10 Feb Rehabilitation of Historic Seminary Sparks Local Revitalization
Excerpts from the Article by Caroline Gallegos on Monday, February 10, 2020 – Novogratic
The renovation of the development was too costly for the archdiocese to fund without help from a third party and the preservation of the historic buildings and archeological site presented additional problems. Pre-development had been in progress for almost four years, but the rehabilitation wasn’t financially feasible. The developer, Mission DG Ltd., reached out to Novogradac in December 2017 for financial projections for the project. Novogradac also assisted with the HTCs and ensured that everything was in compliance. The financing closed and construction began in July 2018.
“Without the experienced professional team that we finally assembled for the project we would have continued to struggle in closing the project’s financial and legal gaps,” said Mark Tolley, Mission DG partner. “We all succeeded because we shared the same objective of making this unique project a success
“The city is in need of affordable housing,” said Henry Cisneros, Mission DG partner. “This residential part of town is San Antonio’s heart and cultural soul, delivering affordable units that help preserve the neighborhood’s heritage while at the same time helping to rejuvenate the entire area for its current residents has been our goal. We hope that other businesses will see the opportunity and build the resources to support up to 400 more residents on The St. John site.”
The St. John represents the catalyst needed for the ongoing redevelopment of this urban neighborhood. Immediately adjacent to The St. John and Mission Concepción, on a 1-acre site, the Archdiocese of San Antonio is beginning the redevelopment of an abandoned school church and classroom building into a World Heritage Site mission pilgrimage chapel and conference center operated by the archdiocese.