In the News
Bellfort Park Apartments, near the Willowbend, Braeswood, and Willow Meadows communities, celebrated its grand re-opening on July 28, 2021. The community of 64 garden-style apartments has provided homes to Houstonians since 1955, serving individuals and families of low- and moderate- incomes. This renovation, the first development completed through the City of Houston’s Harvey Multifamily Program, updates the apartments and keeps them affordable for another four decades.
Bellfort Park offers homes to residents who work in essential jobs, such as teachers, retail managers, paramedics, and nurse assistants. Aside from providing updated homes and community spaces, the renovations also elevated living spaces and created infrastructure for renewable energy sources and floodproofing. Residents will benefit from on-site career training, tax preparation, and health fair services offered by the property.
“Bellfort Park was an amazing opportunity for KCG to serve the local community and the city of Houston,” said Ina Spokas, vice president of development for KCG Development, LLC. “We truly believe in our vision of building better lives through better communities. Through this public-private effort, Bellfort Park is a shining example of how those funds were used to create beautiful, safe, new homes for its residents.”
Sweating on a hot Wednesday, but still smiling, Houston Mayor Sylvester Turner cut the ribbon on the newly re-opened Bellfort Park apartments surrounded by some of the families who’ve moved back home. The 64-unit complex was damaged in Hurricane Harvey, and rebuilt with $3.5 million from the federal Harvey recovery program.
“Oftentimes, renters are not a priority,” Turner said at the event. “We’ve kind of changed that paradigm, because for these 64 units that have been around for 60 years, this has been your home.” “My kitchen is the bomb,” resident Sade Horn said as she bragged about her newly-renovated apartment with expanded closet space for her and her family. “Everything is new!”
KCG Development is proud to be ranked among the nation’s Top 50 Affordable Housing Developers for a fourth consecutive year! The 2020 ranking by Affordable Housing Finance saw KCG come in 26th with 634 units started and 466 completed during the calendar year. KCG broke ground in Texas, Georgia and Virginia while completing work on multiple developments in Texas and Wisconsin. With countless uncertainties brought on throughout 2020, KCG is extremely proud and thankful for our team and partners – with whom this effort would not have been possible. We look forward to rising up the list in 20201 and, most importantly, building better lives through better communities! Check out the full ranking on Affordable Housing Finance.
Recent property renovations created an opportunity to leverage KCG’s community impact. The previous twelve months have seen KCG take on two acquisition-rehabilitations in Texas with Bellfort Park in Houston and Blue Water Garden just outside Amarillo. KCG was fortunate to partner with Habitat for Humanity’s ReStore team in Amarillo and the Christian Army in Houston to donate nearly 200 refrigerators, stoves, and other lightly used appliances. The impact of the donations was maximized thanks to both team’s outstanding community programs.
Click Read More for the full article, including details directly from each organization as to how the donations were leveraged for the communities benefit!
U.S. Department of Housing and Urban Development Deputy Secretary Brian D. Montgomery toured an affordable housing redevelopment project in Sheboygan, alongside Congressman Glenn Grothman (R-WI-6) and City of Sheboygan Mayor Mike Vandersteen. The Badger State Lofts development, located in an Opportunity Zone, is an example of community collaboration to increase affordable housing stock.
It was financed through Tax Exempt bonds issued by the Wisconsin Housing and Economic Development Authority (WHEDA); private equity from the sale of Federal and State Housing Tax Credits and Historic Tax Credits; Capital Management funds from WHEDA; U.S Environmental Protection Agency Brownfield Grant Funds from Sheboygan County; Tax Increment Financing and Community Development Block Grant (CDBG) funding from the City of Sheboygan; and owner contributions.
Blue Water Garden is 132 unit property in Hereford, TX, acquired by KCG in September 2020. A full renovation is currently underway, funded by a resyndication of 4% LIHTC from TDHCA and a Mark Up to Market Rent Increase and HAP Contract Renewal from HUD. The renovation will ensure continued access to high quality affordable housing for the local community, of which there is limited inventory given the town’s rural location.
