Myrtle Banks Building

New Orleans, LA (2013)

Myrtle Banks Building

Arts, Community, HFFI, Historic Rehabilitation, Historic Tax Credit, Mixed-use, Nonprofit Hub

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.

Investment

NMTC Amount: $10,000,000
Total Project Cost: $13,855,407

IMPACT

50 FTE jobs
45 construction jobs
Rehabilitation of a vacant or under-utilized historic structure.

CDEs

First NBC Community Development Fund

Investor

First NBC Bank

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 sq. ft. 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

Address: 1307 Oretha Castle Haley Boulevard, New Orleans, LA 70113

Census Tract: 22071013900