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Board approves $2.1M in eligible invoices for Marywood Motherhouse (Academy Manor) rehab
Summary
The authority approved $2,106,519 in eligible invoice costs and a current fiscal-year payment of $76,145.16 for the Marywood Motherhouse LLC redevelopment (Academy Manor), a historic senior affordable rehab of 108 units; developer said project is 70% leased with 97 affordable units.
The Brownfield Redevelopment Authority approved invoices documenting $2,106,519 in eligible costs and a current fiscal-year payment of $76,145.16 for the Marywood Motherhouse LLC redevelopment at 43 Lakeside Drive Northeast (Academy Manor).
Christian (BRA staff) presented the request and introduced Max Benedict of Third Coast Development. Benedict described the rehabilitation of the historic Motherhouse into 108 apartments, approximately 97 of which are affordable senior units. He said the project’s total investment was nearly $30 million and that the building is about 70% occupied; resident groups have formed and management is addressing community-space and furnishing priorities.
Benedict detailed removal of interior finishes, asbestos abatement and a large storm sewer connection effort that the developer and staff coordinated to fund. He noted the project began in 2018 with procurement and planning phases and that the Brownfield approval occurred in 2022; tax-credit syndication and historic preservation requirements lengthened the preconstruction process. Board members and Benedict discussed occupancy rates for 80% AMI units and the challenges of leasing that income tier. The invoice approval passed on a voice vote.