When the rehabilitation is complete, the resulting community will offer twelve, two-story walkup residential buildings, on-site laundry and a standalone Community Building hosting the property’s office along with a childcare program and a host of other tenant services. Interiors will be fully updated, including energy efficient appliances and revamped mechanical systems, central A/C and heat – with multiple ADA units to be added as well.
While construction is currently underway, the property is still occupied with a rolling building-by-building renovation in process. For more information on the property or to learn more on becoming a tenant, please visit the property’s web page.
A city of Atlanta board approved a $22.5 million tax-exempt loan to a developer to build a new multifamily affordable housing project on Bolton Road in west Atlanta. The Urban Residential Finance Authority, a part of Invest Atlanta, the city’s economic development arm, unanimously approved the financing for the project at its Aug. 20 meeting.
The project, named “The Reserve at Bolton Road,” will be built on approximately 7 acres of undeveloped land at 1070 Bolton Road, about a quarter mile southwest of Donald Lee Holloway Parkway and with access to I-285. The property is currently owned by Fulton County, according to property records. Developer for the project is KCG Development, an Atlanta company founded in 2015.
The complete Atlanta Business Chronicle article can be found here.
KCG’s second community in Winder is a partnership with the Winder Housing Authority (WHA), pairing sustainable senior housing options with the WHA’s vast array of programs and services. Wimberly Manor will provide residents immediate access to the adjacent Wimberly Center for Community Development – an award winning social services center run by WHA that hosts dozens of civic organizations, a community garden, commercial test kitchen and much more.
On site, residents will benefit from a host of supportive services and activities. Routine preventative health care screenings in partnership with the Barrow County Health Department, healthy eating and wellness programs, a community garden and on-call transportation will all be available. To foster community integration, some resident activities will be blended with the local Boys & Girls Club and other Wimberly Center programs.
Wimberly Manor was financed via $850,000 in Annual 9% LIHTC from the Georgia Department of Community Affairs with Merchants Bank as lender and Alliant Capital as tax credit syndicator. The design team includes KCG Design and Martin Riley Architects, with KCG Construction as general contractor.
KCG’s first community in Virginia will feature spacious apartment homes with community amenities to include walking trails, a woodworking shop, pool, and a generous clubhouse with a wellness studio, business center, and community room. Residents will enjoy convenient living on Virginia’s bustling I-95 corridor and close proximity to the retail amenities of nearby Cosner’s Corner. The $46.6 million project is financed through the syndication of 4% low-income housing tax credits and tax-exempt bonds issued by the Spotsylvania County Economic Development Authority.
Alliant Capital is the tax credit syndicator and KeyBank Community Lending is the bondholder. The Virginia-based development team includes Winks Snowa Architects of Richmond, Bowman Consulting Group of Fredericksburg, and Bonaventure Construction of Arlington.
Funding Announcement – 9% LIHTC Award – Wimberly Manor: KCG Development’s 68 unit, new construction senior development in Winder, GA, was awarded $850,000 in Annual 9% LIHTC from the Georgia Department of Community Affairs Wednesday. KCG will work in partnership with the Housing Authority of the City of Winder Georgia on this development – integrating much needed sustainable senior housing with WHA’s myriad of services via the Wimberly Center for Community Development.
DCA announced it will award $25.8 million federal housing tax credits to construct or rehabilitate 32 affordable rental housing properties located throughout the state. Commissioner Christopher Nunn is enthusiastic about the results of this year’s 9% round: “The housing tax credit’s impact in Georgia is unequalled. These developments allow those who work in and serve their communities to also live in those communities. The construction quality and economic impact of these properties rivals or exceeds that of the private sector, making affordable housing a crucial part of Georgia’s communities.”
The 2019 awards will add 2,155 affordable units to DCA’s affordable housing inventory, bringing the total inventory of units to about 100,000. Private investors contribute equity into partnerships, in exchange for tax credits, to generate the construction of new housing and the rehabilitation of existing units. Check out the full list of 9% LIHTC Award Recipients on DCA’s website!
