As published in Toledo Business Journal - September 1, 2019

Rendering of the Spring Street Lofts development in Lima

Rendering of the Spring Street Lofts development in Lima

MVAH develops $15.5M project in Lima

Spring Street Lofts to offer 88 independent senior living units

MVAH Partners, a real estate development firm based in West Chester, Ohio that provides development services for its own long-term ownership as well as for other companies, is constructing a new $15.5 million senior living development in Lima. The firm received a $1.2 million tax credit from the State of Ohio to develop the project.

Pete Schwiegeraht, senior vice president of development – Midwest region for MVAH Partners, explained that the project – the Spring Street Lofts – is an 88,000 square foot development that will offer 88 independent senior living units to people aged 55-plus and targets incomes up to 80% adjusted median income (AMI) for the community.

“The development is located a couple blocks from downtown Lima and a couple blocks away from the hospital, so it’s in a great location. The development will have a mix of one- and two-bedroom units, which will be full of amenities with all the modern features. They will be 100% accessible and will be green in design, and in addition to the units, we will have on-site management,” said Schwiegeraht.

Schwiegeraht also noted that the development will include a community room, a business center, a fitness center, and other programming and services for its residents. MVAH Partners will also coordinate transportation, in-home meals, and light housekeeping for seniors as well.

The development will feature one- and two-bedroom floor plans, as well as special units – true ADA, central impaired units.

“There are a variety of amenities and features for various accessibility needs. Otherwise, it’s two basic floor plans and then providing those special services to the various ADA units,” said Schwiegeraht.

According to Schwiegeraht, some of the amenities include in-unit laundry and washer and dryer hookups, and a breakfast island in each kitchen.

“It’s an open, modern floor plan. The kitchen and living room are all one big area. There will be walk-in closets in the bedrooms. Some of the unique features will be all sorts of residents’ associations and community programming and activities for residents. Curb-to-curb transportation, light housekeeping, and some others as well,” said Schwiegeraht.

When speaking of the energy efficiency of the development, Schwiegeraht noted that MVAH will meet Enterprise Green building standards, including high energy efficiency building envelopes, ENERGY STAR mechanical systems, and other green building products.

When speaking of the need for senior living units in Lima, Schwiegeraht said, “Ironically, Lima is a city with tens of thousands of people and right now the city has no affordable, senior tax credit products available for residents. That’s a substantial city size to not have high-quality, affordable housing options. This is obviously going to deliver a very needed market around seniors for them to age and find a type of product at an affordable rate. This will help so seniors don’t have to find it elsewhere or leave the market and they can really find something that they can afford and meets their needs.”

Construction of the project is expected to begin this fall with an expectation to be complete and leasing units by the end of 2020.

MVAH began developing affordable housing in 1993. Since then, the firm has developed more than 6,000 affordable housing units ranging across a range of housing types: multi-story apartment properties for families and seniors, villas, single-family developments, rehabs, and adaptive reuse of existing buildings in large and small communities. According to MVAH, it has a singular focus on developing quality affordable housing for those who need it most, including over 99 affordable housing properties in 15 states.

“We always think of our residents, care for our residents, think of their needs, and in turn, deliver a product that meets their needs,” said Schwiegeraht. “We’re excited about delivering quality housing options in northwest Ohio and we will continue looking for new opportunities.”

 

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