www.times-news.com/local/local_story_065091618.html -
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Published on: 3/7/2007
Last Visited: 3/7/2007
Al Borvice of the Housing Development and Neighborhood Preservation Corp., based in San Francisco, said Monday that he's looking forward to turning an area of blight into one of beauty.The site, he said, is conducive to mixed use rehabilitation and he plans to turn the school into 25 units and about 30 townhouses.
Although only in the design phase, Borvice said the project is estimated to cost nearly $8 million.
He said the company had been looking for sites in Maryland and originally he looked at the former Peskin building in the city's Town Centre.The building wouldn't work for what the developer had in mind but once he saw the former school, he knew it was something that would work.
Borvice worked with Terry McKenzie of Century 21 to purchase the building.
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"I think it's going to be a nice project. ... ," Borvice said."We're excited about it."
He's also seeking the city's support in applying for the state's Community Development Association Federal Low-Income Housing Tax Credit Program.
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Borvice said the intent is to apply for the program this month with the hope to be awarded between $5.5 million and $6 million by June.
"If we're really lucky and able to get that, we could start construction around September," he said, noting that the remaining $2 million for the project will come from private funds.