“KCG Companies is a relatively young company, but it operates with a team of industry veterans who carry years of experience. This given the Indianapolis-based firm the wisdom to made smart business decisions,” Matt Gilhooly says. “We have some really good building blocks in our principals and financial partners,” he states, “in our four years here, we have closed on eight developments that will produce over 1,100 residential units and more than 20,000 SF of commercial/retail space. One project that KCG Companies is developing and building is Badger State Lofts, located in the southern portion of downtown Sheboygan, Wis. The $33.5M project will be the focal point in the city’s new Innovation District, a home for innovation, entrepreneurism, employment and education. KCG Companies also is at work on the Lofts at Globe Mill, a mixed-use, historic adaptive reuse project in Utica, N.Y. of the former Globe Woolen Company textile mill into 149 residential units and 9,500 SF of commercial and office space.
Diversity = Greater Profits. KCG Companies own Karla Burck, VP of National Acquisitions and VP of Development in Georgia, participated in a white paper study analyzing how increased gender and ethnic diversity can positively impact the commercial real estate industry. At a time when such issues are top of mind – to achieve greater diversity companies must make gender equity, diversity, and inclusion a business priority among their leadership ranks via actionable, intentional strategies. What’s the bottom line for companies who advance more women—and more diverse women in terms of characteristics including ethnicity, race, age, and backgrounds? Healthier corporate environments, greater financial outcomes, and many other benefits, including greater innovation and market growth, and more successful employee recruitment and retention rates.
The role represents the company’s growth and aligns KCG with other developers in the industry, according to the company, which has been among Affordable Housing Finance’s annual AHF 50 developers list the past two years. Prior to joining KCG, Rutherford was a senior executive at Alliant Capital, where he was responsible for establishing and managing the firm’s joint-venture investments in affordable housing development. During his three-year tenure at Alliant, Rutherford helped produce a pipeline of 2,500 apartment units.
Houston, TX – KCG’s Bellfort Park Apartments has been selected by The City of Houston as one of six recipients of $52 million in federal Harvey Recovery Program funds toward developing 624 affordable rental homes, the Housing and Community Development Department announced today.
“Houston is a majority-renter city,” said Housing and Community Development Director Tom McCasland. “Creating more than 600 rental homes and ensuring that they are affordable for the long-term is going to help hundreds of families keep their housing costs down.”
Fifty nine developers responded to the program with proposals, a record-high number from developers interested in building high-quality, affordable rental homes in Houston. Five of the selected projects represent new construction. One development, KCG’s Bellfort Park Apartments, is an apartment complex that provides affordable housing options that will be upgraded to preserve affordability for decades to come.
The company plans to apply for low-income housing tax credits and historic tax credits to offset the costs of the projects, city officials said. KCG hopes to go before appear before the planning board for the first time in the next two months, said VP of Development Joel Silver, and will spend part of that time getting feedback from residents who live in the neighborhood about what they envision for the schoolhouse.
ATLANTA–(BUSINESS WIRE)–Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 28 million-dollar mixed-use residential development called Badger State Lofts. MPC has partnered with Indiana-based KCG Companies to develop the project, which expects to be placed in service in the spring of 2020.
Badger State Lofts is the conversion of a historic tannery complex into a mixed-use and mixed-income residential community in downtown Sheboygan, Wisconsin. Once completed, the project will provide 149 apartment units, interior garage and surface parking, 9,000 square feet of commercial space and expansive community and amenity areas. The units will have a “loft” style aesthetic in an effort to maintain the historic feel of the building’s previous uses throughout its 130-year history.”
Developed by Indianapolis-based KCG Cos., the adaptive-reuse of the warehouse adds 147 mixed-income loft-style apartments, a restaurant, and interior parking to the growing neighborhood. KCG Cos. president R.J. Pasquesi says the area started to be redeveloped over a decade ago when some old warehouses were converted to commercial and office space. Close to downtown, the stadium area, and the waterfront, the neighborhood has seen an influx of jobs, restaurants, retail, and market-rate housing.
