Cathedral Development Completes $33M Conversion of Historic Hotel to Affordable Community

PHOENIX — Cathedral Development Group has completed the $33 million conversion of a historic luxury hotel in Phoenix into The Historic Westward Ho Apartments, an affordable seniors housing community.

Originally built in 1928, the hotel hosted famed guests such as President John F. Kennedy, President Ronald Reagan, Jackie Gleason and Paul Newman throughout its history. Cathedral purchased the property in 1978 and has spent 40 years trying to preserve and restore the property.

Cathedral Development Group utilized public/private programs to help fund three separate renovation projects. In the most recent project, the firm utilized including federal historic tax credits, 9 percent low income tax credits allocated through the Arizona Department of Housing competitive scoring process, a new first mortgage through HUD’s FHA 221(d)(4) loan program and the resubordination of an existing HUD Marked to Market secondary debt and resubordinated third debt through the City of Phoenix.

The renovations included new energy efficient heating and cooling features, a new plumbing system throughout the property to enhance water efficiency, new features in select units such as kitchen cabinets, floors, bathroom fixtures, energy efficient windows, a lightning protection system for the building and the restoration of the historic courtyard fountain. In a related but separately funded project, the first floor commercial space was remodeled and a long-term lease signed with Arizona State University.

The property can now host up to 289 elderly and disabled residents.

Based in Providence, R.I., Cathedral Development Group is working on projects in Rhode Island, New York, Maine, Connecticut, Arizona and Delaware.

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