The Nest 12501 Madison Avenue

Located in the Birdtown Historic District in Lakewood, OH, 12501 Madison Avenue will save and revitalize a significant historic property that occupies half a city block in the emerging commercial area and bring diverse and unique retail to the eastern end of the westside suburb.  The property has been vacant for several years.  The first floor will provide space for two commercial tenants, Phoenix Coffee, a local coffee roaster and Next Play Partners LLC, a national simulated golf venue.  The second floor will include a hair salon studio, tattoo shop, speculative commercial office space and one market-rate apartment and the third floor will provide additional retail and studio space for the hair salon. 

The building will be restored in accordance with the Secretary of the Interiors Standards for Rehabilitation making the project eligible to receive Federal and State Historic Tax Credits.  The $4.1 million project will generate $1,020,681 Federal and Ohio Historic Tax Credit equity.  Enthusiastically supported by the City of Lakewood, the project also received a $200,000 forgivable grant,  $2,050,00 million in senior debt and $810,829 in developer equity rounds out the project funding.

The project will create approximately 45 construction jobs, and 60 new permanent jobs. The work on the property is scheduled to start construction Spring 2021. 

As Development Consultant, MCM managed the development process including the following specific requirements and tasks: creation of development schedule for tax credit and financing submission planning, ownership structuring; financing proforma, management of required entitlements and government approvals, oversite of design and construction to ensure that it meets tax credit and financing requirements, preservation consulting in partnership with HP Group, LLC., solicitation, negotiation, and securing senior financing and tax credit bridge financing, solicitation, negotiation and commitment for tax credit equity investment, and project close-out.