The Bailey Power Plant (“the Project) is the adaptive re-use of a former RJ Reynolds tobacco facility that is being redeveloped by Wexford Science and Technology, LLC (“the Sponsor”) into an 110,815 sq ft mixed-use, LEED Silver certified historic preservation project. The
Project’s tenants will include an innovation center, university research space, early stage R&D companies, and mixed-use retail and restaurants serving local neighborhoods. The Project is located on an abandoned section of 4th Street, which has experienced significant industrial flight, and is key to revitalizing downtown Winston- Salem and the newly energized Wake Forest Innovation Quarter (WFIQ) that is creating a new economy driven by discovery, commercialization and entrepreneurship for Winston-Salem and Forsyth County. The Project is located in a
severely distressed census tract with a 28.2% poverty rate.
As of result of the environmental contamination, an inefficient layout, and other cost factors, the Project had high development costs; and therefore, the $38 million redevelopment was not financially feasible without the NMTC subsidy. Given its focus on providing a pathway to
innovation and entrepreneurship and the remediation of a Brownfield site, the Project attracted $16 million in NMTC financing from three CDEs – Urban Action Community Development (UACD) provided $8 million, City First Bank of DC $6 million, and USBCDC $2 million. The Project
also included federal and state Historic Tax Credits.
The Project is aligned with UACD’s mission of neighborhood transformation with a focus on catalytic projects that promote the innovation economy. The Project will have a major impact on employment and will create 283 new permanent positions, of which 10% will be accessible to low-income persons (LIPs). The Project will create 450 construction jobs, of which 80% will be accessible to LIPs and 70% of those employed will have access to medical benefits. The Project’s sponsors will collaborate and partner with local organizations to recruit LIPS in East Winston-Salem through job fairs and other strategic outreach and engagement efforts.
As part of the NMTC financing, the Project’s Sponsor established a Community Benefits Fund of an estimated $400,000 to support 5,000 sq of innovation space that will be used for computer coder training and workforce development programs. Overall, the Project will provide considerable financial support to education and workforce training programs in Winston-Salem.
Located in downtown Detroit, the Wurlitzer is an iconic 14-story historic property at 1509 Broadway under development by owner and developer ASH NYC. Opened in 1926, the 47,060 sq. ft. tower was designed and built for the Wurlitzer Company, a famous manufacturer of organs,
pianos, radios and jukeboxes. Following the company’s departure from downtown in the 1970s, the building housed offices until it was shuttered in 1982. ASH NYC will restore the Wurlitzer as a community anchor, operating a 106-room hotel and providing space for guests to interact
with residents in a restaurant, bar and café on the building’s ground floors that will be run by local operators. ASH NYC co-founder Jonathan Minkoff pointed to demand for a competitively-priced, independently branded hotel in downtown. The project seeks to build on the neighborhood’s entrepreneurial spirit, with the hotel serving as an ambassador to experiencing Detroit.
38,000 square feet of connected banquet and meeting facilities supported by a full service kitchen. Once completed, the Tremont Grand, as it will be known, will provide Baltimore with a one-of-a-kind facility for conference and social events. It will provide a substantial number of new jobs to a low-income census tract and contributes to the renaissance of historic Charles Street (downtown Baltimore’s “Main Street”). This is a remarkable triumph for a historic jewel once slated for demolition in favor of a parking garage.
The Plaza Verde project involved the rehabilitation and renovation of the former Antiques Minnesota building in the Midtown Phillips neighborhood of south Minneapolis to create high-quality retail, office/incubator, and non-profit arts space.
The Midtown Global Market project in Minneapolis involved the creation of an 86,084-sq. ft. public marketplace for a mixture of start-up, second stage, and anchor businesses offering internationallythemed fresh and prepared food.
An old Sears store that lay vacant for over 20 years is the new site of the Entrepreneurial Center located in the heart of Birmingham’s Downtown West Urban Redevelopment District. The $17.8 million renovation project includes the redevelopment of an entire city block in a run down section of downtown Birmingham. The Sears building has become the consolidated space for the Business Incubator for the Entrepreneurial Center (EC) and the University of Alabama at Birmingham’s (UAB) Biotechnology / Life Sciences Incubator (OADI). The combined effort was renamed The Innovation Depot. The CDE, Wachovia Community Development Enterprises, (WCDE) offered New Markets Tax Credit (NMTC) financing of $14 million from its 2005 allocation.
A former Liggett & Myers tobacco warehouse in Durham, NC, the Carmichael Building, is now home to lab, research, and office space for Duke University’s Molecular Physiology Institute. New Markets Tax Credits helped make this rehabilitation possible.