Project Announcement Archives

The National Trust Community Investment Corporation (NTCIC) is proud to announce the successful financial closing of the historic Tower Life Building, formerly known as the Smith-Young Tower, in downtown San Antonio. The $125 million project will transform the iconic building into 242 apartment residences, along with retail spaces on the street and river levels, providing housing and neighborhood vibrancy to the heart of the city.

Designed by renowned architects Atlee Ayres and Robert Ayres, the Tower Life Building was one of the many key structures in San Antonio’s urban development. The father-son duo was instrumental in designing several prominent buildings, including the Municipal Auditorium, Plaza Hotel, and the Federal Reserve Bank.

The building first housed businesses, professionals, and San Antonio’s first Sears, Roebuck and Company department store. Its unique history also includes being a mooring mast for a blimp, a performance venue for aerialists, and even the headquarters for the Third U.S. Army.

The revitalization project, brought to life by McCombs Enterprises, J Jeffers and Co., and many others, will transform the Tower Life Building into a lively mixed-use space that blends the historic charm of the building with modern amenities in the 242 apartments, a portion of which will be offered with affordable rents for qualifying residents.

“We are committed to creating a place that inspires hometown pride and invites new energy into our downtown,” says Jon Wiegand, Managing Director of Real Estate at McCombs Enterprises. “We welcome a community that reflects the cultural diversity of San Antonio. A portion of the building’s apartments will be offered with affordable rents to provide homes for artists, teachers, restaurateurs, nurses, first responders, and others whose life stories make up the fabric of our city.”

The renovation plans include state-of-the-art amenities, such as an outdoor patio deck, community space, and a fitness center, designed specifically for residents. Additionally, an adjacent parking garage will serve both residents and commercial tenants. The building, which was once the tallest structure in San Antonio until 1968, remains the tallest 8-sided building in the U.S., continuing its legacy as a focal point in the city’s skyline.

This revitalization was supported, in part, by NTCIC through an equity investment in the $16.8 million Federal Historic Tax Credits and $21 million State Historic Tax Credits generated by the project. NTCIC played a crucial role in the capital stack and will continue to collaborate with the development team to ensure the project’s success.

“Our team was pleased to partner with J. Jeffers on yet another exciting and impactful redevelopment”, says Amanda Bloomberg of NTCIC. “The Tower Life Building is an iconic feature of the San Antonio skyline, and we’re thrilled to be a part of bringing new life to one of the Alamo City’s most historic buildings.”

The newly revitalized Tower Life Building will not only provide much-needed housing in the heart of the city but also offer retail space, further contributing to the growth, vibrancy, and development of San Antonio’s downtown and river district.

Learn more about NTCIC’s involvement in the project here.

WASHINGTON, DC, September 10, 2025: NT Solar is proud to announce the closing of a 1.36 MW community solar project in Eastport, Maine, in partnership with Prometheus Power Group. The project is expected to generate approximately 1.78 million kWh annually, providing clean and affordable energy to local residents and businesses. NT Solar arranged a tax equity investment in the $3.3 million in Solar Investment Tax Credits (ITC) generated by the development of the solar site. This marks NT Solar’s ninth collaboration with PeoplesBank, a long-time NT Solar partner, bringing their total investment to over $21 million.

“This investment with Prometheus Power Group reflects NT Solar’s commitment to expanding access to clean energy for people across the country,” said Karin Berry, Managing Director of NT Solar. “We’re especially proud to support a project bringing renewable energy at a discount to Maine’s rural residents.”

The Eastport project will serve a mix of residential and commercial subscribers through Maine’s Community Solar program, offering a 15% fixed discount on all allocated bill credits. The project also qualifies for the 10% Domestic Content adder under the Inflation Reduction Act, supporting U.S.-based manufacturing by utilizing domestically manufactured panels. The energy generated by this project will make a meaningful impact for Maine’s rural residents and small businesses.

The 1.36 MW installations will generate an estimated 1.77 million kilowatt-hours (kWh) annually, which:

Creates enough electricity to fully power 135 homes each year
Offsets CO2 emissions generated from burning nearly 860,000 pounds of coal annually
Sequesters the same amount of carbon from the atmosphere as over 784 acres of forest
Offsets the CO2 emissions generated from consuming 87,000 gallons of gasoline annually

“NT Solar’s financing expertise was instrumental in structuring this project,” said Rohit Garg, Managing Member of Prometheus Power Group. “Their support ensured we could deliver long-term value to the Eastport community while making clean energy more accessible to Maine residents.”

