New Orleans, LA (2013)

Myrtle Banks Building

Investment

NMTC Amount: 10,000,000

Total Project Cost: 13,855,407

IMPACT

50 FTE jobs

45 construction jobs

With the help of NMTCs and HTCs, Alembic Community Development restored the structure and transformed it into the 23,000-square-foot Jack and Jake’s Public Market, artist exhibition space and shared office space for nonprofit, social and creative entrepreneurs.

Project Description

The brick schoolhouse was constructed in 1910 and was slated for demolition after a fire damaged it in 2008. The Louisiana Landmarks Society added the building to its list of New Orleans’ nine most endangered historical sites in 2009. With the help of federal and state HTCs, Alembic Community Development restored the structure and transformed it into the 23,000-square-foot Jack & Jake’s Public Market, artist exhibition space and shared office space for nonprofit, social and creative entrepreneurs. Other funding sources included new markets tax credits (NMTCs) allocated by First NBC Bank; loans from the New Orleans Redevelopment Authority and State Office of Community Development, which deployed HUD Disaster Community Development Block Grant funds; mezzanine financing from The Prudential Company of America’s Social Investments Program and sponsor equity from Alembic Community Development.

MAP

1307 Oretha Castle Haley Boulevard, New Orleans, LA 70113

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With the help of NMTCs and HTCs, Alembic Community Development restored the structure and transformed it into the 23,000-square-foot…