The Chawla family, owners of one of the most successful hospitality companies in Mississippi, has joined forces with Mississippi Delta Community College (MDCC) to create a new job-training institute that will be designed to attract hospitality trainees from across the region.
A new, 63-room ($6.5M) Hampton Inn in the rural Mississippi Delta has partnered with Coahoma Community College, where the new hospitality-training program will be housed. Specific fields of study and certification will be in the areas of management, technical maintenance, housekeeping inspectors, and guest service agents. Due to the town’s strategic location, growing tourism base as the home of the BB King Museum, and the opportunity to create a training facility, the Chawla family has committed to invest in this highly distressed, rural area in a way that will build the community and increase job opportunities for a region that has traditionally struggled with workforce readiness.
Spartanburg, SC has historically been known as “Hub City” due to its prevalence of railways. The county is also located at the crossroads of heavily traveled Interstates 85 and 26, which has brought suburban growth to the region. But downtown Spartanburg — located miles from the interstates — has struggled to thrive over the years.
In early 2016, locally based OTO Development closed financing on the construction of a $46.2 million, 114-room full service AC Hotel in downtown Spartanburg, SC. A brand of Marriott, this AC Hotel property will feature a signature AC Kitchen restaurant, fitness center, business center, approximately 2,500 square feet of meeting space, and typical back-of-the-house facilities.
Community Impact: GNMO II’s investment will support 130 direct quality jobs, with permanent jobs paying a wage 261% higher than the LIC’s per capita income of $3.32 per hour. To encourage accessibility of jobs to LIC residents, OTO Development will establish an apprenticeship program with Apprenticeship Carolina and the local technical college with a goal of 10 enrollees in the program throughout the 7-year NMTC compliance period. The importance of quality job creation in this community cannot be overestimated, with area Median Family Income 14.24% of the national average.
Received $1,250,000 loan to takeout a construction loan for the rehabilitation of historic hotel in Clarksdale, MS to be run by an artist co-op. In 2018, the Travelers Hotel opened to not only celebrate Clarksdale’s rich musical and artistic history, but to transform the local economy by creating a place where art and artists can thrive year-round. The Travelers Hotel will work to make Clarksdale a destination for both artists and art lovers of all kinds, while providing much needed community space and a variety programming for Clarksdale residents. The hotel is managed by an artist cooperative. Artists work two to three days a week at the hotel and at its sister property, a general store and garden center called Collective Seed & Supply Co. The artists live above the general store and, with their basic expenses covered, are able to invest the rest of their time in their creative pursuits. Travelers Hotel – In 2018, NMSC provided low-cost financing to the Travelers Hotel through our Growing Rural Communities Fund, a partnership with Northern Trust and Rural LISC. The hotel, which opened in early 2019, will celebrate Clarksdale’s rich musical and artistic history while working to transform the local economy by creating a place where art and artists can thrive year-round. The Travelers Hotel will work to make Clarksdale a destination for both artists and art lovers of all kinds, while providing much needed community space and a variety of programming for Clarksdale residents.
The new Coyote Valley Hotel will be 55,000 square feet and will have 101 guest rooms. It is located along US Highway 101, a major commercial artery bringing customers through the region for business, tourism and gaming purposes. The tribe is also increasing wastewater capacity and building safer highway access to the reservation.
NMTC Investor: US Bank Community Development Corporation
Lenders: Mascoma Bank, Vermont Economic Development Authority
The renovation of 3 historic buildings in downtown Bennington, VT. The former Hotel Putnam, Old Courthouse, and Winslow Building will be converted into mixed-use commercial space that includes a health clinic, social service healthcare providers, a local bookshop, cafe, restaurant, potter, office space, and retail space tailored to support a local grocer. Additionally, 22 residential apartments will be constructed, with six of the units supporting low-income individuals. The completion of these neighborhood enrichments will revitalize a key downtown block that has been largely vacant for many years.
The longstanding Rainbow Motel has undergone a massive renovation and reopened Wednesday, July 11, 2018, as RSVP Motel, a new boutique motel that will contribute to the ongoing revitalization of North Seventh Avenue in the Midtown section of Bozeman. Last fall, the Folkvord family began work to transform the iconic motor inn.
The Bakery Square project is a critical catalyst in the revitalization of the East Liberty Section of Pittsburgh. The former Nabisco bakery building has been renovated and an additional five buildings have been constructed to complete this retail, office, and hotel center
Rising 22 stories above Portland’s growing West End neighborhood, Twelve | West is a 550,000-square-foot mixed-use building highlighting the city’s leadership in sustainable design. The LEED Platinum-certified building includes street-level retail space, four floors of ZGF’s Portland office, 17 floors of apartments, and five levels of below-grade parking. The building has an eco-roof, a rooftop garden and four wind turbines, which represent the first U.S. installation of a wind turbine array on an urban, high-rise.