This partnership with Prometheus Power Group underscores NT Solar’s continued mission to expand access to clean and affordable renewable energy in rural Maine. NT Solar remains committed to supporting underserved areas by advancing equitable and impactful energy investments across the country.

About NT Solar

NT Solar, a division of the National Trust Community Investment Corporation (NTCIC), provides tax credit equity for renewable energy projects that deliver measurable community benefits. NT Solar specializes in community solar, energy storage, and projects that serve low-income households or are located in historically underserved areas. Visit www.nt.solar to learn more.

About Prometheus Power Group

Prometheus Power Group develops and operates community solar projects across the U.S., with a focus on the Northeast, Mid-Atlantic, Midwest, and Mountain West. The team has developed or is actively developing over 350 MW of solar capacity and operates through its venture, Nugenics Solar LLC Visit www.prometheuspowergroup.com to learn more.

The National Trust Community Investment Corporation (NTCIC) is proud to announce the successful financial closing of the $40.2 million revitalization of Benn High’s NMTC Condo in Bennington, Vermont. This transformative redevelopment will breathe new life into a historic 1913 former school building by creating a dynamic, community-centered hub with workforce housing, community recreation space, a senior center, and more. NTCIC provided a $5 million New Markets Tax Credit (NMTC) allocation and facilitated an equity investment in the $5.6 million in federal Historic Tax Credits (HTCs) generated by the project.

The historic Bennington High School, an iconic example of Beaux Arts public architecture, served students for nearly 100 years before closing its doors. Vacant since 2004, the building is now poised for a new future through an adaptive reuse project known as Benn High.

“NTCIC is incredibly proud to have played a role in the Benn High redevelopment,” said Amanda Bloomberg, Senior Acquisitions Manager at NTCIC. “It was truly a pleasure collaborating with Zak Hale and the various players whose dedication and vision brought this transformative project to life. With its diverse and creative financing sources, we believe Benn High will serve as a case study for future redevelopment efforts across the country.”

The NMTC Condo totals 72,000 sq ft, which will include 22 workforce housing units and nearly 48,000 sq ft of commercial and community space. Tenants include the Town of Bennington, leasing over 28,000 sq ft for a new community recreation and senior center, the YMCA, operating a 102-seat childcare center that will serve mostly low-income families, the University of Vermont Extension, offering agricultural, nutrition, and community development programs to over 1,000 residents annually, and more.

The project also incorporates geothermal and solar technologies, making it 100% electric. Significant Brownfield Remediation Funds (BRF) were secured from both Vermont and the federal government to address contamination from a pre-existing 19th-century machine workshop on site.

The community impact of Benn High is far-reaching. It is projected to create 24 new permanent full-time jobs and 92 high-quality construction jobs, retain 35 existing jobs, create access to new recreation programs for more than 4,300 individuals, provide childcare for 102 children, with 55% from low-income households, host senior programming for 150+ local seniors, expanded nutrition education through the UVM extension program, and more.

“The Benn High Redevelopment has been the most challenging and rewarding endeavor of my career,” said Zak Hale, CEO of Hale Resources LLC. “Bringing together more than 30 financing sources and aligning them with the realities of a century-old school building required persistence and creativity at every turn. We’re grateful to NTCIC and our many partners for their support in making this project possible. Most importantly, Benn High will once again be a place that brings people together, providing housing, childcare, recreation, and services that will strengthen Bennington for generations to come.”

Located in an area with high levels of community need, the Benn High redevelopment will not only generate additional housing options but will serve as a community hub providing critical resources to residents of all ages. NTCIC’s investment in Benn High continues its mission to revitalize historic spaces in underserved communities, delivering inclusive, resilient, and economically sustainable development.

Learn more about NTCIC’s involvement in the project here.

The National Trust Community Investment Corporation (NTCIC) is pleased to announce the successful financial closing for the $64.5 million renovation of the iconic Apollo Theater in Harlem, New York. A cornerstone of African American cultural history and a world-renowned performing arts venue, the Apollo will undergo an extensive interior and exterior restoration that honors its legacy while upgrading its facilities to better serve artists, audiences, and the surrounding community.

