A historic 1920s-era YMCA building in downtown Columbus, Ohio is being restored in a $66 million project that will create 121 affordable apartments. Merchants Capital has secured $35.1 million in tax credit equity financing for the seven-story adaptive reuse housing project, which is being developed by Woda Cooper Cos. and IMPACT Community Action.
Construction on Lofts at 40 Long began in August and is expected to be completed by late 2027. Located at 40 W. Long St., the redevelopment will offer one studio, 72 one-bedroom units, 38 two-bedroom units and 10 three-bedroom apartments.
Merchants Capital secured $18.5 million in 4 percent Low-Income Housing Tax Credit Equity, $11.4 million in federal historic tax credits and $5.2 million in Ohio LIHTC. The Ohio Housing Finance Agency allocated the federal and state housing tax credits, and the National Park Service allocated the federal historic credits.
“It is challenging in this current market to get the sources and uses to balance,” Josh Reed, executive vice president of LIHTC acquisitions at Merchants Capital, told Multi-Housing News. “This development is a great example of how federal, state, county and city resources can be utilized to provide essential affordable housing to a community.”
In addition to the equity provided by Merchants Capital, other funding sources included soft financing from The City of Columbus and Franklin County. Huntington National Bank provided a $36.5 million construction loan, according to Yardi Research Data. Cedar Rapids Bank and Trust Co. provided an $8.5 million first mortgage, the same source shows. Woda Cooper Cos. provided three separate construction loans of $13.3 million, $2.3 million and $2 million, according to Yardi Research Data. Affordable Housing Trust for Columbus & Franklin County also provided an equity bridge loan. A sales tax exemption for building materials was provided by the Columbus Franklin County Finance Authority.
Historic rehab planned
Built in 1922, the building is listed on the National Register of Historic Places. It is representative of the Jacobethan Revival and Late Gothic Revival architectural styles that were popular in the early 20th century. The developers plan to preserve many original architecture features, including ornate woodwork on the first floor, stone and terrazzo flooring in the lobby, a winding stairwell and the YMCA inscription on the façade.
The units at Lofts at 40 Long will be for families earning 30 to 80 percent of area median income, with about 20 percent reserved for those making less than $30,000 a year. Rents are projected to be $445 for the studio, $675 to $1,260 for a one-bedroom apartment and $790 to $1,620 for a two-bedroom and $880 to $1,900 for a three-bedroom apartment unit, depending on the designated income restriction.
Unit features will include central air conditioning, vinyl plank flooring and Energy Star-certified appliances such as dishwashers, refrigerators, ovens and garbage disposals.
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Common amenities will feature a basketball court, indoor play area, bicycle storage, community room with kitchenette, fitness center, laundry facilities, coworking space as well as a pet wash room and package room. Lifts and ramps will be installed as part of accessibility improvements. Parking will be available for residents at a city-owned parking garage at an affordable rate.
The 235,1118-square-foot property has been vacant since 2019 and was part of an opportunity development site included in the 2022 Downtown Columbus Strategic Plan. Developed with input from residents, businesses and civic leaders, the plan is aimed at creating a vibrant, walkable downtown with increased housing, employment and retail options.
The property is within walking distance of retail outlets and commercial and office buildings, as well as hotels, parking facilities and additional multifamily properties. A Central Ohio Transit Authority bus stop is outside the property.
IMPACT will provide resident services including emergency financial assistance, job training, housing support and financial wellness programs. Jewish Family Services will also be providing resident services.
PCI Design Group is the architect, with Naylor Wellman providing historic preservation consultations. Woda Construction, Inc., is the general contractor, and Woda Management & Real Estate will handle leasing and property management.
Adaptive reuse experience
Based in Columbus, Woda Cooper is an owner and operator of more than 365 properties totaling 18,000 housing units across 18 states. The firm, which has a development portfolio of more than $3 billion, has completed more than 20 projects leveraging federal and/or state historic tax credits.
Some of the YMCA’s former residents have been relocated to properties served by the Columbus Metropolitan Housing Authority, including McKinley Manor. Woda Cooper constructed McKinley Manor and serves as its property manager.
Lofts at 40 Long isn’t Woda Cooper’s first adaptive reuse announcement this year, either. In July, the firm, in a partnership with the Franklin Development Association, opened Starling Yard, a 97-unit affordable housing community that involved the adaptive reuse of a historic school in Columbus. The 117-year-old former school building is located at 120 S. Central Ave., about 2 miles from the downtown area. It had been vacant for more than a decade before the conversion.
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