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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 10 th Street & Rhode Island Avenue NE Washington, DC (Targeted Opening – Spring 2013) Israel Manor Senior Residences

3 About the Israel Manor Senior Residences  CONSTRUCTION TYPE:New Construction  PROJECT LOCATION:Ward 5 Rhode Island Avenue & 10 th St., NE Washington, DC  PROJECT TYPE:Affordable Housing for Seniors  NUMBER OF UNITS:49 – 1 bedroom units  MONTHLY RENTAL RANGE :$750 - $850 monthly rent  LEED LEVEL:Silver  PROJECT STATUS:Pre-Construction  INVESTMENT:$966,000 (as of 6/1/2011)  ESTIMATED PROJECT COST:$13 Million  TARGETED DELIVERY:Winter 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 : Community Development Concepts Lawrence Cager, Russell Simmons  ARCHITECTS:Bryant Mitchell Architects Melvin L. Mitchell, FAIA  ENVIRONMENTAL ENGINEERS:GeoConcepts Engineering Inc  GENERAL CONTRACTOR:Hamel Builders  GENERAL COUNSEL & REAL ESTATE TRANSACTION ATTORNEY : Jordan & Keys George R. Keys, Jr.  LEED Green Building Requirement Consultants:Terralogos Kim Schaefer, Architect, LEED AP

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