“AP Lofts at Larkinville is very much part of a larger vision for the entire neighborhood revitalization,” adds Stacy Kaplowitz, vice president of development at KCG Cos. “You can see how it’s all coming together and moving the neighborhood in a diverse, walkable, and accessible direction.”
AMSTERDAM — The $34 million Chalmers Mill Lofts apartment project passed another milestone, an indication developers say keeps the plan on schedule. KCG Development and DEW Ventures, of Saratoga Springs, submitted their application for federal tax credits and gap loan funding from the state Division of Housing and Community Renewal on Wednesday. The Chalmers project’s application details a 30-year payment-in-lieu-of-taxes agreement for the 120-unit apartment building, restaurant and banquet hall. The PILOT has now been approved by all three taxing jurisdictions affected by the project, located at a former knitting mill site
A $150,000 award secured by the Montgomery County Business Development Center will go toward an elevated boardwalk and community space that will be part of the $34 million Chalmers Mills project proposed by KCG Development to be built on the City of Amsterdam’s south side.
The boardwalk will connect to the Mohawk Valley Gateway Overlook pedestrian bridge and run west along the south bank of the Mohawk River. The developer envisions the space will be used to host culinary classes, arts displays, crafts and other community events. The project was previously awarded $1 million in funding last year.
The City of Amsterdam, NY has been announced as the Mohawk Valley region winner of the 2018 DRI and its $10 million prize, used to fund projects that will bring life back to the community. KCG Companies is proud to play a role in this accomplishment as our very own Chalmers Mill Lofts is the southern anchor of the city’s DRI plan.
KCG’s investment in the Amsterdam community will include a mixed-use housing development on 3.29-acres with a restaurant, banquet facility and public space along the riverfront. The city has made several attempts since 2008 to redevelop the former Chalmers Knitting Mills Site, a six-story abandoned building on Bridge Street adjacent to Amsterdam’s Mohawk Valley Gateway Overlook.
SHEBOYGAN – The Wisconsin Housing and Economic Development Authority (WHEDA) today announced the award of more than $1.5 million in State Housing Tax Credits to fund two multifamily developments in Sheboygan. The tax credits, which are distributed by WHEDA, will create 223 units of affordable rental housing.
WHEDA Executive Director Wyman Winston made the announcement at Badger State Lofts in Sheboygan, one of the state tax credit awardees. Badger State Lofts developer KCG Development, LLC received $994,403 in tax credits for the adaptive reuse of a former tannery into 118 units of affordable family housing and approximately 8,700 sq. ft. of commercial space.
SHEBOYGAN – The Wisconsin Housing and Economic Development Authority has awarded the City of Sheboygan more than $1.5 million in State Housing Tax Credits for two new housing projects.
The city will be acquiring and rehabilitating an old tannery on Maryland Avenue in downtown to be called the Badger State Lofts, in partnership with KCG Companies, and the Wasserman Apartments on North Water Street.
The projects will yield 118 1-4 bedroom units and 8,700 square feet of commercial space at the Badger State Lofts and 105 units at the Wasserman Apartments.
KCG’s Badger State Lofts in Sheboygan announced as one of nine affordable housing projects to receive $6.6 million in tax credits from the Wisconsin Housing and Economic Development Authority, creating 1,065 units of affordable rental housing in the state.
“More than a thousand families will now have the tremendous opportunity to live in affordable housing through the new state tax credit program,” said WHEDA executive director Wyman Winston. “Those families living in affordable as opposed to market rate units will literally save millions of dollars over the lifetime of the developments. Those are dollars that go right back into local economies because families can make independent saving or spending decisions thanks to those extra savings.”
WHEDA received 15 applications this year for state housing tax credits, representing $10.4 million in requests. With a total available pool of approximately $7 million, this demonstrates the continued need for affordable housing in Wisconsin, according to Winston.
