Uptown Living: Palace on Main to Become a Reality

Palace on Main

11/20/17

The former Palace Furniture Building, located at 168 West Main Street in Uptown, Clarksburg, will be refurbished into affordable housing with an emphasis on persons 55 and older. 

The interior will be reconfigured to adapt for residential units consisting of 27 one-bedroom units, 7 two-bedroom units and 6 three-bedroom units according to Developer Steve Sadd of Sadd Brothers LLC (Charleston, WV).  Rent will begin at $520.00 per month.

Being centrally located, the Palace on Main will allow seniors access to all downtown amenities as well as bus transportation. 

City Manager Martin Howe stated, “The Palace on Main will have an immediate impact to the Central Business District as well as restoring a historical building and providing a rebirth of a great notable structure.”

The Developers secured tax credits through the West Virginia Housing Development Fund to help finance the project.

The project closed Friday, November 17, 2017 and construction began immediately on Saturday, November 18th. The project is on track to be completed by December 2018.

Partners are the City of Clarksburg, Clarksburg-Harrison Regional Housing Authority, Vandalia Redevelopment Corporation (Fairmont, WV), West Virginia Housing Development Corporation, Stratford Capital (Boston, MA), Aric Margolis Architecture (Charleston, WV) and City Construction Company (Clarksburg).

On December 1, 2016, the City of Clarksburg authorized the Clarksburg-Harrison Regional Housing Authority to submit a request to the U.S. Department of Housing and Urban Development (HUD) for the release of Public and Indian Housing (PIH) Project Based Voucher (PBV) funds under Section 8 (o) (13) of the U.S. Housing Act of 1937, as amended, to undertake a project known as The Palace on Main.

The project is financed using LIHTC from WVHDF that will be paired with historic tax credits, in addition to the PBV's. The total estimated project is $5,408,455 in LIHTC Equity plus, $868,335 in Federal Historic Tax Credits plus, $313,565 in State Historic Tax Credits plus $217,560 in Project Based Vouchers totaling $6,807,915. The project is located at 168 W. Main Street, Clarksburg, WV 26301.

Findings of No Significant Impact and Notice of Intent to Request Release of Funds Here:  http://www.cityofclarksburgwv.com/econ-dev-home/projectsandupdates/682-palace-on-main