Neighborhood Revitalization Initiative: Saint Luke’s Hospital
Neighborhood Progress Inc. (NPI) and Pennrose Properties, LLC, successfully closed on all financing and commenced construction on the renovation of the historic Saint Luke’s Hospital – Phase 1 in Cleveland, Ohio, in February 2011. This exciting development endeavor benefited from $10,602,000 in Low Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (FHTC) equity of the $22.1 MM total development cost. In addition Phase 2 received an allocation of LIHTC in March 2011.
Saint Luke’s Hospital in Cleveland, Ohio, is a prominent 390,000+ sf building that was built in 1927, vacated in 1999 and placed on the National Register of Historic Places in 2005. Saint Luke’s is the landmark structure amidst a great deal of neighborhood investment. It marks the fourth component of the campus revitalization, which is being completed in partnership with The City of Cleveland, NPI (owner), Pennrose (developer) and various other public and private entities. Components 1-3 were 80 market rate housing starts, a new elementary school and a new public library.
Phase 1 of the hospital adaptive reuse included the construction of 72 high-quality one- and two-bedroom, energy-efficient apartments for low-income senior households, a community room, computer lab, supportive service space, fitness room, doctor’s office/clinic, and an onsite management suite in the central wing of the building. The renovation will achieve a Silver LEED rating and is part of a LEED for Neighborhood Design plan. Phase 1 also redeveloped the courtyard into a 72-space surface parking lot with an elegantly landscaped recreational area. Saint Luke’s Phase 2 included renovation of the west wing into an additional 65 unit senior residence and Phase 3 will transform the east wing into nonprofit office space, classrooms and community facilities. Enterprise Community Investment, Inc. is provided the LIHTC and FHTC equity portion of Phases 1 and 2. Phase 2 ($17MM) utilized more than $14MM in LIHTC and FHTC equity. This building renovation could not have taken place without the Federal Low Income Housing Tax Credit and other federal affordable housing resources.
Saint Luke’s Manor received the National Trust/HUD Secretary’s Award for Excellence in Historic Preservation in 2012.