The Fidelco Group created two modern mixed-use buildings in order to retain and attract tenants that provide diverse services to the Newark community, in the media, legal, engineering, community-service and restaurant industries. While the newly constructed building includes 3,500 sqft of retail (ground floor), 675 parking spaces (floors 2-8) and 70,000 sqft of office space (floors 9-10), the renovated building includes 4,000 sqft of retail space (ground floor) and approximately 110,000 sqft of office space (floors 2-6).The Newark Call Center project is located in a federally-designated Hurricane Sandy Major Disaster Declaration Area and cited by the Mayor’s Office as a key catalyst for recovery. A vital component of the Project is that a significant portion of the newly created jobs are intended to be filled by residents of Newark through partnership with the Newark Workforce Investment Board (NWIB) which is a community-based non-profit that provides a localized, full-service employment and training system to make programs and resources easily available to residents and employers. The project will support numerous high-quality jobs, bring additional economic activity into downtown Newark, and catalyze additional development in the Newark CBD.
Lighthouse Point is a mixed commercial and Residential development. Triangle Equities Development Company transformed a long vacant site into a transit-oriented, commercial and residential project, catalyzing the capital investment necessary for the community to achieve a full recovery from the devastation wrought by Hurricane Sandy in the Fall of 2012. Phase 1 construction included the development of a 60,000 sq-ft, three-story retail building along Bay Street that incorporates the Lighthouse Depot’s historic brick perimeter wall into the building façade and a 118 unit residential tower with 20% of the units permanently affordable at 60% AMI. The retail building will be anchored by a NYC FRESH program grocery store that provides nearly 15,000 square feet of supermarket space to a community in a USDA-designated Food Desert area and a co-working space which will facilitate entrepreneurship and small business job creation. The project created approximately 298 temporary construction jobs and 264 new full-time permanent jobs, while retaining 76 full-time jobs in a census tract with a 14.4% Unemployment Rate and a 21.9% Poverty Rate.
In 2012, West Liberty, Kentucky was literally destroyed by a series of E-3 tornadoes. It was left “virtually unrecognizable” with six deaths and 75 injuries as winds of greater than 150 miles per hour overturned cars, leveled buildings and devastated the lives of inhabitants. Kentucky Gov. Steve Beshear described the scene as a “war zone” and one resident remarked, “The buildings are gone, but the town’s still here.” One victim of the storm later found her high school diploma 100 miles away. This financing helped rebuild several businesses including the community center and has begun the revitalization of this rural town. While every business and government building in the downtown was destroyed, the residents vowed to rebuild the community. PCDE willingly agreed to help in the rebuilding efforts. Pacesetter CDE (PCDE)’s allocation was used to rehabilitate and recreate the Morgan County courthouse, the Morgan County Community Center, and several support buildings. A new health and wellness center was also developed.
Community Benefits: allocation was used to rehabilitate and recreate the Morgan County courthouse, the Morgan County Community Center, and several support buildings. A new health and wellness center was also developed. The health and wellness center was completely new construction and includes an indoor pool, fitness and workout rooms, a walking tack and community meeting rooms.
The construction created approximately 300 jobs. This project’s primary focus is on retaining jobs in the LIC. It was anticipated by County officials that the culmination of this project will result in saving 300 jobs. U.S. Congressman Hal Rogers of Kentucky said that this could be the largest storm recovery project ever in Kentucky. “We don’t know of any project this size in Kentucky history,” he said.
This project involved the rehab of the blighted Bulova building into mixed use facility. The NMTC financed the extensive renovation of the former Bulova Building located at 101 North Queen Street. The $28.5 million revitalization project involves the transformation of the vacant manufacturing facility into a vibrant, mixed-use complex which will be named 101 NQ. Once completed, 101 NQ contains 21,000 square feet of retail space, 90,000 square feet of office space, 35 apartment units, and 35 parking spaces. The project created 195 full-time jobs in addition to 45 construction jobs.
$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