|Project Type: Redevelopment||Project Cost: $4 million|
|Project Location: Yuma, AZ||Client: City of Yuma|
|No. Units: 108||CIC Role: Developer|
Built in the 1920’s, the Hotel San Carlos was a historic, but badly dilapidated and abandoned structure in downtown Yuma. The Company acquired, rehabilitated and converted the use of the property to 60 studio and one bedroom units, and 20,000 square feet of commercial space.
The project was located in a blighted downtown neighborhood. The building was in extreme disrepair and was inhabited by vagrants. The local housing authority had attempted to acquire and salvage the structure, but had abandoned the project.
The Company’s strategy was to develop broad community support for the project, to raise sufficient funds to completely restore the appearance and functionality of the structure, and to limit residency to very low income seniors.
The Company arranged financing from nine different federal, state and local sources including low income housing tax credits and historic tax credits. The project has received numerous awards for its historic preservation and revitalization of downtown Yuma.