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2013_0722_packet
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8/30/2013 2:11:29 PM
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7/19/2013 9:16:01 AM
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THE ROOSEVELT <br />Cedar Rapids, IowaProject Details <br />The historic Hotel Roosevelt is a 12-story masonry " Historic Rehabilitation <br />building located in downtown Cedar Rapids. After " 96 Affordable Apartments <br />sustaining damage from the Flood of 2008, the " 15,522 Sq. Ft. Commercial Space <br />adaptive reuse converted the hotel into 96 apartment " Project Value: $11.0 Million <br />" Financing: Iowa Finance Authority Mortgage, <br />units with income restricted units at 60% AMI and <br />Federal Low Income Housing Tax Credits, State <br />market-rate units. The second floor houses project <br />Historic Tax Credits, City of Cedar Rapids, EZ <br />amenities that include a large community room, a fully- <br />Tax Credit Equity, IFA 1602 Funds <br />equipped fitness center, a laundry room and a business <br />center equipped with computers for resident use. <br />Role: Developer, General Partner, Property Manager <br />The first floor contains over 15,000 SF of commercial <br />space, and the remaining space in the basement was <br />Completed: October, 2010 <br />converted into additional, secure resident storage <br />lockers. <br />The historic designation of the building dictated <br />the exterior restoration of the brickwork, the <br />refurbishing of the windows, and the revitalization of <br />the interior corridors and doors. After 12 months of <br />construction, the Hotel Roosevelt now provides four <br />studio, 59 one-bedroom and 33 two-bedroom units <br />with upgraded amenities, including new flooring and <br />fixtures, central heat and air conditioning, and a secure <br />intercom entry system. <br />COMPANY PROFILE: Development Experience <br /> <br />
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