Project History
In 2002, the Bronx Charter School for the Arts was one of the few grass roots organizations to successfully gain charter approval. The school emerged from a collaborative planning process involving educators, parents and community residents, who believed that quality education was lacking in the Hunts Point neighborhood. In 2003, with a curriculum focused on arts education, Bronx Arts opened its doors with 162 students in grades K-3 in incubation space provided by the NYC Department of Education. In the fall of 2005, Bronx Arts moved into its newly completed, permanent facility on Longfellow Avenue in Hunts Point.
The Challenges
Like many charter schools, Bronx Arts faced numerous challenges related to its real estate needs. Chief among these was the lack of public or private capital funds - although locating a site proved equally difficult. Director Xanthe Jory enlisted Civic Builders to help. Initially acting in an advisory capacity, Civic recommended that Jory locate both a temporary and a longer term site. For the 2002-2003 school year, Bronx Arts was housed at a public junior high school in a nearby neighborhood. For the school's permanent space, Jory was drawn to a 24,000 square foot building, originally a kosher salami factory and more recently a food distributorship. Although the location was right, the price tag was beyond Jory's reach.
Project Finance and Deal Management
It was at this juncture that Civic Builders morphed from the role of advisor to one of developer - piecing together the necessary funds to purchase and renovate the building from four different lenders over a nine-month period. As building owner, Civic leases the facility to Bronx Arts at substantially below market rent. In 2006, Civic refinanced the building and was not only able to lower the school's rent even further, but Civic was also able to withdrawn equity to support other charter developments.
The fact that Civic Builders played the lead role in financing was critical for the project's success. "I never could have done it alone," says Jory. As potential owner of the facility, Civic bore the risk of project failure, which gave Bronx Arts - via Civic - greater access to capital than it would otherwise have had. Through their extensive experience in negotiation, Civic held together a complex and fragile deal despite many obstacles. When a zoning problem threatened to derail construction, Civic enlisted School Chancellor Joel Klein to help. Furthermore, by managing the entire renovation, Civic ensured that the highest quality project was delivered - on time and on budget.
Understanding Charter School Needs
Jory cites Civic's understanding of charter school needs as one of its greatest strengths. Civic helped her to analyze and address both immediate and long term space requirements, and they readily incorporated specific curriculum needs, such as art and dance studios. Most importantly, Jory believes that Civic Builders shared her vision of the Bronx Charter School for the Arts as an agent of community change. "We want to improve the community beyond test scores," she said. A state-of-the-art facility helps to accomplish this. Of Annie Tirschwell, Civic's Senior Vice President of Real Estate, and David Umansky, its CEO, Jory says. "They were smart, flexible, and very understanding" in helping her realize this vision through the creation of Bronx Charter's permanent home.
Statistics:
Bronx Charter School for the Arts
950 Longfellow Avenue, Bronx
Total Square Footage: 24,000
Students at scale: 280
Grades: K-6
Project Status: Completed 2004
LEARN MORE ABOUT BRONX ARTS:
Visit Bronx Charter School for the Arts website
Designing Bronx Charter School for the Arts
Bronx Arts Facility Wins Design Awards
See Civic Builders and Bronx Charter School for the Arts on NY1
Bronx Charter School for the Arts 2006-2007 Test Scores
BRONX ARTS PHASE II AND III
Civic completed Phase II of the Bronx Charter School for the Arts' construction project on time and within budget. The facility's basement is now a multi-purpose space serving as the school's cafeteria and auditorium. Civic has raised $1 million in New York City Capital commitments for Phase III, which is expected to launch in 2008.