The Coal Street project transformed a dilapidated 30-acre park into a regional sports and medical complex. Coal Street Park, located in WilkesBarre, Pennsylvania, was extensively rehabilitated, injecting new life into one of the city’s most highly trafficked roadways, while creating an attractive entrance to the downtown district and providing excellent public recreation offerings. Wilkes-Barre Mayor Tom Leighton stated that “the renovation…is a great example of how municipalities like WilkesBarre, working in cooperation with county, state, and federal levels of government and the private sector can provide outstanding offerings for their residents.”
The Project involves acquisition and adaptive re-use of a 67,000 SF unimproved warehouse. Extensive external and internal remodeling will enable HHC to double its examination rooms: Adult Medicine – 11 to 20; Pediatrics – 7 to 18; Women’s Services – 5 to 17; Dental – 8 to 12; for a
total of 31 rooms to 67 rooms. The new facility will increase clinical waiting room space from 700 SF to 5,200 SF, and house a new 7,000 SF patient education and training facility.
The Norfolk Ship Repair & Drydock Company (NSDC) is located in the South Brambleton Redevelopment Area of Norfolk, VA. The company was once a leader in the ship repair industry, but since the late 1990s, its plant and facilities faced growing disinvestment and underutilization, and needed repairs to existing buildings, upgrading of production equipment, and environmental remediation.
Lyon Shipyard, Inc. is a full-service ship repair company also based in Norfolk, with a facility adjacent to the NSDC shipyard. Lyons provides a full range of ship maintenance and repair to the U.S. Navy and related maritime companies in the area. With 120 employees, Lyon Shipyard had a strong track record in maintaining and investing in its facilities and sought to purchase the fledgling NSDC.
In 2007, City First Capital provided $7.1 million in NMTC financing for Lyon Shipyard’s acquisition and rehabilitation of the NSDC shipyard, which included 2 dry docks, a pier, machinery, and a cluster of buildings on the approximately 11- acre property. Dry docks, which are narrow basins that can be flooded for ship construction and transportation, are in high demand and had a two-year waiting period for new construction. The expanded capacity gave Lyon Shipyard a competitive edge in the shipbuilding and repair industry.
The acquisition and upgrade of the shipyard helped retain 120 existing jobs. With the full rehabilitation, which included re-roofing of existing buildings, pier repairs, removal of a damaged pier, utility repairs and upgrades, production equipment upgrades, and integration of the shipyard with Lyon Shipyard’s existing facilities, the number of new jobs created by this project exceeded 100.
So Others Might Eat (SOME) is an interfaith, community-based organization that has been instrumental in helping the poor and homeless in our nation’s capital. SOME’s response to the District of Columbia’s increasing economic gap and affordable housing crisis is the development of the Conway Center, a 10 story mixed-use project that includes the Center for Employment Training (CET), 20 transitional housing units, 174 affordable housing units and a health clinic. Conway Center is located in Benning Heights Northeast DC, a highly distressed community with a growing need of quality affordable housing, health services and employment training to help address the 30.1 percent unemployment rate and 25.9 percent poverty rate.
DC Housing Enterprises (DCHE) and co-allocatee City First provided $21.3 million of New Markets Tax Credit (NMTC) financing for the construction of 20 transitional housing units, SOME office headquarters and CET. This project will extend training and housing opportunities for 300 students annually, of which 60 will be reserved for District of Columbia Housing Authority (DCHA) residents. DCHA, the controlling entity of DCHE, partnered with SOME to provide rent subsidies from the Local Rent Supplement Program for 142 Low Income Housing Tax Credit (LIHTC) units. Other sources of funding for the affordable units came from HUD, DC Department of Housing & Community Development, DC Housing Finance Agency and Citi Bank. The total project cost of $82,000,000 million also included financing from LISC, Morgan Stanley, and Kresge Foundation for the health clinic.
Conway Center’s housing and support services align in a manner that greatly improves the accessibility and efficiency of services to low income persons and ensures individuals and families have every opportunity to take the next steps in achieving stability and economic independence for themselves and their families.
The CET employs an effective model that not only provides a broad base of employment and training opportunities, but also incorporates an onsite support network for students with varying socio-economic challenges while they are enrolled in the program. Conway Center is an anchor investment that will spur economic growth in the Benning Heights community and will create 108 permanent jobs and 75 construction jobs. Construction is currently underway and is projected to be completed in 2017.
Mary’s Center for Maternal and Child Care addresses healthcare as a holistic process, involving not just medical needs, but also the needs of patient education and social services. Through a New Markets Tax Credit deal, BlueHub Capital, formerly known as Boston Community Capital, helped Mary’s Center expand its coverage and partner with local hospitals in programming. The organization’ COO, David Tatro, says, ‘97% of the patients who come to Mary’s Center would not receive the kind of care that they receive if we didn’t have good financial institutions willing to invest in us.” BlueHub Capital, Tatro concludes, “has made a huge difference.’