ACE HOTEL-PITTSBURGH, PA
Total Development Cost: $22 Million
The YMCA/ Ace Hotel project is complete renovation of a former YMCA, a Nation Historic property, located on South Whitfield Street, in the heart of East Liberty. East Libery has been a traditionally dis-ivested community that occupies a unique location at the intersection of wealthy and poor neighborhoods in Pittsburgh's most dynamic and populated quadrant. The rennovation included a complete restoration of the building's exterior and a creative reuse of the 60,000 square foot interior as an ACE hotel featuring 63 guest rooms. a lobby, a restautant/bar, a coffee shop and event spaces in the gymnasium and ballroom areas.
MELNEA HOTEL - BOSTON, MA
Total Development Cost: $40 Million
Anticipated Completion Date: October 2018
The Melnea Hotel will build a new 135-bed Marriot Residence Inn hotel at the corner of Melnea Cass Boulevard and Washington Street in Dudley Square, one of Boston’s poorest neighborhoods. Affirmative structured the $40 million EZ Bond and NMTC financing and AI Wainwright brought $8.95 million of allocation to the project. Not only will it create 46 new jobs, it will create vitality and a 24-hour presence. The Hotel is working closely with the community on jobs, events, catering, artwork.
THE NATIONAL CENTER FOR AFRO-AMERICAN ARTISTS AT TREMONT CROSSING
The National Center for Afro-American Artists (NCAAA) is the cornerstone and catalyst for Tremont Crossing, a landmark 1.2 million square foot mixed-use project that will transform the highly-distressed neighborhood of Lower Roxbury in Boston into an entertainment, shopping, and cultural destination. The Sponsor is P-3 Partners, a joint venture between Elma Lewis Partners (ELP), a community-based development company that won the original developer designation from the City, and Feldco Development, a real-estate developer based in Boston. The Project is the product of a 20-year dialogue between the Roxbury community, the NCAAA, the Roxbury Strategic Master Plan Oversight Committee, the City and its development agency, the Boston Planning and Development Agency (“BPDA”). The Sponsor’s vision is for economic development to benefit a cultural institution for the community. The Tremont Crossing proposal was informed by community stakeholders, the City, and the Roxbury Strategic Master Plan with a particular emphasis on the arts, wealth building, and job creation