Park Hotel

Summary: Neighborhood Housing Services of Richland Center converted the historic Park Hotel in downtown Richland Center into 24 apartments for seniors.

Wisconsin Partnership's role: Development consultant

Staff contact: Bill Perkins

Status of work: Completed in 1987

The Park Hotel was the Partnership's earliest development consulting project. In 1985, we began working with Neighborhood Housing Services of Richland Center (now Neighborhood Housing Services of Richland County) to convert this historic building into 24 apartments for lower income seniors. Richland Center is a city of about 5,000 people located in southwestern Wisconsin.

When work began on the Park Hotel conversion, the building was abandoned and had been condemned by the city. The most difficult parts of the project were carrying out the conversion without compromising the historic exterior of the building, and securing funds to make the numbers work. The final $1 million financing package was composed of numerous grants and loans, including a deferred-payment energy conservation loan from the Wisconsin Gas Company and the first deferred-payment second mortgage provided by the Wisconsin Housing and Economic Authority from surplus funds.

The Park Hotel apartments were placed in service in 1987. NHS of Richland County has managed the building since then, and demand continues to be strong. To help keep rents low for project residents, the NHS recently moved its offices into the lower level of the building.