Purple Vetch Properties, LLC, the long term owner and developer of Shelbyville High Apartments – now re-christened as “Old Shelby High Apartments” - announces the recent consummation of a partnership with lender Sterling Bank, based in St. Louis and Cherry Tree Group, LLC a tax Credit advisory Firm from Boston that is infusing equity into the project from the purchase and sale of low income housing and historic tax credits. The 49 unit apartment complex offering one, two and three bedroom apartments will now be rent and income restricted for individuals and families who earn between 50 and 60 percent of the area median income, and thereby qualify under low income housing tax credit requirements. Over the course of the next 8+ months, the project will continue to be renovated through the proceeds of the sale of Low Income Housing and Federal Historic tax Credits and Tax Exempt Bonds which all of which will help to preserve the property as affordable housing for up to 40 years. The Indiana Housing and Community Development Authority (IHCDA) awarded the bonds and low-income housing tax credits to the ownership team along with additional resources through its Housing Development Fund.
“We are very excited about this long-awaited and negotiated financing package that has now enabled us to recapitalize and begin to renovate this historic asset and provide decent, safe and affordable housing for a long time in Shelbyville. Our immediate neighborhood and the entire city of Shelbyville will benefit greatly from an upgraded 'Old Shelby High." Stated Mitch Genser, principal of Santa Rosa, CA based Purple Vetch Properties, LLC.
Due to to the early onset of winter, most of the early renovation attention will be on the interior of the building, including apartment unit modernization to kitchen and bathrooms, with new plumbing fixtures and lighting, cabinetry, counter tops, new stainless steel appliances, along with the installation of enhanced heating and cooling systems, all designed for the comfort of our residents and the long term viability of this community. Institutional hallways will be warmly and creatively painted, modern artwork and historical photographs will be displayed, living plants will take advantage of a great deal of natural light of the immense hallways, and even historic Holophane light fixtures reminiscent of the early 1900's will replace inefficient, outdated and unattractive fluorescent light fixtures. An elaborate CCTV camera system has already been installed for the benefit of the residents of the apartment community and installation has begun on an enhanced fire alarm system with state-of-the-art modern fire equipment.
The exterior of the building will benefit from extensive masonry and stonework restoration work, and new gutters and downspouts will be a component of the outside renovations as well. In the springtime, virtually all the windows in the entire building will be replaced with glorious off white historically sensitive windows, exquisite in both form and function. At that time, all exterior doors will be replaced with heavy duty stock, and access control key FOB features will be added to all entrances and egresses to the building. The parking lot will be re-paved, a new dumpster enclosure built and modest, yet tasteful landscaping will be added to the mix.
"This restoration and renovation project of Old Shelby High is going to go a long way towards re-capturing the magnificence of Shelbyville High School that was built in 1911, and remind us all why preserving history is so important and how our modern needs can be embedded in such an iconic historic cornerstone in our community." Stated Mitch Genser, President of Santa Rosa, CA based Purple Vetch Properties, LLC.
The construction management company overseeing the renovation process is Rasner Enterprises, Inc., a company with over 30 years’ experience in residential housing and a particular commitment to this building, having previously owned Old Shelby High immediately prior to Purple Vetch Properties, LLC. “I am excited to be involved in this renovation having had aspirations of bringing this facility back to its once glorious stature, and now, through my business, Rasnser Enterprises, LLC, I get to participate in this process. I’ve worked with the Mitch Genser for almost 8 years, and it’s my honor to work with such a dedicated owner and developer and I am certain that the ultimate outcome will reflect our strong relationship and collaboration.” Stated Bill Rasner, President, Rasner Enterprises, Inc.
The building is now managed by Moynahan Williams, Inc. (MWI), a property management company based in Indianapolis with vast experience in Section 42 low income housing communities and has employed two very talented long time Shelbyville residents who serve as onsite property manager and maintenance person.
There will be a grand 're-opening' public event later in 2020 when the bulk of the renovations are complete, but in the meantime, Old Shelby High is very much open for business.