Our planners would do well consult these folks:

http://trans-alleghenylunaticasylum.com/main/history3.html

It's very impressive what they've to in repair and restoration. It's quite a tourist attraction, with all kinds of tours offerred on almost daily basis.

Alan the articles alluded to some new buildings. Where are they going to go? What about the businesses referenced in the article? I was under the impression the senior housing would mostly be in undeveloped sections of the main Kirkbride building.

The ship has sailed long ago on restoring the Kirkbride Building of the Ridges to its full historical glory as an asylum. The OUPD now occupies the east side of the building. One could say that ship sailed the moment the Kennedy Museum of Art arrived at the Ridges. Kennedy was never "the" art museum for OU as there are other galleries but it has felt that way. Haning Hall would make a nice annex for the Kennedy Museum I have long thought and tear down RTEC to create public space for local artists to sell their work uptown behind it.

Back to the remaining 1/3rd of the Kirkbride not developed and OU Inn expansion somewhere on the ridges was described back in 2016 but didn't progress. Also village shopping and dining was thrown out there as a possibility.

In 2019 after a community push for input senior housing at the Ridges became more of the preferred option on how to redevelop the west side of the Kirkbride building (2,3,4). A concept included turning the Kirkbride west wing into 60 senior apartments.

The biggest question I have is how a 100 senior housing apartments in buildings 2,3.4 at the Ridges are going to be economically viable. OU renovated the flex space east wing of the Kirkbride for $17 million and CBP's number thrown out at city council was $36 million to create apartments in a similar square footage space. That makes sense when you are talking about 100 bathrooms and 100 kitchens that need to be installed. Developer can take out a bond from the community authority and in theory there shouldn't be a problem.

The problem is the valuation of the post renovation work. If the affordable rental units are going to be set at 60% AMI of Athens County and 30% of that level representing a fair percentage of income directed toward housing it does put that monthly rental around $500. Going by a normative ratio in residential real estate that monthly rents are 0.5% the most one of those apartments are going to be worth are 100k. 100k time 100 units is only $10 million against a restoration cost of $36 million.

Throw in a few assumptions on tax advantage development. The maximum Ohio Historic Preservation Tax Credit is $5 million dollars. Assuming the senior housing project could get that it drops to $31 million. Also assuming its a 0% bond issued from the community authority the developer is taking for the Tax Increment Financing where they can write the taxes off their obligation. At a rate of 1.22% in Athens County that's 122,000 of taxes on a valuation of 10 million. Over 10 years of a TIF agreement that's only 1.22 million of tax benefit. Then of course you've the cash flow from the apartments. Figuring 2% annual rent inflation over a 10 year period is 665k annually on rent per year and that is only 6.65 million.

Then develop and resale to investors a obligation that is 15 million in the red? Federal money can help here. If the project could get a Federal Low Income Housing Tax Credit (LIHTC) where the entire project cost can be a tax write off then its entirely feasible. If I'm on City Council I'd want more details around the feasibility of creating 100 low income apartments and the projected assessed value would be post renovation. How long would take for the credits to materialize as well for the developer? It could be something where they'd have to wait in line a few years.