Company to move forward with plans to restore Danville's old Palm Beach factoryFebruary 19, 2014
DANVILLE, Ky. - Oracle Consulting Services, LLC will begin moving forward with plans to rehabilitate the old Palm Beach factory on Stanford Road into affordable housing.
Oracle Consulting received $555,178 in tax credits from the Kentucky Housing Corporation for the Goodall Apartments project. The project will provide 32 energy-efficient units for moderate-income families and individuals.
"Oracle believes the renovation of this property will become a catalyst for revitalization in this particular area of Danville," said Chris Byrd, development associate for Oracle Design Group.
Byrd said the project would employ more than 100 workers through 12 months of construction. The project is slated to begin this spring.
"Not only will this redevelopment provide an opportunity for all residents in Danville to have a high quality, safe, affordable place to live, it also will assist the city by stabilizing a very important piece of historic property, which currently sits vacant," Byrd said.
Jody Lassiter, President and CEO of the Danville-Boyle County Economic Development Partnership, said he is pleased to see an innovative new use for the historic property.
"I received a deluge of inquiries when the Kentucky Housing Corporation announced Boyle County would receive funding priority for housing projects this year," Lassiter said. "I directed all firms interested in a project to consider the Goodall Building and secured the owner's willingness to sell the building for a project, if funded. I put Oracle with the City of Danville for the required official support, and the ball started rolling from there."
In August 2013, the Danville City Commission approved a letter of support, enabling Oracle representatives to apply for state and federal income tax credits for Goodall Apartments.
"My intent was to see a remarkable, historic industrial building preserved and adapted for a creative use," Lassiter said. "This project will provide downtown housing for hard-working, moderate income families."
Danville City Manager Ron Scott said he is pleased this project received funding and can now move forward to the construction phase.
"This project represents an excellent example of an effective public-private partnership to create innovative, affordable housing consistent with our preservation goals of protecting historic landmarks," Scott said. "It is truly a significant accomplishment, and upon completion, it will be appreciated for many years to come."
The apartments will be available for occupancy in 2015.
About the Goodall Building
The Goodall Building is located at 470 Stanford Road. Goodall was the first industrial manufacturing plant of its kind to be located in Danville, built at the height of the Great Depression. The factory remained a key employer until the 1980s. The factory was responsible for making Palm Beach Suits, one of America's premier brands, highly sought-after by the wealthy in America, Europe and other parts of the world.
In October 2013, the Goodall Building was approved for inclusion on the National Register of Historic Places.Contact:Jody Lassiter, President/CEO(859) 236-2361 x 130