THE STORY:
Park Yellowstone is a 210-unit multifamily property in Houston, Texas. Vesta acquired the property in 2016 in order to preserve this essential housing for the current residents due to significant growth and investment in the area. 100% of the units at Park Yellowstone are restricted to residents earning 60% or less of the Area Median Income (AMI). 30% of the units are occupied by residents with incomes of 50% of AMI or less.

THE VISION:
Vesta came up with a plan that included a complete renovation of all 210 apartments and townhomes. A portion of the units were transformed into ADA compliant homes. The rest of the apartments received new kitchen cabinets, counters and appliances, bathroom vanities and lighting, new flooring, and new light fixtures.

Community enhancements included a renovated leasing center, new swimming pool, new gazebo, enhanced lighting, and installation of a state-of-the-art security camera system. The community also has an on-site daycare center, as well as case management services and resident activities on-site provided by Star of Hope Mission. The nature of these upgrades involved residents to be displaced from their units in order to safely rehabilitate each unit. A Learning Center and new fitness area were added as well. The buildings themselves received new roofs and entry doors while some units had foundation repairs done. Damaged sewer lines were repaired or replaced, and air conditioning condenser units were replaced as needed.

THE RESULT:
The renovations ensured Park Yellowstone will remain a vital provider of affordable housing in the greater Houston area. The changes to the community made it possible for residents to once again be proud of their homes. Park Yellowstone was awarded the Texas Apartment Association’s Affordable Housing Award for creative and innovative initiative in affordable housing.

THE HISTORY:
The Henry W. Longfellow School, located at 650 East 140th Street in Cleveland, Ohio was built in 1924 by Architect Walter McCornack. As the architect for the Cleveland School Board from 1914 to 1925, McCornack played a significant role in transforming Cleveland with his innovative school designs and public housing plans. For over 85 years, the Longfellow School served as an elementary school for the Collinwood community. However, the school closed permanently in 2011 and faced demolition until The Cleveland Restoration Society (CRS) stepped in and had it become a designated landmark by the City of Cleveland and added to the National Register of Historic Places. CRS worked with the Cleveland Metropolitan School District to request proposals from developers for adaptive reuse. Ultimately, Vesta was chosen to redevelop and preserve the property.

THE VISION:

The Longfellow went through many iterations before landing on the current configuration of 80 new one- and two-bedroom affordable senior apartments, spread between the historic rehabilitation of the existing Henry W. Longfellow School and a newly constructed building on the property. Vesta’s vision for the site preserved the school building by adapting the classrooms into 30 apartments and renovating the auditorium and other prominent common space for residents and staff. The redevelopment plan also included the construction of a new building on site with an additional 50 apartments and a connecting walkway providing residents easy access to amenities in both buildings without exposure to inclement weather. Seeing as McCornack was a pioneer of affordable housing in the United States as one of its first designers, it is fitting that the redevelopment of Longfellow transformed McCornack’s school into a long-lasting source of high-quality affordable housing for the community.

Longfellow, as an elementary school, was designed to foster social interactions. Longfellow’s central corridors, wide hallways, sweeping stairwells, large entryways and communal spaces cultivate interpersonal interactions; these features remain relevant and remain intact as they foster senior residents’ physical and mental health. Dedicated common areas for residents to socialize with one another have been created. These areas are located on the ends of each floor as well as in the center of the building, near the elevators.

Green spaces have been developed to give a park-like feel to the community. Longfellow’s gymnasium has been transformed to create a usable senior-focused fitness center while maintaining the fundamental nature of McCornack’s design. The space features a resilient, seamless, soft-surface walking track around the perimeter of the gymnasium. The gym also features exercise equipment designed to help senior residents maintain health and wellness/fitness. 3,000 square feet of community space and social rooms were constructed in the new building as well. This area is outfitted as a multi-service room for a multitude of social purposes including a library, game room, lounge, card room, two restrooms, and an office. Furthermore, a multi-use health room has been fabricated which allows for a third-party health care provider to conduct on-site, confidential health care examinations.

