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IMI Community Development Projects Community Development Services, is one of the primary lines of business for IMI. Within the next 2 years, IMI seeks.

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Presentation on theme: "IMI Community Development Projects Community Development Services, is one of the primary lines of business for IMI. Within the next 2 years, IMI seeks."— Presentation transcript:

1 IMI Community Development Projects Community Development Services, is one of the primary lines of business for IMI. Within the next 2 years, IMI seeks to bring on line, a Life Learning Center and an affordable senior housing center as its flagship community development projects. The Life Learning Center at Israel Baptist Church State-of-the art community facility attached to Israel Baptist Church. It is intended to house a wide range of health, education, senior citizen, sports and fitness activities administered by the church, IMI and major non profit service providers. It is in the final stages of the pre-construction phase and has received preliminary public and private financial commitments and a building permit. Subject to the closing on public and private sector financing in 2011, construction is projected to commence in early 2012 and conclude in the summer of Israel Manor Senior Residences A companion project is a 49 unit Senior Housing Center project, being developed for a site approximately 2 blocks away from the Life Learning Center at 10th Street & Rhode Island Avenue. In June 2009, IMI purchased the land with a SAFI loan from the Enterprise Community Loan Fund. IMI also closed on a pre-development loan from the DC Department of Housing & Community Development. Construction is expected to commence on this project in Spring-2012.

2 1251 Saratoga Avenue NE Washington, DC (Targeted Opening – Early 2013) The Life Learning Center at Israel Baptist Church

3 About the Life Learning Center at Israel Baptist Church CONSTRUCTION TYPE:New Construction PROJECT LOCATION:1251 Saratoga Avenue, NE Washington, DC Adjacent to Israel Baptist Church PROJECT TYPE:Community Facility to house offices for health services, senior services, education, cultural arts, sports, meeting, and fitness programs with onsite parking SQUARE FOOTAGE:43,000 gross square feet of space LEASING RATE:$23.00 per square foot, triple net LEED LEVEL:Silver PROJECT STATUS:Pre-Construction INVESTMENT:$1.5M by Israel Baptist Church ESTIMATED PROJECT COST:$14 Million TARGETED DELIVERY:Summer 2013 DEVELOPER & BORROWER:Israel Manor Inc Saratoga Avenue, NE Washington, DC phone fax MANAGING DIRECTOR:Carrie L. Thornhill (cell) VISIONARY & LOAN GUARANTOR:Israel Baptist Church Rev. Dr. Morris L. Shearin, Pastor 1251 Saratoga Avenue, NE Washington, DC phone fax OWNER REPRESENTATIVE & FINANCING CONSULTANT : District Development Group Phinis Jones, Principal ARCHITECTS:A-2 Design Inc Clinton E. Gravely, AIA Architect and Associates ENGINEER:Consulting Engineers Corporation Raj Jalle GENERAL CONTRACTOR:Forrester Construction Company Kevin Malpass, Jon Cadle, Sean Roddy GENERAL COUNSEL & REAL ESTATE TRANSACTION ATTORNEY : Jordan & Keys George R. Keys, Jr. LEED Green Building Requirement Consultants:Greenshape Iris Amdur, AP, Principal Potomac Energy Group, Inc. Farooq Ahmadzai, P.E., President

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