The Midtown Global Market project in Minneapolis involved the creation of an 86,084-sq. ft. public marketplace for a mixture of start-up, second stage, and anchor businesses offering internationallythemed fresh and prepared food.
The renovation of an existing five-story 135,800 square foot industrial building located in the Homewood neighborhood of Pittsburgh for the purpose accommodating creative start-up and nascent entrepreneurial business activity. The project was financed in part with new markets tax credits. Bridgeway Capital transforms 7800 Susquehanna Street (7800) into a beacon of economic opportunity for Homewood. Once a vacant warehouse built for Westinghouse Electric, the building is now an economic hub for urban manufacturing, craft businesses, and workforce training. The building reflects Bridgeway’s strategy to provide capital for the people and places creating economic opportunity and community revitalization in Homewood. Bridgeway invested over $10 million into the community including $7 million in 7800’s renovation, $2.4 million in contracts with Homewood businesses maintaining 7800, and $1.4 million in loans to Homewood businesses and other community development projects. 7800 emerges as vital investment in an underinvested area by attracting new commercial activity and supporting local businesses.
L.A. Prep is a New Markets Tax Credit (NMTC) financed project in Los Angeles that will serve as an incubator for 50 small- to medium-sized food producers that have outgrown their startup spaces. The anchor tenant of the project is L.A. Kitchen, which is a commercial kitchen andproduce processing hub that prepares meals and nutritious snacks for seniors and lowâ€income families. The concept for the L.A. Kitchen tenant is based on a similar nonprofit organization in Washington, D.C. created by Robert Egger. That organization, D.C. Kitchen, has provided over 25 million meals for low-income and at-risk peoples in the 25 years since it was established.
The project involved the acquisition and renovation of 56,000 square foot former warehouse in the Lincoln Heights neighborhood. In order to finance the deal, Los Angeles Development Fund and UrbanAmerica provided $16 million in NMTC allocations to fill in the needed financing
for the project to be realized. Capital Impact Partners provided $11 million in leveraged debt, with $5.1 million in equity provided by U.S. Bancorp CDC. Civic Enterprise Development, real estate development firm focused on revitalizing emerging urban neighborhoods, developed
In collaboration with the developer, the L.A. County Health Department established special guidelines in the health code for this new and innovative type of facility, which allows for small food businesses to obtain their health permit and begin operations onsite within a week.
L.A. Prep tenants receive: an exclusive production space; flexible cold, dry and frozen storage; a demonstration kitchen; co-working space and more; a staffed warehouse to assist with receiving and logistics.
The anchor tenant, L.A. Kitchen will also provide job training for 80 to 100 individuals per year. The 15-week, culinary arts job training program is focused on engaging emancipated foster youth and older adults exiting the prison system. In addition, the Kitchen ensures healthy food access for 1,000 low-income seniors (estimated for its first year of operations).
An old Sears store that lay vacant for over 20 years is the new site of the Entrepreneurial Center located in the heart of Birmingham’s Downtown West Urban Redevelopment District. The $17.8 million renovation project includes the redevelopment of an entire city block in a run down section of downtown Birmingham. The Sears building has become the consolidated space for the Business Incubator for the Entrepreneurial Center (EC) and the University of Alabama at Birmingham’s (UAB) Biotechnology / Life Sciences Incubator (OADI). The combined effort was renamed The Innovation Depot. The CDE, Wachovia Community Development Enterprises, (WCDE) offered New Markets Tax Credit (NMTC) financing of $14 million from its 2005 allocation.
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.
Conversion of a 1925 former UPS Railway Mail Service sorting facility into incubation space and offices.
High tech research has found a home at the Roy Blunt Jordan Valley Innovation Center (JVIC). This former MFA milling facility has been transformed into a seven-story state-of-the-art research facility which anchors IDEA Commons. Missouri State students gain hands-on experience, and corporate partners make huge strides in innovative product development. The focus at JVIC is environmentally friendly projects with an applied research emphasis on biomaterials, nanotechnology, carbon-based electronics, biomedical instrument development and energy.
The project involves the construction of a new 67,000 square foot micro business food incubation center. The project is a single story structure that will include private work spaces and food production quarters, collaborative workspaces, common dry/cold storage areas, shipping and common kitchens for local start-ups and developing food companies alike.