Frequently asked questions / NORTHSIDE RENOVATION PROJECT

IS THE GRACE MIDTOWN BOARD IN FAVOR OF THIS PROPERTY RENOVATION?

Yes. There is unanimous support from the Grace Midtown Board to renovate and improve the Northside property.

WHO IS RESPONSIBLE FOR THIS PROPERTY RENOVATION DESIGN/LAYOUT?

We have established a Design Team, consisting of several Grace Midtown Staff, Board members, along with our architect. This team has been meeting regularly and will continue to meet during the project design phase to complete the property renovation plan/layout.

WHO HAVE WE SELECTED AS THE ARCHITECT FOR THIS PROPERTY RENOVATION?

We have contracted Atlanta-based architect, Kronberg Wall, to design this property renovation. They have significant experience in adaptive re-use projects like this in Atlanta and around the country. They also designed the Kidtown building renovation that’s currently in process, and have been great to work with.

WHAT WILL WE GAIN FROM THIS PROPERTY RENOVATION?

- More indoor meeting/training spaces
- More exterior connection spaces
- Covered walkways and improved walkability between parking areas and main buildings
- Potential to increase kid & student space
- Improved facility for city events, conferences, meetings, etc
- Staff office space
- Additional auditorium seating

HOW MANY PARKING SPACES WILL WE HAVE WITHIN OUR PROPERTY AS A RESULT OF THIS PROPERTY RENOVATION?

We will have 213 total parking spaces between our 642 Northside Dr property and our gravel lot at the corner of North Ave & Travis St.

WHAT ARE OUR OPTIONS FOR LEASING ADDITIONAL PARKING?

We have identified four parking lots surrounding our property that are available for lease. We have started conversations with these property owners about the possibility of leasing these lots in the future. We would gain a maximum of 500 parking spaces if we lease all four lots.

WHAT IS THE ESTIMATED COST FOR THIS PROPERTY RENOVATION?

Based on input from our architect and other commercial construction experts, the estimated cost range for renovating the warehouse building and improving the property overall is $3.1-$3.6 million. The current Kidtown building renovation is budgeted to cost $400,000 and will be completed by the beginning of August.  So, our estimated total property renovation cost is $3.5-$4 million.

WHAT IS THE ESTIMATED TIMELINE FOR THIS PROPERTY RENOVATION?

Based on input from our architect and other commercial construction experts, the estimated timeframe to complete this project is 16 – 20 months. This timeframe does not include fundraising time.

HOW ARE WE PLANNING TO COMMUNICATE WITH THE NEIGHBORHOOD ABOUT THESE PROPERTY RENOVATION PLANS?

A member of the Grace Midtown Board is a city planner in Atlanta and will be representing Grace Midtown, along with Grace Midtown staff members, at neighborhood meetings as we develop the renovation plans and present them to the neighborhood. Our desire is to partner with the neighborhood as we improve our property, and to create a space that both benefits Grace Midtown and the neighborhood for the future.

WHAT IS THE FUTURE PLAN FOR THE STATE STREET PROPERTY?

Our plan is to keep the State Street property and make it available for lease.

IS THERE ANY UPDATE ON THE 630 TRAVIS ST PROPERTY WE WERE LOOKING TO PURCHASE?

We’ve submitted multiple offers to purchase this property. The asking price is significantly higher than what the property is worth based on our research, and the owner is not willing to reduce their price at this point. We have a good relationship with the owner and will continue following up with them moving forward about purchasing this property.

WHAT ARE GRACE MIDTOWN’S CURRENT DEBT AND ASSETS?

Our current debt is approximately $1.327 million. This is our loan for the Northside property. Our current assets are approximately $680,000 in cash reserves, and $3.4 million in property.

 

If you have any additional questions, please contact Matt Bauer at bauer@gfc.tv.