“On behalf of The Apollo Theater Foundation, Inc. Board of Directors and leadership, I express deep gratitude to Historic Theater lenders and capital campaign contributors for their generosity in support of The Apollo and the community of Harlem,” said Michelle Ebanks, President and Chief Executive Officer of The Apollo Theater Foundation, Inc. “The groundbreaking marks the beginning of a new chapter in The Apollo’s journey—a curtain drop in every sense of the word – taking us from a place of reverence to a place of relevance. As we prepare to renovate and reimagine this legacy space, we do so not to erase its history, but to elevate it. To honor the shoulders we stand on, while building a more modernized foundation for those who will come after us.”

Originally opened in 1914 as Hurtig & Seamon’s New Burlesque Theater and renamed the Apollo in 1934, the venue became a vital cultural hub amid Harlem’s evolution and a defining force in American music. The Apollo launched the careers of legendary artists such as Sarah Vaughan, James Brown, and the Jackson 5 through its famous Amateur Night, and played a central role in the rise of genres including R&B, bebop, and soul.

Even as the theater faced economic decline and closure in the 1970s, it was repeatedly revived through community and state partnerships. In recognition of its extraordinary cultural significance, the Kennedy Center honored the Apollo in 2024 for its lifetime contribution to American arts.

“The Apollo Theater is more than a stage—it’s a cultural icon that has shaped American history. Through the Historic Tax Credit program, we are honored to help preserve this legacy for future generations,” said David Clower, President of the National Trust Community Investment Corporation. “Supporting the Apollo Theater restoration reflects NTCIC’s commitment to revitalizing spaces that hold deep cultural and community significance. This project is a powerful example of how public-private partnerships can protect our nation’s historic fabric.”

The restoration will preserve and enhance the historic theater’s architectural and performance integrity, including the conversion of the iconic Apollo neon blade sign to energy-efficient LED, and interior improvements that will modernize the theatrical, environmental, and acoustical systems, install new seating and accessibility upgrades, renovate dressing rooms, and expand the lobby.

With the renovation, the Apollo will be able to support over 150 performances annually, expanding access to world-class cultural programming. Over 1,300 students will visit annually for educational tours, and the theater’s Job Readiness Pathway to the Arts program will grow from 50 to 75 high school participants each year. The Apollo will also continue its Ticket Access Program, distributing 10,000 free tickets annually through more than 300 NYC organizations serving underrepresented communities, and maintain its Half Off Harlem initiative for local residents. In alignment with environmental stewardship goals, the project will also pursue LEED Silver certification.

NTCIC supported this transformative project through equity investments in the $14.8 million state and federal Historic Tax Credits generated by the renovation, as well as an $8 million New Markets Tax Credit allocation (NMTC).

Additional project financing was provided by J.P. Morgan through a combination of $25 million in bridge debt financing, a $4.9 million NMTC allocation, and acted as the NMTC investor for the project. Octagon Finance supported project financing through a $9 million Historic Tax Credit bridge loan, and the New York City Economic Development Corporation (NYCEDC) provided $23 in NMTC allocation.

Additional funding includes $20.7 million in grant commitments from organizations such as the NYC Department of Cultural Affairs, a $10 million grant from Empire State Development, and a $5 million grant from SiriusXM.

“The Apollo Theater is a beacon of cultural innovation and community enrichment,” said Olivia Pipitone, Executive Director at J.P. Morgan Community Development Banking. “At J.P. Morgan, we are immensely proud to support its historic renovation, ensuring it continues to inspire and launch legendary talent for generations to come.”

This project reaffirms the Apollo’s role as a cultural anchor in Harlem and a national symbol of artistic excellence and resilience, preserving its historic legacy while equipping it to thrive for generations to come.

Learn more about NTCIC’s involvement in the project here.

WASHINGTON, DC, February 24, 2025: NTCIC is thrilled to announce the successful financial closing of the historic Rialto Building in downtown Kansas City, Missouri. The building’s renovation transformed the iconic property into a 239-key AC Hotel by Marriott. The project includes modern amenities such as a full-service bar, meeting rooms, a business center, a fitness center, and a Bonvoy club lounge on the penthouse level. The current renovation of the 155,000 square-foot historic commercial building is part of a larger trend of repurposing historic office spaces in response to the growing demand for more flexible and remote work environments. As traditional office use continues to decline, more and more historic buildings are being reimagined as hotels, housing, or retail spaces to accommodate the changing dynamics of urban life.

