Case Study : YMCA ANTHONY BOWEN
Miriam’s Kitchen is a mission-driven organization that was founded in 1983 to meet the urgent needs of people experiencing homelessness in downtown Washington, DC.
MK seeks the services of a professional real estate advisor with significant experience in
structuring complex real estate redevelopment projects. Additionally, services may also include
capital identification, financial analysis, acquisition, disposition, lease negotiations, and
facilitating working relationships between non-profit organizations and private sector developers.
Miriam's Kitchen sought the services of a professional real estate advisor in order to better determine the feasibility of developing a new permanent supportive housing project. The organization desired a clear strategic plan that would allow them to determine what development scenarios would be optimal for the organization to continue its operations and plan for future expansion.
Solution / Outcome
During the initial due diligence procecss, CSG conducted a search for potential Permanent Supportive Housing development opportunities in the Foggy Bottom/West End neighborhood, the broader Ward 2 geographic area, and locations outside of Ward 2 that met the criteria of expanding Permanent Supportive Housing residential development in neighborhoods where there is limited PSH inventory.CSG evaluated the viability of MK creating its own PSH units: 1) on its own or through a joint venture partnership; 2) either as a new construction/renovation project or acquiring an existing residential property; or, 3) by leasing space.
.As Miriam's kitchen real estate advisor, CSG was able to provide an in-depth analysis of the organizations current real estat portfolio and determine the feasibility of potential development opportunities. CSG concluded that a devlopment project was not in the best interest of the organization at the time, as it would be an arduous and finaniclally draining task. Due to CSG's advice, the organization chose to forego any development plans and would go on to use its new strategic real estate report to help navigate future planning and decision making.