KINDRED DEVELOPMENT
Norfolk, VA / $250 million
Mixed-use, mixed-income
714 residential units/ 48,000 SF of retail
Oughtness’ Role: Oversaw investment analysis, design, and stakeholder relationship management. As a senior executive at BrinshoreDevelopment, Oughtness’ principal led the multiphase redevelopment of Tidewater Gardens, a former public housing community in Norfolk, as part of a $40 million HUD Choice Neighborhood Implementation (CNI) grant funding.
Oughtness Group remains a partner in the final phases of the Kindred development, leading stakeholder engagement and the inclusion of MBE and WBE businesses.
BULL'S HEAD DISTRICT REDEVELOPMENT
Rochester, NY / $650 million
12-acre mixed-use, mixed-income urban neighborhood revitalization 789 residential units/ 34,000SF of retail/ 60,000 SF of commercial/workforce training, including 15,000 SF of adaptive re-use/ and a new 60,000 SF urban agriculture facility
Oughtness’ Role: Oughtness is taking a leading role in the multiphase redevelopment of the Bull's Head District, a blighted community just west of downtown Rochester, as part of a Brownfield Opportunity Area and Opportunity Zone project.
Currently overseeing environmental analysis and urban design, Oughtness Group will be a partner in the all phases of the development, assisting with finance, community engagement and the inclusion of MBE and WBE businesses.
Oughtness’ principal led The Dawson Company’s project finance team, leading investment analysis and investor and lender negotiations for over $500 million in acquisitions, development transactions, and capital raises.
Oughtness’ principal took a principal equity investment position in these transactions.
Oughtness’ principal coached and led local leadership teams undertaking the Purpose Built Communities model, including:
• Coaching Executive Directors, Board members, and community leadership
• Leading mixed-income housing strategy
• Coordination cradle-to-college education partnerships
• Coordinating community wellness partnership
Add'l Neighborhood Transformations:
• Columbus (OH) / PACT (Near East Side)
• Kansas City (MO) / Urban Neighborhoods initiative
• Raleigh (NC) / Southeast Raleigh Promise
• Rochester (NY) / Connected Communities of EMMA and Beewchwood
• Syracuse (NY) / Blueprint 15 (East Adams)
Oughtness Group was procured by the City of Atlanta to establish and operate its newest housing development authority, Atlanta Urban Development Corporation (AUD). AUD was organized to accelerate the development of the City’s public land into mixed-income communities without relying on constrained resources such as the Low-Income Housing Tax Credit (LIHTC).
AUD’s model hinges on several strategies for introducing and deepening affordability in projects:
• Leveraging and leading the development of publicly-owned land
• Making strategic acquisitions of private mixed-income or market-rate projects
• Leveraging a $38 million allocation from the City’s Housing Production Fund, AUD can offer private development projects low-cost capital for acquisition, construction, or permanent financing in exchange for sustainably affordable units.
At just over one year old, AUD recently closed its first project, The Proctor, a 137 unit mixed-income residential project offer 30% of units at 50% AMI. This project leveraged a $6.5 million construction loan from AUD. This project is unique in that it was able to secure financing from Goldman Sachs using tenant-based Housing Choice Vouchers as a revenue source, an uncommon practice for the affordable housing industry.