Marquee, Phoenix, AZ

COMMUNITY

Goal: cut our teeth on a smaller scale renovation project in a great urban location and address the void of transit-oriented affordable housing for elderly residents by redeveloping a dilapidated building with walkable access to downtown Phoenix.   

Located in the Roosevelt Row arts district in downtown Phoenix, the Marquee provides housing for low income elderly residents who have incomes between 40% - 60% of the County Area Median Income in 34 rental units.  We preserved the mid-century architectural feel of the property through a thoughtful renovation process. Housing for seniors is not readily available in an urban setting with the typical senior housing being located in more remote or suburban areas of the greater Phoenix valley.  As downtown Phoenix was beginning to feel the evolution of a national urban renaissance and more and more businesses and services were beginning to take hold we wanted to create housing that allowed low income seniors access to housing in the middle of the urbanizing action. The energy created by the activity downtown coupled with the extremely convenient access to amenities and services were compelling reasons to pursue the redevelopment of the 1950’s building.

Included amenity spaces are: a pool, an outdoor eating and bbq area, and a community room with common computer.  Services include classes on health, wellness, and financial literacy as well as social community building activities.




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DEVELOPMENT

The Marquee was one of the first two projects that CDP was awarded funding on in our first year of business, 2012.  Fortunately we had a relatively patient Seller due to a soft real estate market in Phoenix which provided us with the time to prepare and submit a 9% LIHTC application to the Arizona Department of Housing.  This was our first experience in Arizona, our first go around with 9% credits, and our first renovation project.

Opportunities
-Arizona was not a very competitive State for 9% LIHTC at the time in 2012
-Prices were fairly low for property
-Class A location

Constraints
-Lack of strong local knowledge with respect to demand for elderly (62=) rental units that were out of the typical box for Arizona caused incorrect assumptions on the ability to achieve 60% AMI rents
-Limited renovation budget
-Weak initial property management company -Out of state architect
-Weak corporate resume due to this being CDP’s first project

Data
Number of Units: 34
Lot Size: 0.55 acres
Density: 53 units/acre
Unit Size: 600 ft2
Unit Mix: 34 1BD/1BA
Parking Spaces: 34
Affordability: 40% / 50% / 60% AMI
Financing: 9% LIHTC and State HTF
Sustainability: ADOH Prescriptive Path
Architect: Anderson Architects
Contractor: Adolfson Peterson
Property Management: Celtic
Non-Profit Partner: La Frontera
Total Cost: $4,665,968
Cost Per Unit: $137,234

Sources
LIHTC Equity $3,268,494
Perm Loan $418,948
ADOH HTF $750,000
Deferred Developer Fee $228,526

Uses
Acquisition $1,595,000
Construction $1,722,816
Development $1,348,151





PARTNERS

CDP is proud to partner with these organizations, dedicated to bettering the lives not only of The Marquee’s residents, but of those lower-income residents in surrounding communities.

 

La Frontera
La Frontera is a community behavioral healthcare organization that provides resident services at Marquee including case management, resident engagement, social activities, financial classes, and health and wellness eduation.




Hugo Medina
CDP engaged long time local artist Hugo Medina to connect with the residents of Marquee in a focus group setting to understand the diverse backgrounds and perspectives of the community in order to inform the subject matter for a publicly visible mural on the building.  In a show of community bonding a consensus was found with a nod to the historic nature of Roosevelt Row with the final selection being Teddy Roosevelt. He still proudly presides over The Marquee and keeps a watchful eye on the community.