November 14, 2013
November 14, 2013-NDC HEDC’s New Markets and Historic Tax Credit Project, Historic East Side Suites (HESS), was recognized as a Finalist of the Judges Award for Most Advanced Financial Structure at the J. Timothy Anderson Awards luncheon, held today at the Langham Hotel in Boston, MA. While HESS did not receive the top honor, we are thrilled to have been recognized for our financing and to have participated with such amazing historic tax credit projects. Our sincere congratulations to all award recipients and finalists!
About Historic East Side Suites:
The mixed-use development known as Historic East Side Suites is the key to the City’s downtown redevelopment strategy. Located in the heart of downtown Lancaster, PA, the project redeveloped 36,237 sq. ft. of space in three blighted historic buildings. The result is the creation of seventeen market-rate apartments with a ground floor office/retail commercial component. The project not only establishes a live-work environment in the historic downtown. NDC HEDC’s $9.2 million Qualified Equity Investment in the $9 million project was combined with financing from Fulton Bank and created 70 construction jobs and 35 permanent jobs.
About J. Timothy Anderson Awards:
Fondly referred to as “The Timmys,” the awards honor outstanding rehabilitation and preservation projects based on several criteria, including overall design and quality, interpretation and respect of historic elements, and market success. NH&RA created the “Timmy Awards” as a tribute to Boston architect and preservation advocate J. Timothy Anderson. “Anderson was a singular figure in the preservation industry pioneering the adaptive reuse of historic buildings,” said Peter Bell, Executive Director of the National Housing & Rehabilitation Association and a close personal friend of Anderson’s. His legacy includes numerous Boston area projects as well as the seminal study that helped launch preservation efforts in the art deco South Beach district of Miami Beach in the late ‘70s.