Nomination of Maydestone as Historic Place

Maydestone - 1001 15th Street, Sacramento, CA 95614

Next week the Preservation Commission will consider nominating the Maydestone Apartments to the National Register of Historic Places. Built in 1910, the building will be eligible as an important element contributing to the urbanization of Sacramento in the early 20^th century and as an excellent representative of Mission Revival design in Sacramento.

Last year the building finished up rehabilitation at a cost of $7.2 million which restored the building in accordance with the Secretary of Interior’s Standard of Rehabilitation of Historic Buildings.        

http://maydestone.com/

Photo by http://nicholaswray.com/

Maydestone Grand Opening

The Sacramento Business Journal’s reporting that this Wednesday Sacramento officials are expected to gather at the Maydestone apartment building for the grand opening of a formerly burned out structure rehabbed into 32 units of affordable housing.

It could be one of the last projects funded with redevelopment dollars for a while, given the dispute between local government and the state of California over the use of such funds. Most future projects are on hold until courts resolve the dispute over whether the state can take redevelopment money to help balance the budget.

Sacramento infill developer D&S Development kept many of the building’s original features, including roll-out beds and built-in furniture. The company put in a vintage-style elevator to maintain a consistent look dating back to the building’s construction in 1915. Also left untouched is the mosaic tile in front of the building that spells Maydestone with a backwards “N.” This is a $7.2 million renovation.

Featured here is a slideshow of photos from photo editor Dennis McCoy.

Summer 2011 Construction Rundown

Sutter Medical Center - L & 29^th Street, $600 million project. Expected completion date, late 2012.

La Valentina Station - 12th Street between D and E streets, $27 million project. Expected completion date, summer 2012.

Maydestone Apartments - Corner of J & 15^th Street, $7.2 million renovation. Expected completion date, February 1, 2012.

“Seventh & H" SRO - 7^th & H Street, $47.4 million project. Expected completion date, Spring 2013

DMV Headquarters Upgrade - 2415 1st Avenue

$127 million renovation, 13-years renovation so far. Expected completion date, who knows???

626 I Street Rehabilitation Project - $19.4 million. Expected completion date, Sept. 2012

Maydestone Renovation

The Maydestone apartments are finally getting the rehab that we have been hearing about since 2006. Built in 1912 and continually having tenants until 2003 because of a fire, in 2009 Sacramento developer D&S Development took over an option to purchase the historic 34 room building. On the southeast corner of 15th and J, the Maydestone apartments have been vacant for five years and underutilized for decades. The $7.2 million renovation should be finish in late 2011 and clean up a busy corner on J Street. SHRA will contribute $4.57 million of low-moderate housing set aside funds. $2.29 million in the form of a 30-year forgivable loan (loan forgiveness based on performance) for seismic and historic renovations. Additionally, SHRA will provide a hard loan of $2.28 million for 40 years at 4 percent interest. Brief Project Overview

Maydestone Moving Forward

On Tuesday the City of Sacramento will approve a loan increase to the Redevelopment Agency to increase the loan from $4,570,000 to $6,100,000 for acquisition, construction, and permanent financing of the 32-unit historic Maydestone apartment building. This 4-story landmark building is located across the Memorial Auditorium at 15th and J Streets. The property has been vacant and boarded for more than six years due to a fire and needs substantial improvements.

Since Redevelopment Agency funding approval was obtained in April 2009, D & S Development, Inc. (Developer) has been working diligently to secure conventional bank financing to proceed with the renovation. Under the current restrictive lending environment, the Developer has been unable to obtain a construction or permanent loan from a conventional lender. The result is a loss of approximately $2 million in project financing. To fill this gap, the Developer is contributing an additional $100,000 of Owner Equity, costs savings of $370,000 have been identified, and the Developer is requesting an additional $1,530,000 in Agency funds. Staff is seeking approval for an additional $1,530,000 in Downtown Low/Moderate Housing Funds to augment the existing $4,570,000 Agency loan which will increase the loan to $6,100,000.

The $1.53 million of new Agency funds will consist of a $1.23 million nonforgivable loan and $300,000 to be forgivable pursuant to costs associated with ADA/accessibility upgrades including related off-site improvements due to public funding requirements. In consideration for the increased Agency loan, eight market rate units will now be restricted at 110% of Area Median Income for 55 years.

The 4-story apartment building built in 1915 has been vacant and boarded for over six years. The proposed project will convert 32 dilapidated units into 24 studio units, and 8 one-bedroom units affordable to households who earn between 60 -110% of the area median income. Amenities will include a renovated basement for primary use as community space with a community room, manager's office, exercise room, individual storage, and a laundry room.

The Developer must complete construction of the project by February 1, 2012.