Spanning 15 acres, the Steelhouse project is led by the Nussbaum Center for Entrepreneurship to rehabilitate, in multiple phases, a total 222,000 sqare foot historic property into a vibrant community for small businesses, entrepreneurs, and artisans; and features an indoor farmer’s market and individual manufacturing bays. NMTCs financed Phase I to redevelop and build out 35,000 sqare feet of the site – a former steel fabrication plant of historical significance to the area. The Steelhouse aims to transform the surrounding area, which comprises the current poorest census tract in Greensboro, NC, into a nexus of revitalization.

The project is in a particularly economically distressed and underserved community characterized by a poverty rate of 33 percent, area median family income of 54 percent, and an unemployment rate of 19 percent. The project is in a Low-Income Community, a Federally designated USDA Food Desert, SBA-designated HUBZone, federally designated Opportunity Zone, and CDFI-designated Underserved Target State. The project sponsor, the Nussbaum Center for Entrepreneurship, Inc. (“NCFE”) is a state designated small business incubator with a mission to nurture small businesses. The Nussbaum Center has achieved success in housing small businesses and start-ups.

With growing demand for its services, the Center is unable to meet this demand at its current base of operations. The Steelhouse allows synergy across multiple industries by housing small businesses in a supportive, dynamic environment. Up to 15 small business tenants will have short-term, below market leases in built-to-suit spaces. The space will house a food preparation/commercial kitchen, manufacturing spaces, art studies and retail environments. But for the loans provided by the NMTC program, this critical asset will continue to face financial strains that threaten its long-term economic viability.