Avondale Town Center is the third and final phase of our Avondale Choice Neighborhood Implementation Grant that TCB received in 2012. The current TCB-led Avondale Choice Neighborhoods initiative focuses over $100 million of redevelopment on the Reading Road corridor and designated investment areas related to Choice outcomes. The Avondale Town Center is a struggling, suburban-style retail strip that does not contribute to Avondale substantially as either a pedestrian oriented neighborhood center or a destination with quality retail options. TCB is proposing the development of two new construction, mixed-use buildings (known as the North and South buildings) to replace the existing Town Center containing commercial space on the first floor and residential units on the upper floors. This final phase will contain two financing structures that will be undertaken concurrently which include a NMTC structure to finance all of the commercial space in both buildings and 69 market residential units while the LIHTC structure will finance 50 affordable units on the upper floors of the North building.
The residential units in the LIHTC structure will be financed with our Choice Neighborhood Initiative Grant Housing dollars and the tax credit equity generated.