FareStart is a social enterprise in Seattle dedicated to transforming the lives of homeless men and women through job training and placement in the food service industry. Students receive job training in the food service area that generates revenue through the daily preparation and distribution of over 2,000 meals. By 2004, FareStart had outgrown the space it rented and needed a larger facility. The organization purchased a 33,000 square foot building in a severely distressed New Markets Tax Credit (NMTC)-qualified lowincome community in Seattle to expand their training, social services, and business capacity. However, they did not have the funding necessary to renovate and upgrade the facility to make it fully operational. Community Development Funding, LLC made a $17 million NMTC loan and equity investment in FareStart to renovate and upgrade their facility, transforming it into a culinary vocational training academy and restaurant. In the new facility, kitchen and classroom space will be doubled, providing for quality and safe training areas and increase in business capacity. A family resource area will provide a safe, ‘child friendly’ space for use by students who are parents of young children. The organization’s management and administrative staff will be located in the same building. The new facility provides FareStart the capacity to increase to 575 the number of people served each year and increase by 80 percent the revenue generated through the organization’s food service businesses. Selfgenerated revenues will support the majority of FareStart’s business operations growth, and hungry children and families will consume 21 million nutritious meals, prepared and delivered by FareStart. New Markets and Historic Tax Credits were combined to provide belowmarket financing with equity-like terms to make this project feasible. Conventional lenders had declined to make an investment, but with the addition of NMTCs the project was able to move forward and is now complete. The project team included Community Development Funding, LLC, US Bank Corporation, FareStart, the architectural firm of Stickney, Murphy & Romine and construction management by Sellen Construction.
Seattle Children’s Hospital (SCH), considered to be one of the best children’s hospitals in the country, serves as the pediatric and adolescent academic medical referral center for Washington, Alaska, Montana and Idaho. The hospital has renovated 80,000 SF of a building that it purchased in 2006 in order to expand research capacity. The project has effectively doubled the available research space in the building in support of SCH’s mission to provide leading medical research and care in the field of life-threatening children’s diseases. The tenant improvement of the new space has facilitated new HVAC, plumbing, electrical and interior finishes resulting in 60,000 SF of research space and 20,000 SF of administrative and office space. The project is targeting a LEED Silver for Core & Shell certification from the US Green Building Council for its use of sustainable design elements.