Location
EXECUTIVE SUMMARY:
Dedicated in 1928 as the Boys and Girls Building, the Art Deco-style Youth Building was the first large-scale philanthropic gift made by W. K. Kellogg to the city of Battle Creek. When the building closed in 1988, the city and the school district slated it for demolition. Concerned citizens stopped the demolition, and the building was stabilized. Over time a community-based vision for future uses was created, the building was aggressively marketed, and a development team with the necessary skills and vision was found in Findley Development. Findley transformed the Youth Building into the Village at Irving Park, housing development with 25 unique residential units within the historic building. The developer also constructed a new building, containing 14 additional traditional residential units, which is connected to the historic building by an enclosed glass and steel breezeway. The new building was designed and situated to allow the historic building to remain dominant on the site.
Village at Irving Park is a Low-Income Housing Tax Credit Property with the initial 15-year compliance period completed and has entered the 99-year extended use phase. It offers a great unit mix of 12, one-bedroom units with approximately 800 ft.2 of living space, 12 large two-bedroom units with approximately 1,059 ft.2 of living space, and 15 large three-bedroom units with approximately 1,122 ft.2 of living space. On-site Laundry, storage and strategic location in downtown Battle Creek give Village at Irving Park a strong sense of community. Notable for investors is the low rental rates, which could easily be raised once the building is pulled from the 99-year extended use period. Village at Irving Park provides recent upgrades, as well as minimal deferred maintenance to the property.
Village at Irving Park has been well-maintained and this offering represents an investment with an extraordinary potential for upside. The property is outfitted with landlord-paid, hot-water baseboard heating and the electricity is separately metered. A major factor affecting the strong historical performance of this asset is its proximity to the I-94 & US-69 interchange. The property is less than two miles from Kellogg Company’s World Headquarters, Kellogg Community College, and all that Downtown Battle Creek has to offer. Due to this exceptional location, it provides tenants with numerous retail, educational, recreational and entertainment opportunities that are close to home.