“Campo Architecture and Interior Design put its heart and our “New Orleans Soul” into the design of the magnificent Rialto building. Respectful of the historic character-defining features inherited from this building’s past, the Campo team created intentionally modern features that create a clear line of stylistic demarcation between old and new”, said John Campo Jr., President and Founder of Campo Architecture & Interior Design based in New Orleans.

NTCIC played a key role in the renovation by providing an equity investment in the $11.1 million federal Historic Tax Credits and $12.5 million State Historic Tax Credits generated by the project. NTCIC will continue to provide asset management services for the duration of the HTC investment.

“We are proud to have been a part of this transformative project in Kansas City,” said Tony Maruca, Senior Project Manager at NTCIC. “All of our project sponsors maintained an intentional and thoughtful approach to preserving the historic character of the building while meeting the needs of modern travelers makes the Rialto Hotel a fantastic addition to the Kansas City hospitality market.”

The renovation of the Rialto Building is set to invigorate the surrounding area, attracting visitors, residents, and business professionals alike and further cementing the building’s role as an essential part of Kansas City’s architectural and commercial landscape.

Learn more about the project here.

About NTCIC

The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is a mission-driven, impact investment asset management firm focused on the adaptive reuse of historic properties and renewable energy solutions across the country. Founded in 2000, NTCIC makes transformational impact investments in low-income & disinvested communities, promoting a brighter more equitable future by revitalizing historic properties and expanding our nation’s renewable energy accessibility through innovative community development & tax credit investment strategies.

WASHINGTON, DC, February 24, 2025: The National Trust Community Investment Corporation (NTCIC) is pleased to announce the successful financial closing for the revitalization of the historic Emery Theater to become the new year-round home of The Children’s Theatre of Cincinnati (TCT). The $52.1 million renovation will transform the Emery Theater into a state-of-the-art, 1,500-seat facility that will function as a hub for children’s theater performances and arts education while helping to preserve and revitalize a cultural landmark in the heart of Cincinnati.

The Children’s Theatre of Cincinnati Returns Home to Emery Theater

“We are beyond thrilled to begin this new chapter of The Children’s Theatre of Cincinnati as we return home to the iconic Emery Theater,” said Kim Kern, TCT President & CEO. “This transformative renovation will not only breathe new life into a piece of Cincinnati history, but will also significantly expand our ability to serve our community. The new space will

allow us to deepen our commitment to arts education, making the theater even more accessible to children of all ages and backgrounds.”

NTCIC provided an $8 million in New Markets Tax credit allocation and facilitated an equity investment in the $7.5 million in federal Historic Tax Credits anticipated to be generated by the project to support the revitalization of the iconic space and expansion of TCT’s arts programming for children and families in Cincinnati.

“We are incredibly grateful to all of our many supporters and to NTCIC for their role in making this renovation possible,” said Roderick Justice, TCT Artistic Director. “With the completed renovation of the Emery Theater, we will be able to impact more children through expanded programming, original and new works, and theatre for specific age groups such as children under the age of four and middle schoolers. This new space will help us nurture the next generation of young artists and future arts patrons in ways we never could before.”

Community-Driven Impact

For more than 50 years, TCT has been operating out of a rented location, limiting their productions to just 40 days throughout the year. The renovation of the Emery Theater will allow for year-round productions, expanding their schedule to nearly 150 shows annually. With a capacity to serve more than 200,000 patrons each year, the renovated theater will provide even more opportunities for arts education experiences for young people, presenting children’s theatre programming never before seen in Cincinnati. Over 97,000 Cincinnati public school students will have the opportunity to benefit from access to performing arts programs annually, with a special focus on Title 1 schools and low-income families.

“The Children’s Theatre of Cincinnati is an extraordinary organization that is doing vital work in their community, providing transformative arts education and access to the children and families who need it most,” says David Clower, CEO of NTCIC. “We are grateful to have played a part in helping the Children’s Theatre realize their dream of becoming a world-class performance venue that will serve generations to come.”

As the once-shuttered Emery Theater reopens its doors and welcomes TCT back home, it promises to become a hub of creativity and community, providing a space for families and students of all backgrounds to learn and grow while experiencing the magic of live theatre together.

Learn more about the project here.

About NTCIC

About The Children’s Theatre of Cincinnati

The Children’s Theatre of Cincinnati (TCT) has been creating lifelong memories for families with children and school audiences since 1919. TCT’s mission is to educate, entertain, and engage audiences of all ages through professional theatrical productions and arts education programming.