State housing tax credits are awarded over a six-year period and this year’s allocation will generate approximately $40 million in credits over their lifespan. In exchange for receiving the state tax credits, developers agree to reserve a portion of their housing units for low- and moderate-income households for at least 30 years. Remaining units are rented at market rates to seniors and families without income limits.
Following up on a two part series, The Recorder takes a look at how KCG Development is engaging the local community for input on the proposed design and amenities for Chalmers Mill Lofts.
The city of Sheboygan is planning an initiative to redevelop 108 acres of land south of its downtown, including the former Pentair property and areas along the Sheboygan River, using $32 million in public financing. The creation of a new TIF district to fund the initiative could create 75 jobs and $64 million in new development and redevelopment, according to city documents.
Included is a 122-unit workforce housing apartment development at several former Coakley warehouse buildings. The 250,000-square-foot project is being developed by Carmel, Indiana-based KCG Development.
KCG Companies was recently awarded Jackson EMC’s Community Spotlight Right Choice Homebuilder Award, recognizing homes built with energy efficiency and comfort as top priorities.
The program grants best in class awards and several community spotlight awards, along with a builder of the year and leadership award in each of three categories based on the number of Right Choice homes completed in a given year. The community spotlight award is given to Right Choice builders dedicated to energy-efficient construction.
June 9, 2018
WKBW Buffalo – Larkinville seeing renaissance with reuse of old buildings. KCG Development progress on AP Lofts is covered by local newscast.
Pre-leasing has started for the Larkin District’s newest residential project. Indiana-based KCG Development is converting the former Atlantic & Pacific Tea Company warehouse at 545 Swan Street into 147 mixed-income apartments and commercial space. AP Lofts at Larkinville is a short stroll away from both Larkin Square and downtown and sits next to two other adaptive reuse projects: Seneca Street Lofts and Hydraulic Lofts. It will be the largest residential conversion project in the city in terms of number of units.
What once was known as the Chalmers Knitting Mill site will soon be known as “Chalmers Mill Lofts” — a $30 million project to include 130 apartments and 15,000 square feet of commercial restaurant and banquet facility space being operated by local restauranteur, the Lanzi Brothers. The former Chalmers Knitting Mill stopped operating in the 1950s and sub-let portions of the property to smaller companies in the 1970s. Between 2011 and 2012, New York state undertook leveling the facility and environmental remediation. Montgomery County Executive Matt Ossenfort said he believes the revitalization of the site will be a catalyst for others to follow. The site will give the community access to a restaurant, bar, banquet facility, farmers market and jobs all within a walking distance
AMSTERDAM — A $30 million plan to construct a 130-unit apartment building and banquet hall on Amsterdam’s South Side was announced Thursday. The project is dubbed the Chalmers Mill Lofts, and draws its name and some stylistic inspiration from the industrial complex that stood on the site for nearly a century.
Developers released draft architectural drawings and site plans today for a mixed residential and commercial development on the former Chalmers site on the City of Amsterdam’s south side. As part of the project, Luigi Lanzi, whose family owns and operates Lanzi’s on the Lake in Mayfield, NY and two other restaurants, announced his company’s plan to open up a 150-170 seat restaurant and 300 person capacity banquet hall on the site.
At a media briefing this morning, Lanzi, along with representatives of KCG Development, and their partner DEW Ventures, discussed plans for the site with Mayor Michael Villa, County Executive Matthew Ossenfort and MCBDC CEO Ken Rose.
KCG Development was recently named 24th among the nation’s Top 50 Affordable Housing Developers according to an annual ranking by Affordable Housing Finance! 2017 saw KCG close its first three deals as an organization – AP Lofts in Buffalo, NY; The Exchange in Winder, GA; and The Exchange @ 104 in Fond Du Lac, WI.
With construction on the above projects progressing well, KCG looks to build on its momentum from last year to further expand our impact on the communities we serve.
KCG Development, in partnership with DEW Ventures, will start construction early 2018 on Link@SoBro, a Saratoga Springs $30 million mixed-used complex of affordable housing, businesses and an incubator for budding entrepreneurs.
