Bobcat Attack - General Ohio University Discussion/Alumni Events - ARC provides grant for Ridges infrastructure improvements

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Topic: ARC provides grant for Ridges infrastructure improvements

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TWT

12/15/2022 12:10 AM

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Athens City Council met in committees on Monday to discuss the future of The Ridges.

Council President Chris Knisley said Buckeye Hills Foundation and Community Building Partners, or CBP, were able to obtain a grant from the Appalachian Regional Commission to further a plan to stabilize the buildings and plan potential new buildings.

CEO of CBP Joseph Recchie said the group has evaluated the buildings and the site to determine the possible steps to upgrade the Kirkbride campus and opportunities for select commercial development and home-ownership.

“We’re leaning hard into owner-users, businesses who would own buildings, renovate those buildings compliant with the National Park Service standards, obtain the tax benefits associated with that and operate their businesses as owners and occupants at the Ridges,” Recchie said.

https://www.thepostathens.com/article/2022/11/athens-city...
[/QUOTE]With the ARC grant in place redevelopment of the small buildings of the ridges into craftsman shops appears certain to happen. Possibility is there to make it into quality attraction for visiting Athens, particularly when combined with the Dairy Barn and Lin Hall.

University angle on this development:

[QUOTE]The Ridges Advisory Committee held a hybrid meeting on Monday, November 28 to discuss the progress and next steps related to the overall strategy that will help to guide opportunities for future development, rehabilitation, reuse and preservation of the Kirkbride campus and surrounding land owned by Ohio University.

The core goal of the development strategy, which the Ridges Development Advisors presented to the Committee, is to further advance the overall implementation of the Ridges Framework Plan. The development strategy has continued to adapt through a combination of stakeholder feedback and the evolving needs of Ohio University, Athens and the surrounding region and is in the early stages of finalization.

“For the past 18 months, the Ridges Development Advisors, a partnership between Buckeye Hills Regional Council and Community Building Partners, have engaged in numerous planning, research and stakeholder engagement activities to not only help identify the development opportunities that could be available at The Ridges, but to ensure they equally align with the needs of the larger community as well,” said Ohio University Director of Real Estate Dominick Brook.

Brook said that all future development opportunities, including the consideration of creating a New Community Authority that could provide increased avenues for stewardship and community reinvestment, remain exploratory and would require continued collaborations and discussion with the Ohio University Board of Trustees and other University Stakeholders, along with the City of Athens, Athens County, and the State of Ohio, before moving forward.

https://www.ohio.edu/news/2022/12/ridges-advisory-committ...

Last Edited: 12/15/2022 12:10:55 AM by TWT

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OhioCatFan

12/15/2022 10:16 AM

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.

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Alan Swank

12/15/2022 9:14 PM

Joseph Recchie made an outstanding presentation to council a few weeks back. My guess is that we will take this matter up in January or February and vote to form a community authority. We're still three to four years from actual usage of the buildings. The possibility of actually having affordable housing that is rental in nature, owner occupied and housing for seniors is very exciting.

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TWT

12/15/2022 11:16 PM

Alan Swank wrote:expand_more

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.

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OhioCatFan

12/15/2022 11:34 PM

Campus Flow wrote:expand_more

. . . I was under the impression the senior housing would mostly be in undeveloped sections of the main Kirkbride building.

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TWT

12/17/2022 1:13 AM

OhioCatFan wrote:expand_more

Campus Flow wrote:expand_more

. . . I was under the impression the senior housing would mostly be in undeveloped sections of the main Kirkbride building.

I doubt it. Those buildings have very high ceilings and are very expensive to heat. Back in the day, the asylum had its own heating plant, and before that all kinds of wood burning fireplaces. And, because of the historical nature of these building, it would probably not be a good idea to modify the interiors in a way that would destroy the unique Kirkbride look. There are not too many of these left. Look at the link in my previous message, this is the way that that big old building could be made a tourist attraction and help pay for its own upkeep.
[/QUOTE]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.

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Village shopping and dining. The area’s new amenities, “could provide a learning lab for entrepreneurs and students, while coexisting in a highly desirable location with experienced, local retailers.”

Executive education and extended stay.” The package notes that the OU Inn “has discussed opportunities for expansion and is interested in how the Ridges may complement their offerings.”

https://www.athensnews.com/news/local/ou-seeks-developer-...

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.

[QUOTE]The Ridges Advisory Committee met last week to hear updates from the Ohio University administration on several projects at The Ridges, including a consideration to contract with a private partner to create a new café at Lin Hall, and a “non-binding” request for proposals from private developers to renovate Ridges Buildings 2, 3 and 4 for housing or other purposes.

The university is also planning to issue a non-binding request for proposals for developers with ideas on how they could renovate Ridges Buildings 2, 3 and 4, on the west side of the Asylum complex, likely for use as housing, although there’d be opportunity for “mixed uses,” according to the release.

The presentation does note that community needs identified by the university include “outcomes from affordable and senior housing studies.” The university previously conducted a “high-level space plan” for those buildings that considered the impact of renovating the buildings to house 60-plus apartments, OU Associate Vice President for Planning Shawna Bolin said in a statement provided by an OU spokesperson Tuesday.

https://www.athensnews.com/news/campus/ou-provides-update...

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Alan Swank

12/17/2022 4:11 PM

Campus Flow wrote:expand_more

Alan Swank wrote:expand_more

Start at the 3:00 mark for the presentation.

https://athensoh.new.swagit.com/videos/190219

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TWT

12/18/2022 2:21 PM

Alan Swank wrote:expand_more

Campus Flow wrote:expand_more

Alan Swank wrote:expand_more

Start at the 3:00 mark for the presentation.

https://athensoh.new.swagit.com/videos/190219

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.

Last Edited: 12/18/2022 2:26:22 PM by TWT

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SBH

12/19/2022 10:42 AM

The "flying bridge" concept would be awesome.