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Construction Complete on $19.25 million redevelopment of Sheraton Towers in High Point, NC

Date of Release: 12/15/11
December 15, 2011- HIGH POINT, NC- Sheraton Towers Apartments is a 97 unit, elderly and disabled section 8 property in High Point, North Carolina. Built in 1920, the property features classic 1920’s architectural touches both inside and out including wrought iron staircases and checkerboard art-deco tiling. Acquired by Denver-based nonprofit Community Housing Concepts, Inc. in March of 2007, the development received an award of Low Income Housing Tax Credits in September of 2010 that primarily financed the recently completed rehabilitation.

Prior to CHC’s ownership, the property had been through a mark-to-market program and underwent a minor, superficial rehabilitation in 2003. The majority of the scope comprised of asbestos abatement, which left significant need for repairs to the roof, fire escapes, elevator and ADA compliance improvements, and more. Major repairs and upgrades were necessary to ensure the continued comfort and decency of living conditions for the residents.

Improvements from the rehab include: replacements of the elevator cabs, plumbing systems, “greening” of the heating and cooling systems, new windows, carpeting and flooring both in common areas and units, as well as energy star appliances and electrical upgrades to increase the green rating on the historic building. Units have new cabinets and fixtures in both kitchens and baths, as well as water saving improvement throughout. Low Income Housing Tax Credits have made the improvement of Sheraton Towers, and the lives of the low-income seniors who live there, possible.

One of the biggest challenges faced by the developer involved the replacement and reconstruction of the bathrooms, which required movement of walls and maneuvering vertical water lines around horizontal heating and cooling lines. Due to the extent of construction required, renovations required a complicated resident relocation plan and detailed construction management in order to rehab different units at different times so that residents would only have to relocate once.

“Our goal as a developer is not only to preserve low-income housing opportunities across the country,” said Chad Asarch, Principal at Steele Properties, “but to improve in any way possible the lives of the residents who reside there. We are happy to have pulled together a winning combination of strong, viable financing sources to make this renovation possible.”

The redevelopment of Sheraton Towers was financed through proceeds from the syndication of 9% Low Income Housing Tax Credits allocated by the North Carolina Housing Finance Agency through PNC Real Estate, which also provided construction financing. ZMG Construction was the General Contractor for the Sheraton Towers renovation.

Historic hotel (excerpt from Triad Business Journal, April 1, 2011 by Katie Arcieri)

Designed by famous architect William Lee Stoddart, the “Sheraton” hotel in High Point was part of the Foor and Robinson hotel chain along with the original O. Henry hotel in Greensboro, which was torn down, said Benjamin Briggs, executive director of Preservation Greensboro. It was not affiliated with the popular hotel chain of the same name, Briggs said.
During its heyday, the hotel was equipped with 130 rooms, a luxurious dining room, a balcony and a beauty and barber shop, he said.

John F. Kennedy stopped at the hotel during his 1960 presidential campaign, and String & Splinter, a High Point social club, was founded there, Briggs said.

It is also said that the National Association for Stock Car Auto Racing (NASCAR) was founded at the Sheraton hotel, he added.
When the hotel was converted into low-income housing in the 1980s, “people who cared about it were glad the use of it was being extended,” he said.

Community Housing Concepts, Inc.
(CHC) a nationally operating 501(c)(3) organization, is the owner of Delhaven Manor. Founded in 2005, the organization has been responsible for the investment of approximately $150 million in multifamily and senior affordable housing units, including over $50 million in rehabilitation efforts. CHC , either directly or through its subsidiaries, owns fifteen affordable communities around the country totaling almost 1,600 units. Of those properties, thirteen have undergone (or are undergoing) complete rehabilitations. The resulting improvements result in better lives for the residents of CHC properties, who have exclaimed time and again how happy and proud they are to call Community Housing Concepts “home.”

Monroe Group Ltd. is the property management company for Delhaven Manor Apartments. Founded almost 30 years ago, Monroe Group currently manages a portfolio of 32 multifamily properties totaling nearly 2,500 units.

Steele Properties LLC is a national real estate investment firm specializing in the acquisition, rehabilitation, and new construction of affordable multifamily rental properties. The firm’s mission is to preserve, improve, and increase affordable housing opportunities for vulnerable communities across the country. Steele has successfully completed over $250 million in acquisitions, sales and development activity involving 30 properties and over 2,700 units, including eighteen tax credit projects.

For More Information Contact:
Jennifer Cloud
Community Relations Associate, CHC



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