Beech Street Factory

Beech Street Factory
Options for Pottstown
Genesis Housing Corporation & Housing Visions
Mission: Revitalizing and sustaining neighborhoods through a comprehensive approach that improves quality of life.
Housing Visions
20‐Year Track Record:



8 Cities
36 Development Projects
283 Buildings (Rehab/Historic and New Construction)

990 Apartment Units
Housing Visions
 Before and After
Housing Visions
 Before and After
Housing Visions
 Before and After
Housing Visions
 Before and After
Housing Visions
 Before and After
Housing Visions
 Before and After
• What happens to larger historic properties?
• Manufacturing use – no longer viable
• Economics don’t support market rate •
•
(Fecera’s vacant 7 years… and counting)
Limited shelf life for 100+‐year‐old structures
• What are the options?
Options for Properties
 “Do nothing”
 Demolition
 Creative Financing
 Federal Historic Tax Credits
 State Housing Tax Credits
 Private Investment
 Foundation and Other Grants
341 Beech St.
341 Beech St.
Proposal: Beech Street Factory
 Mixed‐Use Arts Community
 43 apartments
 All ages
 ADA units: mobility, hearing, vision
 Commercial space – ArtFusion
 Shared gallery, community, amenity space
 Supplemental marketing to arts community
First-Floor
Building Plan
ArtFusion
Commercial
Space
Similar Developments
 Sherman Mills, Philadelphia
 Mill complex in NW Philly
 60 rental apartments
 Commercial space and artist studios
Similar Developments
 Spinning Plate Lofts, Pittsburgh
 Former car showroom
 37 apartments
 First floor gallery
 Open floor plans
 Large windows, high ceilings
 Opened in 1998
Similar Developments
 Appleton Mills, Lowell, MA
“This revitalized textile mill is the home
of artists and others who want affordable
living along with over 30 unique floor
plans, tall ceilings, and lots of light.”
“Appleton Mills is a great opportunity for
those who make art and those who truly
appreciate it.”
Housing Visions
 Tenant Selection Process
 Income verification
 Comprehensive background checks  Interview with previous landlord
 In‐home visit and interview
 Credit check
Financial Counseling
 Preparing our tenants for home ownership
 Classes and counseling from Genesis
 Minimum 10 hours/week
Affordability
 Max. Income
 1 bedroom: $35,490
 2 bedroom: $42,600
 3 bedroom: $49,200
 Avg. Rent
 1 bedroom: $600  2 bedroom: $815
 3 bedroom: $935
Beech Street Factory
 Sleek loft‐style finishes with EnergyStar appliances
 Community room/gallery space
 Resident computer lab
 Landscaped courtyard with covered bike storage
 On‐site laundry
 Individual storage units
 Elevator/Fully Accessible  Full‐time Property Manager and Maintenance Staff
 4 blocks from High Street
Beech Street Factory
 $12.6 Million Investment
 Keep Investment Local
 Sub‐contractors, materials suppliers, architect, engineer, environmental firms, new full‐time property management and maintenance staff