Affordable Case Studies
Miracles Club
Portland, OR
OVERVIEW
At the request of the City of Portland, Ore., Guardian Real Estate Services LLC has joined forces with a grassroots self-help organization with the mission of assisting those afflicted with chemical addictions to remain clean, sober and contributing members of the greater Portland community. The project has involved assisting Miracles Club, an organization with a 20-year history of service, to build a plan of action that will result in a permanent home for the club as well as approximately 40 units of alcohol and drug free housing for low income households.
OBJECTIVE
Guardian’s role has been to assist Miracles Club acquire a permanent location for its facility. In the process, the objective has expanded to include the development of affordable housing in a mixed use setting. Guardian has also assisted the club to develop the organizational infrastructure and collateral support to manage its involvement in the development. The objective is to build upon the club’s success in helping its members stay clean and sober and because of its success attracting financial assistance from the City of Portland and others. Guardian’s role includes acquisition of a site and management of all phases of the development.
EXECUTION
Guardian began by helping the Miracles Club and the City of Portland come to an agreement on a suitable plan for securing a permanent location for the club, through the development of vacant land near its existing leased space. It was important to the club to remain near its current location. Guardian has acquired the land utilizing financing from Albina Community Bank and the City of Portland. The site has been annexed to an adjacent Urban Renewal District and qualified for Tax Increment Financing through the Portland Development Commission. Further work will include securing other forms of public sector assistance, including Low Income Housing Tax Credits and foundation support.
OUTCOME
i. Development entity formed consisting of Guardian Real Estate Services LLC and Miracles Club to undertake the development.
ii. City of Portland allocation of $500,000 disbursed to Miracles Club MLK LLC.
iii. Acquired a permanent site for Miracles Club.
iv. Property annexed into Urban Renewal District.
v. Predevelopment underway with completion and occupancy scheduled for 2009.