$12 million mezzanine loan for $45 million project in July 2010. Conversion of historic Macy’s building into special event center; Includes restaurants, banquet hall, meeting rooms, business incubator; 623 annual permanent jobs created
In 2017, a $6,500,000 NMTC transaction allocated funds to finance the first phase of development of a business incubator for small businesses in the Pittsburgh neighborhood of Atlanta. Previously a 31-acre industrial site, the vision of this project is to develop an economic catalyst in an area where living-wage jobs and economic opportunities are scarce. Phase 1 of this development is set to create a commercial village with a wide variety of locally-owned businesses. Creating a business space and maker hub will fuel entrepreneurship and job creation at a grassroots level. The building will also be a community space for various neighborhood functions. In addition to the buildings, Phase 1 of this development includes establishing pedestrian-oriented infrastructure to provide easy access to and from the Pittsburgh neighborhood and the future BeltLine. More: In 2006, the Annie E. Casey Foundation (AECF) acquired a 31-acre industrial brownfield site from UPS, with a vision to develop an economic catalyst in an area where living-wage jobs and economic opportunities are scarce. The property is located in the Pittsburgh neighborhood of Atlanta and enjoys easy access to interstates I-75 and I-85. It is adjacent to the Atlanta BeltLine and close to both the downtown area and Hartsfield-Jackson International Airport. Once the multiple phases of the project are complete, Pittsburgh Yards is anticipated to be a vibrant, living-wage job ecosystem that clusters a range of businesses together, including industrial, office and administrative, artistic and creative enterprises. Columbia Ventures, in a joint venture partnership with Atlanta based Core Ventures, was brought on board by the Foundation to help bring this vision to life. Phase I of development will include the adaptive reuse of an existing 61,000 square foot structure into a commercial village of small businesses, a multi-purpose green space for youth soccer and community activation, a business-centric container yard along the BeltLine, three adaptable pad-ready sites for future tenants, and the infrastructure to support these components. This phase is funded by a combination of New Markets Tax Credit Equity and debt from the AECF. It will be completed in the Summer of 2019.
The NMTC allocation will assist with the construction of the new 42,000-square-foot state-of-the-art Ryan Marshall Performing Arts Center, which will expand the existing school building both for student activities as well as for RCA’s teacher training programs. As a result, the school will be able to serve an additional 30 students annually and train an additional 2,500 teachers annually, increases which will help make the school 100 percent financially sustainable as well as subsidize tuition for students from households earning less than $30,000 annually. The $23 million expansion will also create seven new full-time positions.
The museum will commemorate the American Civil Rights Movement and the historic struggle for equality. It will also include exhibits on the modern Global Human Rights Movement. The ribbon cutting for the 43,000-square-foot facility was attended by icons of the civil rights movement, including Rep. John Lewis (D-Ga.), an original Freedom Rider. Senator Johnny Isakson (R-Ga.), Mayor Kasim Reed and former mayor Shirley Franklin also spoke at the grand opening event. “The Center on Civil and Human Rights’ opening is a victory for the city, celebrating its rich history and the connection to today’s challenge —it is a remarkable project that has been in the making for the last decade,” said Dale Royal, NMTC Coalition Board Member and Senior Project Manager, Redevelopment & President, Atlanta Emerging Markets, Inc. “The center will be a destination, attracting people from across the United states, and around the world, and the New Markets Tax Credit financing was a critical piece in making it happen.”
On the Westside, the YMCA of Metro Atlanta has created a one-of-a-kind, 55,000 sq. ft. Leadership & Learning Center that houses association support services, a state-of-the-art early learning center, and regional training center.
The project involves acquisition and construction of a 21,500 square foot transit oriented development of a nonprofit arts organization. The facility (“Space to Soar”) will include a variety of spaces tailored to the programmatic needs of the organization. The project allows Moving in the Spirit to double its capacity to serve 500 youth annually through dance classes and workshops. Space to Soar also provides work space for human services agencies focused on workforce development training and placement.
The project involves the construction of a 26,000 square foot Quest Nonprofit Center for Change that will house community and commercial services. Over the past 15 years, Quest has provided extensive housing services to homeless and low-income men and women, but is now expanding their focus to a broader set of challenges facing Atlanta’s Westside neighborhood. The new center will include case management and counseling services, healthy food access, commercial goods access, and financial management and empowerment services. Quest Nonprofit Center for Change will bring together best-in-class nonprofits and socially responsible businesses under one roof to collaboratively deliver much-needed resources to Atlanta’s Westside. It iwll be home to Westside Works, a long-term neighborhood program with a mission focused on creating employment opportunities and job training for residents of the Westside communities, including Vine City, English Avenue, Castleberry Hill and other contiguous neighborhoods.
Financing of Single Family Homes for Atlanta Neighborhood Development Partnership. John O’Callaghan, CEO of Atlanta Neighborhood Development Partnership, saw the opportunity to leverage NMTC dollars as a path to providing a new way of revitalizing communities. “Now that the doors have been opened with New Markets, the plan is to transform neighborhoods through single family homeownership and prove it can be done at increased scale. Success will help ANDP, HPN members and other effective nonprofits to leverage and expand capital to transform more neighborhoods and help more families succeed.”
Chris 180 helps at-risk children, young adults, and families through mental health counseling. They also offer group homes for abused and neglected children in foster care, adoption services, a Drop-In Center for homeless young adults, and a supportive housing program for single and parenting youth, ages 17-24, who are homeless or have aged out of the foster care system, and in home programs that strengthen families. This NMTC project will allow Chris 180 to build a new training and education center. Additionally, it will create a health clinic, facilities for assessment, and family preservation services and for children in foster care. This project consists of several components: new construction of a building which will allow CHRIS 180 to expand its behavioral health clinical training program; renovations at an existing drop-in facility to integrate primary medical and dental services; and the acquisition and rehabilitation of five houses which provide a supportive, therapeutic family environment for children while preparing for adoption
Construction of a new 345,000 SF warehouse and distribution facility in East Point, GA. The expansion is projected to increase their distribution of food to low income communities by 100%. + Construction and equipping of food bank headquarters and distribution facility serving the metro Atlanta and North Georgia region. The new facility will nearly double the space available allowing the organization to double its annual distribution within 5 years. The new facility is strategically located to improve logistics and supply chain management to meet the needs of individuals facing food insecurity in the 29 counties served.