The Mountain View neighborhood in Anchorage is a neighborhood in transition from distress and decay to new life as the City’s Arts and Cultural District. The District celebrates and supports its ethnic diversity with a revived commercial core of restaurants, bookstores, art galleries and studios. The renovated Sadler building serves as an which provides recreational and afterschool programs for under-privileged youth.
The 100 Prince project is the redevelopment of the former St. Joseph’s Catholic Church into a mixed‐use site to include: 34 housing units (10 units will be affordable @ 80% AMI); a grocery space; three small shop spaces. The retail portion of the project consists of construction and development of 20,357 sq. ft. of retail space with subsidized rent space for a Piggly Wiggly Express (10,000 sq. ft.) and other subsidized retail/restaurant space (10,357 sq ft). The lead tenant, Piggly Wiggly is known as a low‐price food provider. They will provide fresh produce, meat, baker and dairy areas, as well as other standard food. The store will be a franchise store owned by a minority business enterprise that already operates several Georgia stores. Downtown Athens is a food desert. The ability for local residents to find fresh and healthy food alternatives has been limited. – none CBA: yes, the project is located in a severely underserved community and the availability of NMTCs has enabled lenders to provide the loan on terms and conditions that are flexible and non-traditional; and provide Residential rental units to income restricted (80% of MFI) individuals. Prince Avenue Market is the new construction of a four-story, mixed-use building with 20,500 square feet of retail and commercial space and 34 homes in Athens, Georgia. The retail space is anchored by the first full-service urban grocery store in the area, providing much needed access to affordable fresh food. The project is part of a larger multi-phase development and adaptive reuse of the former St. Joseph’s Catholic Church adjacent and surrounding properties.
Flex-N-Gate Group (“FNG”), owned by American entrepreneur, Shahid Khan, is constructing a new 494,000 sq. ft. advanced manufacturing facility in Detroit, Michigan (the “Project”). Minority-sponsored FNG is a global automotive component manufacturer that supplies original equipment vehicle manufacturers with critical systems, assemblies and components, including complex structural metal stampings, mechanical assemblies, advanced vehicle lighting systems and painted exterior and interior injection molded parts. The Project will be the largest auto supplier investment in the City in more than two decades and will initially provide world-class quality, time-sensitive components to Ford Motor Company. The Project’s operations will include stamping, welding, injection molding and assembly. Training will encompass advanced manufacturing skills that include robotics, lift truck operation, tool and die, equipment repair, quality control, statistical process control, and various manufacturing safety certifications.
The Yonkers Pier is the only turn-of-the 20th century pier still in use on the Hudson River. The restoration of the Pier is another milestone in the remarkable renewal of the Yonkers waterfront, initiated by the development of nearby Yonkers Public Library and the Board of Education Building. The restored first-floor pavilion of the pier provides public recreation space and access to the waterfront and serves as the landing for the river ferry service. The second level holds X2O Xaviars on the Hudson, a 260-seat “five star” restaurant. In addition to NDC’s investment, the development was also awarded a HUD Section 108 loan from the City of Yonkers.
The redevelopment of the St Louis Centre into a 750-space parking garage and 106,000 sq. ft. of retail space is part of a larger redevelopment plan for a blighted three-square block area in the central business district. NDC’s investment for the garage was $10.4 million and $4.6 million for the retail component.
The Ronald McDonald House (RMH) of Fort Worth currently provides housing to over 832 families with critically ill children in nearby hospitals. Each room provides two beds, a bathroom and an area where families can rest and regroup during their challenging time. Thanks to donations RMH is able to house and assist families with sick children, while placing little to no financial burden on them. Unfortunately, the current facility must turn away 10 to 15 families a week because its 38 rooms are generally occupied. With NMTC financing the construction of 20 new private rooms will allow the RMH of Ft. Worth to house 300 more families each year. The addtional 20,000 SF of private space will go a long way in providing more peaceful nights for hundreds of families going through difficult times. Creation and/or retention of 100 construction jobs and 19 permanent jobs.
Roswell Park Cancer Institute (RPCI), is America’s first cancer center founded in 1898 by Dr. Roswell Park. The non-profit institute has been providing hospital care to a medically underserved area in Buffalo, NY for over 100 years. With the assistance of the NMTC Program, RPCI will construct a 140,000 square foot Clinical Science Center (CSC) building on its campus. The 11-story CSC building will connect the Main Hospital to a new Research Center and expand the Institute’s Cancer Prevention program space by 100%. Benefits include space for administrative offices previously held in the Main Hospital and space for up to 10,000 additional community mammogram screenings to be performed each year. The institute also plans to work with several area nonprofit and governmental organizations to recruit low-income employees to fill jobs created by the project. NDC’s $8 million Qualified Equity Investment in the $46 million project was combined with financing and NMTC allocation from Chase Bank, Building America CDE and Dudley Ventures, resulting in the projected creation of 200 construction jobs and 340 permanent jobs.