Awards

2014 MFE Award goes to Lofts at McKinley

Multifamily Executive, October 2014

The Lofts at McKinley certainly has originality on its side: The property is the first senior housing development to be constructed in downtown Phoenix in almost 20 years, and it’s the first LEED Platinum-certified multifamily senior housing development in Arizona.

Gorman & Co.’s extensive experience in historic renovation came in handy on the project. The site is within the boundaries of both the Roosevelt Historic District and an “Area of Potential Effect” for archaeologically significant assets dating back to the Hohokam Indians. The designations required compliance with 26 historic preservation stipulations, as well as consultation with local Native American tribes and an archaeological dig.

Additionally, asbestos from the abandoned building occupying the site had to be cleared, and a zoning change was made after developers submitted the building application, causing a rework of the design.

Given the development hurdles, time saved during construction by using prefab SIPs instead of standard wood framing was critical to staying on deadline. They serve as a green feature, along with roof-mounted solar panels and a water harvesting system.

In a walkable, revitalized historic neighborhood, the Lofts at McKinley fills a gap in Phoenix’s housing market by providing 100 percent accessible, urban living for the 55-plus community. Rents are aimed at those earning 40 percent to 60 percent of the area median income.

Response has been strong; the property was fully leased in three weeks, with a majority of residents coming from outside the downtown area, nearly half with a disability and/or sensory impairment.

2014 Historic Restoration Award Winner Announced, Wisconsin Historical Society

Gorman and Company Inc. of Oregon, Wisconsin, has been awarded the Society’s 2014 Historic Restoration Award for the interior and exterior restoration of The Brewhouse Inn and Suites in downtown Milwaukee.

About the Restoration Award

The award goes to the best restoration work of a Wisconsin historic property that involves comprehensive work to restore a historic building, structure, object, or site.

About the Restoration Project

The project converted the vacant brewhouse, formerly the Pabst Blue Ribbon brewery, into a 90-room, extended stay hotel while maintaining the character of the original brewhouse. The restoration even retained and reused the original copper brew kettles, as seen pictured here.

The restoration was also a Leadership in Energy and Environmental Design-certified project for saving or reusing much of the building’s historic fabric. A prime example was making all of the headboards and tables in the suites from salvaged heavy timbers removed from the building during its rehabilitation.

A panel of judges from the Wisconsin Historical Society recommended Gorman and Company for the award, which the Wisconsin Historical Society’s Board of Curators approved at its June meeting.

The AHF 50: Top 50 Affordable Housing Developers, #29 Gorman & Company, Inc.

By Christine Serlin, Affordable Housing Finance, April/May 2014

#29, Gorman & Company, Inc.

Gorman and Co., based in Oregon, Wis., isn’t just a housing developer.  The company considers itself a community developer, too, building in revitalizing areas in Arizona, Florida, Illinois, and its home state.  One of Gorman’s major accomplishments for 2013 was finding new sources of financing for that work.

“We have to be prepared if there are real jolts to traditional funding, like low-income housing tax credits (LIHTCs) or historic tax credits,” says COO Tom Capp.  “That’s a bit of the motivation why we’re looking at new sources.”

The firm has had recent success with the government’s EB-5 program, which offers foreign citizens a Green Card if they’ll invest $1 million in an American project that creates or preserves jobs primarily in community development areas.

Gorman is redeveloping the Pabst Brewery site in Milwaukee with three projects.  The first was Blue Ribbon Lofts, 100 affordable units financed with LIHTCs and historic tax credits.  The second was a historic hotel and restaurant, where the company utilized the EB-5 investments.  The third will be market-rate workforce housing with equity from a Chinese developer.

“These financial sources are fueling projects like workforce housing and elements communities want to see us executing in the revitalizing areas,” says Capp.  “These sources are touching housing, but not intermingling with the LIHTC.”

The firm has also received approval from HUD’s Rental Assistance Demonstration program for a 300-unit public housing development in Phoenix.

Gorman & Company, Inc. Named in the Top 50 Affordable Housing Developers of 2013

April 10, 2014

Affordable Housing Finance named Gorman & Company, Inc. in the top 50 affordable housing developers for 2013.

Advisory Council Members Recognized for Service

The FHLBC recently recognized three professionals for completing a term of service on the Bank’s Community Investment Advisory Council: James Keledjian, Principal and President, Pathway Senior Living; Mary R. Kenney, Executive Director, Illinois Housing Development Authority; and Gary Gorman, President, Gorman & Company, Inc.

The Advisory Council consists of representatives actively involved in providing or promoting affordable housing, community economic development, and/or community lending in Illinois or Wisconsin. The Council meets quarterly with representatives from the FHLBC’s Board of Directors to advise the Bank on ways in which it can better carry out its housing finance and community investment missions. At its December meeting, the Board will make appointments to the 2014 Advisory Council.