Overview

Preserving legacy and meeting the housing need

The Old Hattiesburg High School, a Victorian-inspired brick structure built in 1911, was an iconic landmark in Hattiesburg, Mississippi, that served generations of students up until its closure in 1959. The structure fulfilled years of service, later housing the school district’s headquarters and then an antiques mall. It was regarded as a vital part of the community's identity, earning its designation as a Mississippi landmark and entry on the National Register of Historic Places in 1987.

By 2001, the building fell into disrepair, surviving significant damage from Hurricane Katrina, several tornados, and an arson fire. Attempts to restore the property never fully penciled until local developer Intervest Corporation stepped in to save the landmark structure, transforming the former high school building into a 74-unit affordable senior housing development known as Preservation Crossing.

Project Details

Location

Hattiesburg, MS

Size

74 homes

Tenancy

Seniors

Total Project Cost

$15.4 million

Total LIHTCs

$9.4 million in 9% Federal

Total Historic Tax Credits

$2.8 million in Federal and $3.5 million in State

Project Amenities

Energy Star-rated Appliances

Courtyard with Gazebo

Community Room

Community Kitchen and Dining Area

Elevators

Picnic Area

Central Heating and AC

Handrails and Grab Bars

Awards & Recognition

2021 AHF Readers Choice Awards

Historic Rehab Finalist

Revitalizing a Landmark Revitalizing a Landmark

01

Challenge

Revitalizing a Landmark

After several decades of sitting vacant, the structure endured extensive damage from exposure to the elements: a collapsed roof, fallen brick walls, and structural deterioration. Preserving the structure's architectural features posed a challenge, particularly in areas of the building where there were little to no remaining original materials to work with.  New construction materials used to replicate the structure's historic features needed to be strikingly similar to the original and had to undergo approval from both the Mississippi Department of Archives & History and the National Park Service, while also meeting current energy and building standards.

Other architectural hurdles included fitting 74 apartment homes into a 100-year-old school building with large classroom-sized layouts and helping ensure accessibility for seniors across the various floor levels.

02

Solution

Financing and Partnership

To make Preservation Crossing a reality, Intervest Corporation put together a financing team to tap into federal, state and local resources. Hunt Capital Partners syndicated $12.1 million in federal low-income housing and historic tax credits through Hunt Capital Partners Tax Credit Fund 30. Monarch Private Capital syndicated $3.5 million in state historic tax credits through a proprietary fund. Mississippi Home Corporation provided a $500,000 loan through its Housing Trust Fund.

The project team was led by Intervest Corporation as the general partner, developer, and property manager. Wallace Architects served as the project architect. Harris Construction Services served as the general contractor.

Financing and Partnership Financing and Partnership
Transforming History into Homes Transforming History into Homes

03

Result

Transforming History into Homes

Through an adaptive reuse of the high school building, Preservation Crossing exemplifies how public-private partnerships can successfully save historic structures with major community significance and transform them into high-quality housing for seniors. Preservation Crossing preserves the charm of The Old Hattiesburg High School’s historic architecture while introducing a mix of 56 one- and 18 two-bedroom apartment homes, complete with contemporary amenities tailored to seniors aged 55 and older. Seven homes are designated for disabled individuals. Residents benefit from a range of enriching supportive services which includes health services and food support.

Preservation Crossing re-opened its doors to the Mississippi community in winter 2020.

Developer Inquiries15
Dana Mayo

Dana Mayo

Executive Managing Director


Clearwater, FL
Investor Inquiries
Jeff Weiss

Jeff Weiss

President


Los Angeles, CA
Amy Dickerson

Amy Dickerson

Chief Operating Officer


Henderson, NV