KERR BUILDING - InSite Capital

KERR BUILDING
Project Profile
Jennifer Wingard, a resident of Coldwater, Michigan with extensive family ties to the
area, had a vision to renovate a series of three, contiguous buildings in the downtown
Coldwater Historic District into a mixed-use residential and commercial property. The first
building, 61 W. Chicago, was constructed in 1891 by John A. and Andrew Kerr for their
hardware business. In 1949, 63 W. Chicago was constructed by the Kerr family to expand
the hardware store. The third building, 67 and 69 W. Chicago, was built in 1882 by Alfred
Milnes for his mercantile business known as “The Fair”, which served as a dry goods
store. Both businesses operated concurrently for a number of years on the block.
The property’s most unique feature is the angled corner entrance on the northeast
corner of the building. Historic features, such as signage on the interior walls, historic
windows, and window trim, contribute to the original character of the property and will
remain with the renovated building.
The city of Coldwater Downtown Development Authority (DDA) purchased the property in
1999, and had been looking for a developer to take on this ambitious renovation. Jennifer
recognized the importance of the Kerr Building and the opportunity to link the downtown
retail district to the recently renovated historic Tibbits Opera House, located directly to
the south of the Kerr. Jennifer has been working on the project since 2007, receiving the
Part 1 approval from the State Historic Preservation Office and the U.S. National Parks
Service and a Brownfield Approval by the city and state. At that point, the project stalled
due to a lack of financing, low projected revenues, and the onset of the recession. In late
2013, Jennifer’s drive and vision to create a second use of the Kerr Building attracted
InSite Capital to the project
InSite Capital worked with through multiple revisions to the project with Jennifer and
provided a commitment for funding. Jennifer hired Gary Scheuren as development
project manager because of his deep historic and project incentive experience. They
were able to identify and receive the remaining sources of funds necessary to complete
the project. A total of 10 different funding sources and incentives have come together to
make the project a reality.
InSite Capital is a subsidiary of Lake Michigan Financial Corporation. 150 Central Avenue, Holland, MI, 49423
Financing Highlights
The historic renovation provides for 14 residential apartments on
the second and third floors and 8,000 square feet of commercial
space on the first floor. MSHDA provided a Rental Rehabilitation
Grant, ensuring that eight of the units contain rent and income
restrictions for the first cycle of tenancy. A CDBG Grant and CDBG
Revolving Loan helped build out the first-floor commercial space,
which includes restaurant space to serve as a convenient dining
option for the 30,000 to 35,000 individuals who visit the adjacent
Tibbits Opera House each year.
Jennifer needed a financial partner who could share her vision and
assist in the creation of financial solutions.
With over ten funding sources, finding an investment partner who
was able to provide the complicated bridge lending, the investing
and the permanent financing made the project happen.
Community Contribution
Rich Lievense
Principal
p. 616.494.9016
[email protected]
Sadie Erickson
Associate
p. 616.494.9022
[email protected]
Kirstyn Wildey
Associate
p. 616.494.9046
[email protected]
The Kerr Building is located at a main intersection in the heart of
the downtown district, and has been left vacant and functionally
obsolete for more than 10 years. Both Jennifer Wingard and the
city of Coldwater have invested a significant amount of time, effort,
and financial assistance to support the redevelopment of the
property. The completed project serves as a catalyst to support
continued activity in downtown Coldwater.
The InSite Advantage
InSite Capital works with its partners as well as with industry
experts to solve complex development issues as they arise.
InSite Capital helped the developer with construction and bridge
lending and provided support for structuring and utilizing
available tax credits. InSite Capital’s experts were able to provide
assistance and connections to strategic partners throughout
the entire process.
The renovation was complete in April of 2015.
References
Jennifer Wingard
JMWingard, LLC
517.278.6292
[email protected]
Gary Scheuren
Scheuren & Associates
517.582.5192
[email protected]
InSite Capital is a subsidiary of Chemical Financial Corporation. 150 Central Avenue, Holland, MI, 49423