Tuesday, October 24, 2006

Providing High-Quality, Downtown Homes for Low-Income Neighbors

This coming Friday will be one of the very best days in the history of Central Dallas Ministries, or one of our worst.

Let me explain.

We are set to close on the acquisition of 511 N. Akard, the 15-story building that we are attempting to convert into 209, high quality, Downtown apartments.

We refer to the project as CityWalk @Akard.

Two hundred units will be affordable for working people, with 50 studio apartments of this group set aside for formerly homeless persons.

Nine of the units will be market rate and a very attractive deal for persons who want to live in Downtown Dallas among a great new community of really wonderful people (Call me or email me if you are interested. I can assure you it will be the best deal Downtown!).

We must close on Friday.

We are set to close on Friday.

To be honest, if we don't close on Friday, I'm not sure what will happen.

So, we are working hard and believing that everything will go as planned.

But, it is still a time of high stress and anxiety for us all.

We have worked so very hard to get to this point.

We realize that after we close on the acquisition there will still be lots of hard work remaining.

Still, this closing date functions as a deadline that is the most important part of the transaction besides our being awarded the low-income, housing tax credit allocation back in July.

I tell you all of this because I know that people who drop in here also care.

And, many of you pray!

So, as you do, remember our project between now and Friday.

These photos let you see the outside and the inside of the building.

I love the shot of the 14th floor (above left) that has been through the hazardous materials abatement process. It is such an open, usable space.

And, how about the elevators? They, along with the beautiful marble, will be preserved in accord with our historic tax credit plan.

The roof will be completely redone. Two of the market units will have rooftop patios!

The other half of the roof deck will be reserved for community and residents' events, complete with a clubhouse and great kitchen space.

This will be a Downtown jewel.

But, we have to close this Friday.

Thanks in advance for caring with us!


Unknown said...

What are the obstacles to closing Friday?

Larry James said...

Thanks, Charles. Nothing beyond the normal and unexpected issues that often can arise in a deal like this on. We have faced several key matters and have kept the process moving along. The complications of a tax-credit deal and the process of getting multiple lenders and parties all on the same page and all agreeing to the same sequence of events is the issue here. We feel confident, but it is basically out of our hands at this point. We are just waiting and keeping in touch with the process in case something else is needed at the last minute. At present everyone is nodding "yes." I hope to report good news by the end of the week.

Eric Livingston said...

I'm praying that this project will be a success in meeting housing needs for those 200+ family units, that this project will teach other organizations like CDM how to manage such endeavors, and that through out the whole shoot'n'match, God will be glorified.

Larry, may you feel the peace that passes all understanding as Friday approaches.

Larry James said...

Thank, Eric!

Frank Bellizzi said...

This looks fantastic. Best wishes as you go forward.

Keith Brenton said...

Larry, I don't know how much I can do, but I can help publicize ... so I'm link to you at my blog and encouraging everyone I can think of to do the same: http://keithbrenton.blogspot.com/2006/10/send-me-all-of-your-money.html.

Thanks for letting the Lord work powerfully through you to His glory!

Heather said...

Been thinking of you today....Let us know - ok?

As a side note - check this out! :-D