Earlier this year the committee, with vestry approval, engaged a developer to submit a proposal for redevelopment of the St. Nicholas property. (Read more about that process here.) Following a four-month period of due diligence and building study, the proposal was received in June for redevelopment of St. Nicholas into market rate condominiums. The committee was disappointed with the valuation of the property in the proposal and was concerned with the lack of alignment between market rate housing and the cathedral’s mission.
The committee recommended to the vestry that we not proceed with this proposal at this time, but instead explore more deeply two alternative uses: 1) affordable housing and 2) preserving the building for eventual expanded parish use. The vestry unanimously concurred with that plan.
We will take the next 6–12 months to study feasibility of affordable housing potential on the property while also projecting more accurate costs to address deferred maintenance, seismic upgrades, and roof replacement and how we might finance those costs through rental income, bank loan, and/or capital fundraising. Either of these alternative uses would take several years to unfold, and there is no sense of urgency to come to a decision in the short-term.
The committee remains committed to seeking the highest and best use for the property that furthers the cathedral’s mission, either on the property or with proceeds from the property to be used in ministry elsewhere. We will continue to provide updates to the parish at key points in the process. If you have questions in the meantime, please address those to Dean Thomason or to Committee Chair John Hoerster at: email@example.com