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| Caesar as laughingstock: 2012 blog illustration |
Hmm, a new idea for redeveloping the Moser Tannery. Looks promising ... and then those magic words appear (italics mine).
The project hinges on the firm receiving federal low-income housing tax credits through the Indiana Housing and Community Development Authority, according to Erika Scott, vice president of development for Herman & Kittle's Midwest region.
Uh oh. Time flies when you're watching gravity at work on neglected buildings.
See below, after the link, for a compendium of NAC posts from early 2012, when Bob Caesar and Kevin Zurschmiede combined their efforts to equate federal low-income housing tax credits with Ebola ... even as KZ's spa tenant was providing happy endings right across the street.
Indianapolis firm looks to build apartments at old New Albany tannery, by Cary Stemle (Louisville Business First)
Albert Goodman has had his share of false starts since he purchased the old Caldwell Moser Tannery property in 2002.
Most recently, he thought he had a deal to sell the New Albany site to developers who planned to build apartments for low-income seniors. But despite receiving approval for $4.5 million in federal residential housing tax credits in 2010, prospective buyers Pam and Tony Young never finalized their purchase of the property. Goodman told Business First the couple could not arrange financing during the recession.
Now Goodman has another pending sale. Herman & Kittle Properties Inc., a multi-family developer whose primary focus is affordable housing in the Midwest and South, has the property under contract and proposes a $12.6 million project to build 93 apartments.
For the best (and most balanced, and spirited) discussion of the low-income credit conundrum, proceed to this article from February 25, 2012: Shambolic NA: Big ticket jewelry and lower-income tax credits. There are 50 comments, providing a fine overview of the issue.
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