Shared Real Estate Talent | At Work On the Ground in MillvaleLeave a Comment
Neighborhood Allies’ Shared Real Estate Talent Program helped Millvale CDC unlock $500,000 in grant funding, positioning them to pursue the redevelopment of two highly visible properties along the business corridor.
“By bringing Tom Hardy on board as part of the MCDC team, it has allowed the organization to move forward in a positive direction. Tom’s expertise has helped us in gaining access to a $500,000 grant that is pivotal to our organization’s future success. We are so grateful to Neighborhood Allies for their partnership in making this relationship possible.”
-Jaime Hahn, MCDC Board President
Our Shared Real Estate Talent Program assists CDCs, CBOs, and emerging community-driven developers to successfully complete real estate projects and find appropriate roles and partnerships in the development of projects in their communities. This positions us to systematically supply critical technical assistance that allows local community organizations and emerging developers to access critical early stage expertise in evaluating a project, including design, budgeting, operating projections and right-sizing the financing package.
The Millvale CDC (MCDC) has been working with Tom Hardy, one of our Shared Real Estate consultants for the past two years. Together, they have been implementing a restructuring plan that focuses on selling assets to community serving uses, making significant progress in the community’s redevelopment efforts including:
- Last fall the MCDC executed the first part of this strategy by selling 501 E. Ohio to Strange Roots. The brewery is owned by a long-time Millvale family who had entered a lease purchase agreement in 2013. Completing the purchase allows Strange Roots to maintain long-term control over the site, and solidifies their home in Millvale.
- Following the Strange Roots transaction, MCDC entered an agreement to sell 220 North Avenue to its current occupant – Ton Pottery. The pottery studio is also a long-term Millvale business, offering classes to all ages and skill levels. The studio also has a strong retail presence. The sale occurred in December with Bridgeway Capital providing financing to Ton Pottery.
- Proceeds from the sales of both properties were applied to the balance of MCDC’s bridge loan for RACP financing. In addition to the sales transaction, MCDC was able to address outstanding items on the RACP checklist.
This fall, the MCDC will also be charting a new course with strategic visioning and development work in order to really launch strongly in 2020 as a viable organization that is again ready to take a leadership role in Millvale’s redevelopment efforts. They are now on track and positioned to achieve the redevelopment vision set by resdients for the neighborhood.
For information on our Shared Real Estate Talent Program contact: firstname.lastname@example.org