Michaels Receives Lihtc Award And Part I Approval From National Park Service On Historic Rehab Of Mckinley Park Apartments
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New partnership between Michaels and Stark Metropolitan Housing Agency will rehab 81 historical units in the Downtown Canton area
August 11, Canton, OH—In these challenging times, when access to high-quality affordable housing has become more critical than ever, The Michaels Organization is proud to announce a new partnership in Canton, Ohio, with the Stark Metropolitan Housing Agency. Together, Michaels and SMHA (SMHA) will transform a dilapidated mid-Century building, McKinley Park Apartments, into a thriving, senior-living community to be called City View Apartments.
“City View Apartments will be a great addition to downtown Canton and will provide much needed affordable housing to our community. Through our partnership with The Michaels Organization, we look forward to future development opportunities,” said Director of Planning and Development, Ashley Wright.
The development team recently received a critical allocation of federal Low Income Housing Tax Credits from the Ohio Housing Finance Authority (OHFA) and has also received the first approval from the National Park Service needed to seek historic tax credits. Both credits will be leveraged to raise private capital for the $14.5 million redevelopment.
Originally built in 1967, McKinley Park Apartments is an 11-story, 81-unit high-rise with a current mix of studios and one bedroom apartments. With the renovation, all studios will be upgraded to one-bedroom apartments. Located immediately south of downtown Canton, the redevelopment of the historic but obsolete apartment community will represent a critical new affordable housing option for Canton’s senior citizens. In addition to the apartment renovations, the redevelopment will include a newly-remodeled community room, a reading room, a fitness center, and on-site property management. The community will offer 80 modern one-bedroom apartments and 1 two-bedroom unit, all rent-restricted to households earning less than 60% of the area’s median income (AMI). The redevelopment of McKinley Park Apartments into City View Apartments is aimed to breathe economic prosperity and neighborhood growth into the community.
“We’re excited to partner with the Stark Metropolitan Housing Authority on this spectacular redevelopment effort. When complete, the building will anchor the south end of downtown Canton,” said Greg Olson, the lead developer and Regional Vice President of The Michaels Organization.
With Part 1 Approval from the National Park Service achieved, the development team is now pursuing placing the building on the National Register, which will allow the development team to pursue Ohio historic tax credits. Additional financing sources include City of Canton HOME funds and OHFA soft funding.
Development team members also include Moody-Nolan, a Columbus-based architect, Prater Engineering, Tober Building Company as the General Contractor. Lenders and investors will be identified this fall. Upon completion, Michaels Management will serve as the property manager, to ensure the success and longevity of the community and its residents.
About SMHA: The Stark Metropolitan Housing Authority (SMHA) provides eligible residents of Stark County with quality affordable housing in decent, safe, and nourishing neighborhoods. By working in partnership with the public and private sectors, SMHA provides families with housing choices and opportunities.
About the Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
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