New Markets Tax Credit Coalition

Mississippi Center for Innovation and Technology

Adaptive reuse of a 50,000 sf. registered historic factory/warehouse into a learn/work hub containing an entrepreneurial center, a graduate center, a State Technology Transfer Center, and a craft brewery.

Investment

  • NMTC Amount: $7,500,000
  • Total Project Cost: $18,200,000

IMPACT

  • 250 FTE jobs
  • 51,000 sq. ft. of real estate

Investor

Project Description

Adaptive reuse of a 50,000 sq. ft. registered historic factory/warehouse into a learn/work hub containing an entrepreneurial center, a graduate center, a State Technology Transfer Center, and a craft brewery.

Challenges:

As a federally registered historic building, there was the familiar (yet always tough) epic tug-of-war between the program, existing conditions, code-mandated improvements, MEP system requirements, historic preservation requirements, and The project budget. We worked through challenges related to a constrained site, steep topography, retaining walls holding up a 150 year old street, massive mechanical systems, and refurbishing the historic (but highly deteriorated) steel framed single pane windows. Cadence Bank provided investment and debt financing to the Mississippi Center for Innovation and Technology (MCITy), the core of a new economic model for Vicksburg and Central Mississippi.

Located in the former Mississippi Hardware Building in historic Downtown Vicksburg, the new 50,000-sq. ft. facility will be the center for innovation, training, education and technology transfer. The project will create jobs by accelerating technology transfer between the U.S. Army Corps of Engineers Research and Development Center (ERDC) and small- and medium-sized businesses while bringing higher educational opportunities to citizens of the entire region and encouraging innovation in a variety of ways.

ERDCWERX, the technology transfer partner for the ERDC, Vicksburg-Warren Partnership, the primary local economic development driver, Mississippi State University’s Entrepreneurship Center, Hinds Community College, a leading workforce trainer, Mississippi Institutions of Higher Learning, which has technology connectivity to the state’s four research universities.

MAP

Address: 1622 Washington Street, Vicksburg, MS 39180

Census Tract: 28149950300

Other Mississippi Projects

New investment will fuel Modern Mill’s rapid growth, helping it to expand its zero-waste production capacity and nearly triple its current employee base.
Neshoba County Hospital is a 49-bed facility located in rural Philadelphia, Mississippi, which provides a broad range of primary care services to residents of Neshoba County and surrounding counties.
NMTCs financed the expansion of a soybean processing facility, which includes additional equipment purchases and operating cash to support grain procurement.
After an EF-4 tornado devastated a town, killing 10 people and destroying over 1,000 structures including a 265,000 sq. ft. mill, the NMTC brought jobs and hope back to the