Apartment plans move forward

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August 16, 2008

By GINA KINSLOW The Glasgow Daily Times Sat Aug 16, 2008, 12:47 PM CDT

One building on the Liberty Street Campus remains vacant, but there are plans to transform the former elementary school into an apartment building similar to the one that occupies the former Glasgow High School building.

“The apartments will be similar to our fabulous product at Liberty School Apartments,” said Holly Wiedemann, project developer.

It was Wiedemann’s Lexington-based company, AU Associates, that transformed the former Glasgow High School into the Liberty School Apartments.

Wiedemann had planned to turn the former Liberty Street Elementary building into condos, but the project was delayed when she learned the Kentucky Housing Corporation does not finance condominiums.

“In fact, the entire financial market is not interested in financing condos given the major problems in the U.S. economy at this time,” she said.

“The only other condo project in Glasgow did not fare well and that suggests to us that condos would not be an accepted product at this time. It would be unlikely that even if they were developed as condos that any banks would or could provide financing for the buyers,” she said.

Wiedemann plans to submit the project for the fall funding round at KHC.

“We are working with equity tax credit purchasers and creating a proforma that will allow us to make this work under these tough economic conditions,” she said. “We are thrilled with the success of the Liberty School Apartments and are continuing to work diligently to make this happen.”

KHC funding deadlines are in October, and award announcements are made in December.

“If we are able to succeed in their round, then we will be able to begin in the spring,” she said. “These projects take so long to happen — we all appreciate everyone’s patience in seeing this transformation.”

City and county officials are pleased that Wiedemann is moving ahead with the project.

“Any new housing will help the community,” said Mayor Darrell Pickett. “The apartments we have up there now have worked really well.”

Judge-Executive Davie Greer, however, was disheartened to learn that Wiedemann’s idea of turning the former elementary school building into condominiums won’t work.

“I’m so disappointed,” she said, adding she thought condos would have been a great asset to the community. “Whatever she decides to do will be a great improvement. We really need something up there.”

Greer pointed out that the longer the building sits vacant, the more it deteriorates.

Conne Baker, a local Realtor and member of Glasgow’s Renaissance on Main Street project steering committee, said there is a need in Glasgow for the type of housing the Liberty School Apartments provide.

“They have a waiting list on the other side. It appears to me if you have a waiting list for people wanting to get in, it would certainly sound like there is a need for it,” she said.

One of the main objectives of the Renaissance on Main Program was to find a use for all three buildings on the Liberty Street campus. While the former Glasgow High School building has been transformed into apartments for senior citizens and those who meet income guidelines, another building on the campus houses the city’s Parks and Recreation Department offices.

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