An arts and design College and dorm, Charter Middle/High School and business accelerator: Located in downtown Detroit, MI, The Argonaut project converted a historic GM building into a 760,000 sq. ft. mixed-use educational facility. The College of Creative Studies’ expansion campus features educational facilities for undergraduate and graduate programs, residential facilities for up to 300 students and an arts and design middle and high school serving approximately 900 students annually. The project achieves LEED Certification for Existing Buildings, incorporates sustainability features, and may incorporate alternative energy generation once construction is complete. Six NMTC allocatees were involved in the transaction to overcome long-standing development hurdles. (NNMF NMTCs: $7.5 million)
CDE: Consortium America
Ronald McDonald House Charities of Omaha
NMTC financing helped double the size of one of the most unique Ronald McDonald Houses in the world.
Robin Hood – KIPP NYC College Prep
Knowledge is Power Program (KIPP) is a national network of college preparatory public charter schools. These open-enrollment schools have proven to allow low-income community students to excel academically and later enjoy success in college and in life.
KIPP NYC College Prep currently lacks a home and has been forced to move twice in two years. Fortunately, the Robin Hood Foundation has partnered with the New York City Department of Education to develop facilities for three high-performing charter school networks in New York City. KIPP NYC College Prep will be the second school to benefit from this unique partnership, finding a permanent home in a new campus in the Bronx. The 132,500 square foot facility will be a new, public college preparatory that will annually accommodate 1,000 students in grades 9 through 12.
A total of $76.5 million in NMTC financing will help provide the school substantial savings through below market rent, allowing KIPP NYC to continue providing its students with a comprehensive college prep experience. The facility will include three science labs, two science “flex” rooms, a technology lab, music studio, art studio, dance studio and 35 classrooms. The students, 80% of whom are expected to come from low-income communities, will benefit from a rigorous academic curriculum.
The project will be LEED certified and is expected to create approximately 245 construction jobs and 90 permanent faculty and staff jobs as the school reaches capacity. Slated to open in the Fall term of 2013, KIPP NYC College Prep will have the solid foundation to succeed in its mission to help close the achievement gap in New York City.
Providence Public Library
Providence Public Library announced Sept. 13 $4.2 million in NMTC equity and $1.6 million in C-PACE financing for the $25 million renovation of the Providence Public Library, in Providence, R.I. Funding will address required life safety systems upgrades while making major infrastructure improvements to downtown buildings. The 83,000-square foot project will transform the library’s 1950s wing, auditorium and special collection areas to provide 21st-century library services.
Connell Building
The Connell Building, originally built in 1894, stood vacant for nearly a decade. In 2010, developer John Wolfington closed on financing that would bring the building back to life. The building is now fully leased, boasting first floor retail space, two floors of commercial office space, and five floors of residential living. At least 20% of the 89 residential units are affordable to persons at 80% of area median income or lower.
Wilson Yard
The Wilson Yard Project is a mixed use development located on a 5.7 acre site in the north side neighborhood of Uptown in Chicago, IL
Northern California Indian Development council
The California Statewide Communities Development Corporation (CSCDC) has provided $7 million of New Markets Tax Credit (NMTC) allocation to the Northern California Indian Development Council (NCIDC) to fund upgrades that preserves and revitalizes their headquarters office – the historic Carson Block Building in downtown Eureka, California. From its offices, NCIDC facilitates a wide variety of programs serving over 15,000 clients annually, approximately 95% of whom are low-income persons.
Jesse Ball Dupont
Renovation of the building, a $23.7 million project, will create or retain 200 permanent and create 186 temporary construction jobs, all of which will earn a living wage. Upon completion in 2015, the re-named Jessie Ball duPont Center will provide increased efficiencies and savings for 12 to 18 area nonprofit organizations that will co-locate in the facility. Rent offered to these area nonprofits will be kept
low, calculated just to cover operational costs of the facility.
Covenant House Alaska
The NMTC financed the opening of the crisis center at 755 A Street, Anchorage, Alaska. The shelter and crisis care program provides crisis care, shelter, food, clothing, counseling and legal advice to abandoned and runaway youths through Covenant House programs in North and Central America.
Georgia Food Processing Facility
The intersection at Fremont Street and Martin Luther King Jr. Boulevard in Notheast Portland had long been the site of criminal activity and a long-vacant corner market. The location was identified by the City’s redevelopment agency as a potential gateway to the King neighborhood and the rapidly-changing Albina area.
The Fremont Building, completed in 2007 by local minority developers, incorporates 9,500 SF of ground floor restaurant and retail, upper-floor office space, and parking.
