Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.
Issue link: http://cire.epubxp.com/i/92705
CCIM Q&A; as Gold i 12 Good by Jennifer Norbut In 1997, J. Wesley Daniels Jr., CCIM, founded a boutique fi rm in Atlanta that specialized in urban public/private partnerships and transit-oriented developments. With a knack for securing grants and rezoning approvals, Daniels' project list ranged from runway expansion to a mixed-use development. After the Great Recession dried up funding for these types of projects, Daniels redirected his expertise to the Charlotte Housing Authority in Charlotte, N.C. As the senior development officer for CHA's Charlottetown Terrace, Daniels over- saw a $12.86 million renovation that earned the nation's fi rst Leadership in Energy and Environmental Design Gold certifi cation for a public-housing high-rise development. Commercial Investment Real Estate asked Daniels to comment on this unique venture. CIRE: What factors led CHA to redevelop Charlottetown Terrace? Daniels: T e CHA Real Estate Group iden- tifi ed a portfolio of high-rise communities, which included Charlottetown, as ideal redevelopment projects. Originally built in 1977 as an apartment community for seniors and disabled persons, Charlotte- Charlottetown Terrace's $12.86 million renovation includes the conversion of 19 residential units to 12,000 square feet of amenity, retail, and offi ce space. Among its distinctions, Charlottetown is the fi rst public-housing high-rise in the country to earn the U.S. Green Building Council's LEED Gold certi- fi cation and has been recog- nized by MultiHousing News' 2012 Community of the Year and Multifamily Executive's 2012 Green Project of the Year and Apartment Renova- tion of the Year. November | December | 2012 J. Wesley Daniels Jr., CCIM town's units had ineffi cient heating, ven- tilation, and air conditioning systems that leaked condensation down the face of the building; the windows were single-pane sliders; and the mechanical, electrical, and plumbing systems were original and out- dated. It was not a pleasant building. CIRE: What role did you have with the Charlottetown rehab? Daniels: I was responsible for project visioning and execution, which included complete project oversight, hiring and supervising the design and construction team, identifying, arranging, and securing fi nancing, and supervising the construc- tion management team. CIRE: How did CHA fi nance the renovations? Daniels: CHA lacked sufficient capital to undertake complete renovations of its portfolio of well-located and undervalued assets. I secured $55 million in grant, equity, and debt sources accompanied by fi nancial structures to fi nance the redevelopment of all 540 units in the high-rise portfolio. T e Charlottetown redevelopment specifi - cally was awarded $6.2 million in stimulus funds from the U.S. Department of Hous- ing and Urban Development for the pursuit Commercial Investment Real Estate