An outside view of 9 Park St., which was formerly a hospital. Kristian Moravec / The Times Record
A former hospital on Park Street in Bath is on track to be converted into a 41-unit apartment building by the end of this year, according to its buyer.
The 7-acre property at 9 Park St. was purchased for $7.15 million on April 5. Holman Homes, one of the main investors for 9 Park Associates (the group formed to purchase the building), said it hopes to add 11 units to the existing 30 apartments and keep current business offices in the building. Construction will likely start this summer and finish by November.
“We’re really excited to make this a great place to live for the current and future tenants,” said Dave Holman of Holman Homes.
Holman said the project will be the first former hospital the company has taken on, though he added that Holman Homes is no stranger to renovating older spaces. The company is developing and managing several converted housing units in the Greater Brunswick area.
Canvas paintings line the wall in the basement of 9 Park St. on April 11. Kristian Moravec / The Times Record
The hospital, which was originally built in 1910, features a maze of linoleum-floored hallways decorated with an array of canvas paintings. A vibrant community of artists lease studio spaces in all corners of the property, eliminating the cold feeling of a medical facility. There are also Navy personnel who rent half of the existing apartments.
Holman hopes to keep the current tenants under the new ownership and said only three of the studio lessees are likely to be moved to another office space for the renovations. He added that the company also hopes to utilize as many existing features and materials as possible when renovating to save on costs and keep the quirks of the building.
Rent is currently estimated to be within the $1,300-$1,500 range for a studio or one-bedroom apartment, between $1,800 and $2,000 for a two-bed and $2,500-$3,000 for a four-bed. The pricing, Holman said, is meant to accommodate workers in the area at places like Bath Iron Works and teachers.
The building will not offer affordable housing units, Holman said, although pricing may be similar to affordable housing units already. 9 Park Associates is not currently working with any government entities to subsidize housing.
When it comes to affordable housing, Holman said, there simply are not enough incentives for those without expertise in the field to develop more affordable options.
“It’s something we would love to do,” he said. “But, frankly, we don’t have enough expertise.”
Workforce housing is the happy medium, according to Holman. While he considers luxury housing unstable and thinks affordable housing is high risk given the lottery-like nature of grant funding, workforce housing is a steadier business to maintain and still addresses needs in the community.
On a tight budget of $50,000 per unit, renovations aim to restructure some of the rooms in the building and add stainless steel appliances. Tenants will also have access to a gym and a central laundry room. Holman also hopes to add solar panels in the future.
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