Real Estate 2021 Year-in-Review

This year, the Hill CDC has continued to work to bring the Greater Hill District Master Plan to life, provide affordable rental housing, and keep homeownership in the Hill within the reach of Hill District residents. In order to accomplish these goals, the Hill CDC has advanced the $60+ million redevelopment of New Granada Square, including breaking ground and beginning construction on the affordable rental units and commercial space as well as beginning interior renovations on the historic New Granada Theater building, continuing to rehab vacant and dilapidated homes for resale to current and former Hill District renters, planning and securing funding for much needed repairs and updates to Bedford Senior Housing, and maximizing MWBE participation + local hiring on our projects.

Keep reading for a full break down on what our Real Estate Team has been up to!

New Granada Square – New Granada Square Apartments + Retail

The New Granada Square Apartments and Retail is an over $16 million mixed-use development that includes 5 stories of 40, 1-and-2-bedroom affordable apartments, laundry rooms, community services, overtop 5,000 sq ft of commercial retail space for businesses and restaurants to lease.  This the largest investment on Centre Avenue in generations!  The Hill CDC is developing this project in partnership with CHN Housing Partners.  Construction began in June 2021 and will be completed in Fall 2022.

To date, 60.5% of the work has been completed by minority-owned businesses (MBE) and 18.5% of the work has been completed by women-owned businesses (WBE).

Unfortunately, due to the COVID-19 pandemic, we had to do the groundbreaking digitally, which you can watch below:

New Granada Square Apartments + Retail: Workforce

As part of our commitment to economic empowerment, we have actively recruited, placed, and trained Hill District residents and other local zip codes for job opportunities on this project. 

Stats To Date:

• Recruitment – 31, Section 3 workers recruited for the positions at the New Granada Apartments (22 Hill Residents – 9 from other zip codes)
• Placement – 5, Section 3 workers were hired before vertical building work (3 from the Hill District – 1 formerly from the Hill District – 1 recruited for specific skillset)
• Training – 9, Section 3 workers received the Occupational Safety Health Administration (OSHA Training (worth $120.00 per person) (6 were from the Hill District – 2 already worked for Mistick – 1 a potential hire on another site)
• Upcoming Hires – Plumbing, Electrical, Insulation, Drywall, Painting, (Landscaping – Lite), and Post Cleaning

New Granada Square – Historic New Granada Building

This year we are happy to have also begun renovations of the Historic Building and construction of new Office Building next door.  This is an approximately $42 million development.

Interior demolition has already begun with an MBE subcontractor and we have completed design work for the anchor tenant occupancy and engineering work for remainder of the building.

What’s in the Redevelopment?

See the floor by floor programing of both the Historic New Granada Building and New Construction Office Building below.

Hill District 100

This year the Hill CDC rehabbed and sold two Webster Avenue properties for less than $155,000 on average.  This means that homebuyers are paying less than $713 per month + taxes & insurance (assuming no-money down and a 3.7% interest rate – actual payments will vary depending on financing).

Both properties were complete rehabs, including new roof, plumbing, electrical, HVAC, bathroom, kitchen, flooring, and more!

Before and After Photos

We have four other properties still under construction and for-sale in the Upper Hill.

Shawnee Townhomes – Under Construction

• 4 Units Available – 907, 909, 911, 913 Shawnee Street
• Projected Sales Price: 3 at $85,000 each & 1 at $95,000
• Income restriction to sell to families 50% AMI and below
• 2 Bedroom, 1.5 Bathroom, approximately 1,100 sq. ft.
• New Roof, HVAC systems, Windows, Kitchen, Bathrooms, Plumbing and Electric
• Luxury Vinyl flooring throughout the 1st floor, 2nd floor will have brand new carpet + tile in the bathroom

522 Landleiss – Under Contract

• Under contract with a life-long Hill District resident that also works in the Hill as the buyer!
• 3 bedrooms, 1 bath
• Purchase Price: $119,200

Before

After

Bedford Senior Campus

The Hill CDC has been working for the last several years to put together a plan to rehab several buildings on Bedford, including existing senior housing, for a comprehensive senior campus.  In 2019, the Hill CDC stepped in to help address issues at Western Manor, because of a defunct owner.  However, building needs are extensive.  Progress has continued this year on advancing that plan and identifying funding.  It is our goal for the Milliones Manor, and potentially Western Manor, to begin a phased redevelopment plan.  The City– URA, the State- PHFA, & the Federal Gov’t– HUD, have lined up with Hill CDC’s redevelopment approach and are providing technical and staff  resources and access to funding opportunities.

The first order of business is fixing the roofs and masonry to stop the water infiltration.  Our target is to start repairs within 90 days.