THE RESULT:

Apartments at The Longfellow offer a truly unique and unparalleled look and feel, boasting elements that cannot be replicated anywhere else. From original cabinetry and storage cubbies to the towering 12′ tall ceilings and expansive classroom windows, every detail has been carefully preserved to showcase the charm of the original structure. Despite the building’s age, the interior spaces are not only resilient but also exquisite, owing to the use of high-quality materials during construction and their meticulous restoration during the redevelopment process. The solid wood floors and quarry tile that grace the corridors and interior apartments contribute to the timeless beauty of the space, creating an atmosphere of unparalleled elegance. Additionally, the historic marble window ledges, thoughtfully preserved, not only add a touch of refinement but also provide an extra layer of insulation, shielding the interior from external noise and weather elements.

The redevelopment was a remarkable undertaking, necessitating an impressive investment of $23.7 million. To ensure the project’s triumph, an astute combination of financing sources was employed, resulting in a diverse capital stack that included 4% LIHTC tax credits, 9% LIHTC tax credits, a HUD 221(d)(4) first mortgage from Bellwether, an HDAP loan from the Ohio Housing Finance Agency, a loan from the City of Cleveland Housing Trust Fund, a HUD 202 PRAC Capital Advance Grant, and Federal and State Historic Tax Credits. One of the project’s notable accomplishments was overcoming the challenge of integrating the seemingly divergent 9% LIHTC tax credits with the 4% LIHTC tax credits, which are conventionally treated as separate entities in compliance with IRS guidelines. A creative solution emerged in the form of a condo structure ingeniously integrated into the larger development, allowing for the required differentiation. Additional applications were diligently pursued to secure all the necessary financing required for the project, including the highly sought-after Federal and State Historic Tax Credits.

Through its meticulous preservation and renovation efforts, The Longfellow has solidified its place as an integral and cherished part of the Collinwood community. Not only does it serve as a vibrant focal point, but it also actively contributes to the community’s economic prosperity. The retention and renovation of the auditorium have created a valuable gathering space for community events, fostering engagement and unity among residents. Overall, the project brings value to both the tenants and the community by preserving history, providing unique living spaces, and contributing to economic development in the area.

THE STORY:
Situated on 34 acres in Cumberland County’s choice farmland district, Countryside Village was constructed in the 1940s to house workers of the Seabrook Frozen Foods Company. The Village consisted of 326 Section 8 apartments in 57 one-story, bunker-like buildings, which over time had become severely distressed.

The community had been rehabilitated in 1987, but the apartments were extremely small, the building systems were out of date and needed replacement, and the needs of older adults and persons with disabilities were not being met. Roads and parking were substandard, there were no community facilities and the Village was poorly designed, adding greatly to the impression of isolation and distress.

THE VISION:
Vesta set out to redefine Countryside Village, starting with demolition of the existing structures and creation of a new, viable, self-sustaining and attractive mixed income residential community. Existing residents were temporarily relocated on-site during construction. Due to a limit on the amount of New Jersey tax credits that could be awarded to a project in one year, the redevelopment was completed in three stand-alone projects with separate ownership entities and financing.

The redevelopment took advantage of the size and attractive setting of the community. The master plan provided a clear and coherent road system, connecting the site to the surrounding community, while providing traditional frontages for new housing, and a safer gateway in and out of the neighborhood. Vesta replaced the one story flat-roofed structures with attractive two and three-story buildings sporting peaked roofs, dormers and front porches using quality façade materials.

Phase I consisted of 100 new apartments, constructed and fully occupied in 2006. All apartments are affordable to families earning less than 60% of median income in the county. Phase II consisted of the construction of 90 new, attached and architecturally complementary apartments. The project was fully constructed and occupied by year-end 2007. Included in Phase II was the construction of a Management Center with associated laundry and community space facilities. Phase III began in the fall of 2007 and was completed in 2008. It consisted of the new construction of 93 apartments in 18, two-story attached buildings. Phase III also included a 2,048 square foot Community Learning Center.

Because of technical program restrictions, Vesta had to opt out of the project-based Section 8 contract for all existing apartments; therefore the new apartments are market rate affordable.

THE RESULT:
The new Countryside Village Apartments face directly onto new and existing streets with on-street parking – all geared towards promoting safe, walkable, and livable streets and blocks. Rear yards were developed to include additional parking and open space such as tot-lots and gardens. The community now offers apartments accessible to older adults and persons with disabilities. The new Community and Learning Center was strategically placed central to the entire Village, promoting an enriching and supportive community environment.