Construction Today, a publication focused on highlighting best practices and emerging leaders in the North American construction industry, published an article featuring KCG Development.
A “golden brick” ceremony was held Wednesday afternoon at the site of the former Great Atlantic and Pacific Tea Company warehouse in Buffalo’s Larkinville neighborhood. The building, built in 1910, is being converted into a mixed-income apartment complex.
What is being named the AP Lofts at Larkinville will feature 147 mixed-use units. The building will also include a professionally-managed leasing office, community room, business center, fitness center, outdoor patios, green spaces and climate-controlled indoor parking.
BUFFALO, NY — Buffalo’s Community Transformation Continues With The Development Of The AP Lofts At Larkinville.
Residents living near Swan Street, Jefferson Avenue and in the Larkinville District joined New York State Homes and Community Renewal, State and City of Buffalo leaders, including Mayor Byron W. Brown, KCG Development, and project partners to celebrate the construction of the AP Lofts. The 147-unit mixed use development is the adaptive re-use of the historic former Great Atlantic & Pacific Tea Company warehouse at 545 Swan Street that was built in 1910.
INDIANAPOLIS, IN — KCG Development, LLC recently created sister-company KCG Construction, LLC to provide general contracting services on its multifamily portfolio and has hired Russell Maynard to serve as President.
In his role, Russell will be responsible for managing, overseeing, and directing all of the construction activities for KCG Construction.
WINDER, GA — KCG Development in partnership with Gardner Capital closed on the financing for The Exchange, a 130 unit mixed-income apartment community located at 839 Exchange Circle in Winder, Georgia.
The Exchange will be The City of Winder’s newest apartment community and will consist of five three-story garden style buildings and two two-story townhomes of one, two and three-bedroom apartment homes.
BUFFALO, NY – On May 24th, KCG Development closed on the financing for the development of AP Lofts Apartments, a 147-unit mixed-use redevelopment of the former Atlantic and Pacific Tea Company warehouse located at 545 Swan Street, Buffalo, New York.
SARATOGA SPRINGS — The former Saratoga Diner on South Broadway could be demolished to make way for 110 units of workforce housing. “It’s prominent, and it will be a transformative catalyst,” said Bill Teator, a local project partner for KCG Development LLC, of Indianapolis.
FOND DU LAC, WI – On May 8th, KCG Development closed on the financing for Exchange @ 104, a 48-unit historic adaptive re-use project located at 104 S. Main Street, Fond du Lac, Wisconsin.
Originally constructed in 1923 by Commercial National Bank, the eight-story office building will be converted into apartment units for families and bring much needed housing options to downtown Fond du Lac.
The Amsterdam Common Council unanimously approved a resolution Tuesday authorizing the mayor to sign a Letter of Intent with KCG Development for a mixed-use project on a 3.31-acre property encompassing the former Chalmers site.
The agreement generally commits the city to deal exclusively with KCG Development for the purchase and sale of the property for an initial 18-month period with an option to renew the agreement in 12-month increments.
A collection of warehouses encompassing an entire city block near downtown Sheboygan are slated for redevelopment by KGC Development that could include housing, a marketplace and a brewery.
Old Textile Mill in Utica’s Brewry District to be Transformed Into Loft Apartments. KCG Development is currently in the process of purchasing the old mill, and expect to close on the sale by mid-April.
Indianapolis-based KCG Development is looking to transform the three-building complex at 811-827 Court St. into about 131 apartments. The company has the property under contract and hopes to close on a deal this fall, said Anthony Ceroy, vice president of development with the firm.
The 28 developments receiving LIHTC reservations include:
- Exchange @ 104 in Fond du Lac: KCG Development’s adaptive-reuse project will include 48 units for families
The Indianapolis-based development group that is planning a $39 million transformation of the century-old A&P Warehouse into the AP Lofts at Larkinville hope to begin work on the Buffalo project by mid-summer.
KCG Development LLC has all but cleared its final hurdle, having received a warm reception from the Buffalo Planning Board.
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