Urban Action Community Development deployed $2MM of its Round 16 NMTC Allocation to support the adaptive-reuse of three historic buildings and in-fill development in downtown Fort Wayne, IN that will be converted to residential, office, and retail space. Once complete, the 30,954 sq. ft. Project will create:-Residential Units: 21 units, of which four will be affordable to persons at or below 80% of the area median income. -Restaurant Space: The Project will be anchored by two restaurants that will fill the gap caused by the closure of restaurants during the COVID-19 pandemic -Office Space: A local law firm, Nakos & Vian, has pre-leased the space. -Retail Space: The space may be curated as an art gallery and event space. The Project Sponsor is currently in discussions with a prospective operator.
The NMTC Beneficiary will work with Tenants to find opportunities and partnerships to provide training opportunities in areas of general skill development, management and leadership development training, specific skill development, and individual skill development. Based on information provided by the NMTC Beneficiary, 10 employees will receive training and advancement opportunities. To fill open FTE positions, the NMTC Beneficiary will help Tenants work with employment service organizations to recruit low-income persons and low-income community residents. The Project will result in 9,934 sq. ft. of residential space consisting of 21 housing units of which 5 (23%) will be priced to be affordable to persons earning at or below 80% of the AMI. The Project will involve the remediation of asbestos and lead that is currently present in the building at the proposed site. Additionally, the Sponsors have indicated that building design is focused to meet modern energy efficiency standards, including all new building systems, building rehabilitation and material reuse.