IN THE NEWS: September 21, 2008
Equity Community Builders
Thoreau Center in Presidio nurtures nonprofits
San Francisco, CA: ECB partnered with the Tides Foundation to develop the Thoreau Center for Sustainability (now, Tides Converge), in the Presidio’s historic Letterman Hospital Complex. To complete the first major rehabilitation project in the Presidio, ECB worked closely with the National Park Service to create a ground lease that meets underwriting requirements of commercial lenders. Subsequently, this lease served as a model for private sector involvement in the rehabilitation of historic buildings in the Presidio.
Carolyn Said, in her article in SFGATE, hails the benefits the Thoreau Center offers its tenants housed in this nonprofit center, including its below market rents and shared amenities.
To make this project come to life, ECB raised more than $2.5 million in equity through the Historic Tax Credit program, $8 million in construction and permanent financing, and $3.5 million in program-related investments from foundations to cover the costs of this historic renovation, ensuring the long-term affordability to Tides and its nonprofit tenants, says ECB Founding Principal John Clawson.
For two decades ECB has demonstrated its commitment to responsibly developing buildings and creating great places that contribute to the vitality of neighborhoods and help strengthen communities. We aim to provide affordable housing at all points on the income spectrum; to apply adaptive re-use strategies of historic structures; and to develop centers for non-profit innovation.