Bay’s Knickerbocker Senior Apartments held a grand re-opening ceremony on Thursday May 26th to celebrate the major renovations that took place between 2018 and 2020.
During reconstruction all the apartments were remodeled with new kitchens and bathrooms, all safety and mechanical systems were replaced, and the common areas greatly expanded. Additionally, 42 of the studio units were converted into 21 large one-bedroom apartments, 8 of which are fully handicapped accessible.
“We are pleased with the completion of the $11,000,000 renovation that has transformed the Knickerbocker apartments now and for the future. The renovation doubled first floor space which provides a variety of opportunities for residents to develop a stronger community within the building,” said Jay Magee, President of the Bay Interfaith Housing Board of Trustees.
Bay Village City officials participated in the re-opening ceremony, which served as an open house with tours of the first-floor common areas and displays of the renovated apartments, catered food, and a performance by the Bay Village Community Band.
The Knickerbocker is an eight story, 148-unit residential property for seniors 62 and over, with 50% realizing rental subsidies. The project was conceived in 1968 by four Bay Village churches to provide quality affordable housing for the city’s seniors, as well as enriching their lives with a senior center for activities and fellowship.
In addition to a FHA insured loan with KeyBank, the renovations were made financially feasible by an $11,000,000 award of Federal Low-Income Housing Tax Credits through the Ohio Housing Finance Agency to the Knickerbocker in 2017. KeyBank purchased the tax credits and provided the construction financing for the project. Additional financing was provided by the Ohio Housing Finance Agency, the Federal Home Loan Bank of Cincinnati and by Cuyahoga County.