed, 11 Aug 2010 07:12:37 +0000

This is another test post.

Independence Day

John P. Greenan — Mon, 05 Jul 2010 20:33:00 +0000

4th of July is the most memorable day in the history of United States of America. It is the day when America got independence and was free from British occupancy. The day is celebrated all around the country with patriotic sentiment.

“I like to see men proud of the place in which he lives. I like to see a man live so that his place will be proud of him.”–Abraham Lincoln

“We on this continent should never forget that men first crossed the Atlantic not to find soil for their ploughs but to secure liberty for their souls.”–Robert McCrackin

Nick Sowell