A PathStone Real Estate Development presentation by:Susan Ottenweller

Senior Vice President of Real Estate Development7 Prince Street

Rochester, NY 14607sottenweller@pathstone.org

585. 340.3306

Albion Academy:Affordable Housing as Economic Development

History• Located in the Village of Albion,

Orleans County, NY.

• Built in 1906.

• Constructed with grey Medina sandstone.

• Served as a school until the 1970’s.

• Largely vacant, neglected and in a state of disrepair by the 1980’s.

The Renovation• Purchased by PathStone in

2005.

• Senior housing determined as best primary use and most financially feasible.

• Construction began in 2007.

• Residential units on 2nd, 3rd & 4th floors.

• Two commercial tenants identified for the first floor.

• Development team included Nathaniel General Contractors, Passero Associates and Davidson Fink Attorneys.

The Residential Space

• 30 modern apartments were carved out of old classrooms and the auditorium.

• Apartments feature high, stamped-tin ceilings.

• New high-quality, insulated windows were installed in original window openings to match the style and profile of the historic windows.

• Original classroom doors left in place as decorative elements.

The grand staircase, original moldings and elaborate wood trim were restored or replicated.

Corinthian columns were restored and relocated from the auditorium to the community room.

Maximizing historic preservation was a goal of the development team.

The grand main entrance features refinished wood wainscoting and stamped tin ceilings.

The Commercial Space

Orleans County Office of the Aging

PROGRAMS

• Nutri-Fair Senior Nutrition (subcontracted to The Arc of Orleans County)

• Case Management

• Home Care Aides

• Lifeline

• Information and Assistance

• Caregiver Assistance

• Health Promotion

• Exercise Classes

Orleans County Office of the Aging

ECONOMIC

DEVELOPMENT

• 17 paid employees.

• # of clients served has dramatically increased since relocation to Albion Academy due to:

• Improved parking,

• Building & community accessibility,

• Larger space = greater capacity.

• Allows seniors (including building residents) to “age in place” and continue to be community consumers.

The Arc of Orleans County

PROGRAMS

• Day HabilitationProvides people with developmental disabilities life-skills training to enhance and expand their ability to interact with the community.

Participants build their skills and expand their personal experiences through music, crafts and community outings leading to a fuller, richer life.

ECONOMIC DEVELOPMENT• 7 paid employees.

• 16 individuals served.

• Financial resources allowed the development project to be feasible.

• NYS Assembly • National Equity Fund • NeighborWorks® America • Federal Home Loan Bank of New York/Maple City Bank     • NYS Division of Housing & Community Renewal • NYS Office of Community Renewal • M&T Bank • Greater Rochester Housing Partnership/Bank of America • NYS Office of Mental Retardation & Developmental Disabilities • Orleans County Department of Housing Assistance • Rural LISC• Village of Albion• Town of Albion

Funding Sources

Development CostsCommercial units = $1,303,462Total project cost = $8,335,619

Town & Village Impacts• Residential space received tax exemption.• Commercial space received a PILOT.• Preserved/restored a historic building and

an anchor in the Village.• Property went from “detraction” to “attraction”• Significant impact on market value of

surrounding properties.

• Attracts possible future funding to improve the community as a whole.

• Provides a central location for important community services.

• Responds to a community need for senior housing.

• Allows people to remain in the community for housing and services.

Thank you!

A PathStone Real Estate Development presentation by:Susan Ottenweller

Senior Vice President of Real Estate Development7 Prince Street

Rochester, NY 14607sottenweller@pathstone.org

585. 340.3306