Related Affordable and St. Mary Development Corporation unveil full renovation of Biltmore Towers in Ohio

Yesterday, Related Affordable, St. Mary Development Corporation, Ohio State Historic Preservation Office, City of Dayton, U.S. Department of Housing and Urban Development (HUD), Ohio Housing Finance Agency (OHFA) and Dayton/Montgomery County Port Authority unveiled the full rehabilitation of Biltmore Towers. Opening in 1929, Biltmore Towers was once considered one of the most prominent hotels in America, hosting the likes of John F. Kennedy and Elvis Presley. The development was converted into affordable apartments for seniors and disabled residents in 1980, then was added to the National Register of Historic Places in 1982.

Totaling more than 300,000 square feet, Biltmore Towers is comprised of 230 affordable apartments with a mix of one- and two-bedroom units, 15,000 square feet of commercial space and 12,000 square feet of amenity space. The two-year, comprehensive rehabilitation included structural renovations such as new roofing, façade repairs and upgrades to the elevators, windows and plumbing, as well as extensive updates to each residence with new kitchens, bathrooms, flooring and lighting. Updated amenities include the renovation of the second-floor community areas including the former ballroom—which hosted musical acts from around the world—into a common gathering area, a new fitness center with cardio and physical therapy equipment, a barber salon, a flexible multi-purpose room, new management and resident service coordinator offices and more.

“Providing Dayton residents with safe and affordable housing continues to be a top priority for me,” said Congressman Michael Turner. “The restoration of the Biltmore Towers is the culmination of the hard work and dedication of many partners for a shared goal to benefit our community. Congratulations to St. Mary’s and Related Affordable for this momentous occasion and I look forward to working with you on future housing projects for Dayton residents.”

Mayor Jeffrey J. Mims Jr. states: “Improving the quality of affordable housing options is a priority for our community and the substantial renovations made to the Biltmore Towers by St. Mary Development Corporation and Related Affordable helps the City of Dayton deliver on that need.”

“We are proud to be part of the historic Biltmore Towers and deliver long-term, quality homes for the residents of this iconic building,” said David Pearson, executive vice president of Related Affordable. “Related has 50 years of experience developing and preserving affordable housing in the United States and we look forward to continuing that legacy in Ohio.”

“St. Mary Development began its relationship with the Biltmore in 2014, when we took over all service coordination for the residents,” said Tim Bete, president of St. Mary Development. “We immediately saw that the property needed to be renovated and were thrilled when Related asked us to redevelop the property with them. We’re especially excited about the increase in common space for residents, including a new exercise room, education room and health clinic space.”

Shawn Smith, executive director of Ohio Housing Finance Agency, states: “OHFA is proud to partner with St. Mary Development Corporation and Related Affordable in the development Biltmore Towers. This development preserves a historic building in Dayton and creates accessible, affordable housing for older Ohioans and Ohioans with disabilities. Safe, affordable housing is a cornerstone of a community and the foundation for a strong quality of life. And we want all Ohioans to have an affordable place to call home in a community they love.”

“The Biltmore Towers is an iconic property in downtown Dayton, and the Port is excited to be a part of its renewal and mission to provide affordable housing” said Joseph Geraghty, executive director the Dayton-Montgomery County Port Authority. “This project fits squarely into the Port’s mission to support regional entities thrive and grow.”

Biltmore Towers includes senior housing residential rental units with income bands at 60% area median income (AMI), with commitments for affordability to extend an additional 30 years.

The senior lender for Biltmore Towers is Fannie Mae with KeyBank serving as the Delegated Underwriting Servicer, and the tax credit investment partner is Key Community Development Corporation (an affiliate of KeyBank). Tax-exempt bond financing was issued for the project by Dayton/Montgomery County Port Authority.

For high-resolution imagery of Biltmore Towers, please visit: https://related.box.com/s/bx6rcvejzzx8302pv9vnfmgebzhkkk7j.

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About Related Affordable:
Related Affordable is the division of Related Companies that develops, acquires and preserves affordable housing throughout the nation. Affordable housing laid the foundation of Related Companies, and its broad portfolio of award-winning affordable and mixed-income developments demonstrate the company’s continuing ability to create affordable housing opportunities in a variety of geographically, economically and socially diverse neighborhoods. Related owns and operates a portfolio of more than 50,000 affordable and workforce housing units that extend across 25 states and the District of Columbia. For more information visit https://www.related.com/residential/affordable-housing.

About St. Mary Development:
St. Mary Development is a faith-based non-profit organization working to improve the quality of life of older people, especially in Southwest, Ohio. Through public-private partnerships, the organization develops sustainable, affordable housing communities and provides on-site Service Coordination to residents. Service Coordinators work with residents to increase their awareness of and access to life-enhancing programs, services, and benefits that allow them to thrive independently and at home. For more on St. Mary Development, visit https://www.stmarydevelopment.org.