Foss & Company Backs Revitalization of Historic Dunbar School into a Vibrant Community Hub

Revitalizing the Historic Dunbar School: A New Era Begins

Foss & Company, a key player in tax equity syndication, has made a substantial commitment to the adaptive reuse of the historic Dunbar School in Lexington, North Carolina. This notable initiative will see the transformation of the long-abandoned Mid-Century Modern school into 66 market-rate apartments accompanied by a 25,000-square-foot community center. By providing federal and state historic tax equity financing along with a bridge loan, Foss & Company is not only focusing on the development of new living spaces but also aiming to revitalize the local community.

The community center is set to offer an array of features that will enhance community engagement and health. It will include a state-of-the-art indoor basketball gym, outdoor tennis and pickleball courts, a walking path, grilling stations, and several acres of ball fields. This facility will serve as a great addition to the residents and bring together the broader community of Lexington, promising a vibrant atmosphere.

A Commitment to Preservation

"This project embodies the dual mission of historic preservation and community revitalization," stated Eric Brubaker, partner and managing director at Foss & Company. The redevelopment seeks to deliver high-quality housing while simultaneously creating lasting community assets in collaboration with the City of Lexington. With their seventh partnership with the development team, Foss & Company's ongoing commitment to supporting meaningful historical rehabilitation projects is evident.

The redevelopment of the Dunbar School is projected to generate approximately $3.09 million in federal historic tax credits and $2.86 million in North Carolina historic tax credits. Kenneth Reiter, president of Belmont Sayre, expressed the vision of honoring the legacy of Dunbar School as an educational institution while reshaping it into a housing space and community hub. Reiter believes that together with Foss & Company, they can revitalize this historic property into a vibrant asset for Lexington residents for generations.

Preserving a Cultural Landmark

Originally built in 1951, the Dunbar School is a significant cultural and architectural landmark, having been constructed for Black students during the period of racial integration in schools. The school’s Modernist architectural style, which included an octagonal library, was intended to raise educational standards for its students. Throughout the redevelopment process, adherence to the Secretary of the Interior’s Standards for Rehabilitation of Historic Properties will ensure that the building's cultural and architectural integrity is maintained.

This project also exemplifies a broader commitment to preserving neighborhood histories while fostering modern functionality. According to Benjamin Briggs, president and CEO of Preservation North Carolina, the Dunbar School serves as a poignant reminder that historic preservation requires patience. Originally, the property was donated to Preservation North Carolina in 2009, but plans under the previous owners did not come to fruition. However, the generous donation of the property back to Preservation North Carolina has allowed this transformative vision to progress.

The collaborative effort between Preservation North Carolina and Foss & Company illustrates the importance of community input, affirming that this significant historic school site will benefit from professional insight and local engagement as it transitions toward a new purpose.

Conclusion

By championing such projects, Foss & Company continues to leverage its expertise in tax equity investments to support initiatives that not only enhance living conditions but also honor legacy and history within communities. As the redevelopment of Dunbar School begins, it’s sure to become a dynamic hub of education, sport, and community engagement for Lexington, redefining its place in the heart of this vibrant city. This represents a unique opportunity to foster community spirit while positioning historic properties for future generations.