Role: Lead developer, GP, Property Manager, General Contractor
Capital Stack: GP equity, deferred developer fee, KHRC MIH Grant, KHITC equity, RHID tax abatement, state tax credit equity, construction loan, perm loan
Challenges: Constructed in 1904, this two story limestone building was closed in 2010 and has remained vacant. A local nonprofit group purchased the building with the intent of finding a suitable developer to restore the school. Frontier was selected through a competitive RFP process. Due to the rural location, Frontier led efforts to form an RHID tax abatement district and qualify the project for MIH and KHITC awards. Due to a shared entrance with a community center, plans were developed in close collaboration with the non profit group and include utility, travel, and parking easements.
Expected completion date: Fall, 2024