Image Credits: The Children’s Theatre of Cincinnati

WASHINGTON, DC, January 28, 2025: NTCIC is proud to announce the successful financing of the Tivoli Theatre in Chattanooga, Tennessee. The $73 million restoration will transform the historic theater and adjoining Trigg-Smartt buildings into a state-of-the-art performing arts center, revitalizing a key cultural asset in the heart of the downtown district. NTCIC provided a $9 million New Markets Tax Credit (NMTC) allocation and an equity investment in the $12.5 million in federal Historic Tax Credits (HTCs) generated by the project.

Chattanooga’s Iconic Tivoli Theatre Set for Grand Revival

Chattanooga’s Tivoli Theatre, “the Jewel of the South,” opened its doors to the public in 1921 as a 1,750-seat state-of-the-art performance space and is notably regarded as the first public building in the south, and one of the first in the country, to have air conditioning. After decades of changing ownership and experiencing varying levels of usage, the Tivoli Theatre Foundation closed the space in 2022 to begin a full restoration.

“In order to truly improve the Tivoli and the impact it will have on the hundreds of thousands of people we serve annually, a complete renovation and expansion was necessary. The creation of the new Tivoli Performing Arts Center will allow us to feature enhanced and diverse programming, including our new education department and other outreach efforts,” Wilkinson continued. “As the cultural anchor for the performing arts in Chattanooga for over a century, this project will breathe new life into the Tivoli Theatre and create a new, more accessible community venue that will house rehearsal and education spaces, ultimately creating increased access for all Chattanoogans to witness and be a part the magic of the performing arts.”

Upon completion, the performing arts center will include a new 190-seat cinema and studio, an expanded lobby, a restaurant, six bar spaces, additional event areas, and upgrades to all service and mechanical systems, including bathrooms, HVAC, and more. Outside, the iconic Tivoli Theatre marquee will be restored and modernized to light up the city streets once again.

The Tivoli Theatre Foundation will use its new space to expand upon partnerships with organizations like the Chattanooga Symphony & Opera, Chattanooga Ballet, and the Chattanooga Boys Choir. This expansion of programming and partnerships is expected to increase the theatre’s annual patronage by more than 32,000 people, boosting revenue by nearly 60% within five years.

Community-Driven Impact

“The Tivoli Theatre Foundation is incredibly grateful to NTCIC for their long-term commitment to this important project for the Chattanooga community,” said Nick Wilkinson, CEO of the Tivoli Theatre Foundation. “From the start, NTCIC has been unwavering in its help to facilitate tax credit investment necessary to restore and improve these historic landmark buildings. It is a testament to their belief in our organization and mission and we quite literally could not commence such a transformative project without them.”

NTCIC’s involvement helped to ease the Tivoli Theatre Foundation capital campaign burden and ensure low-cost access to performances and programming for low-income families. The Tivoli Theatre Foundation has raised over $20 million so far through a successful capital campaign, and nearly $12 million in PACE financing is supporting energy-efficient upgrades to the building.

“The Tivoli Foundation has done amazing work creating a space for the people of Chattanooga to enjoy the theatre arts, while simultaneously serving their community and investing in the future of their local students,” says David Clower, CEO of NTCIC. “NTCIC is proud to have played a part in the restoration of this iconic theatre, ensuring that it remains a center of arts and culture for generations to come.”

When the Tivoli Theatre reopens its doors, visitors are sure to be impressed not only by the state-of-the-art upgrades and expansion of the facility, but by the mission-driven goals of the Tivoli Theatre Foundation and its commitment to making performing arts education accessible to all of Chattanooga’s youth.

Click here to learn more about the historic of the building and its next chapter

About NTCIC

About The Tivoli Theatre Foundation

The Tivoli Theatre Foundation was formed by Chattanooga Mayor Andy Berke in 2015 to ensure the sustainability of two city-owned historic sites, The Tivoli Theatre and Soldiers & Sailors Memorial Auditorium, while promoting them as vibrant attractions that add to the quality of life in Chattanooga.

Image Credits: Tivoli Theatre Foundation

“Pontiac is a comeback city, writing the story of its recovery. We are doing our part by growing healthy food, making sure neighbors are known, kids are resourced, and services are accessible.”

Originally built in 1921 during Pontiac, Michigan’s automotive boom, the historic Webster School is set to embark on a new chapter as the Webster Community Center. Led by local community development corporation Micah 6 Community, the Center will combine over a dozen service- and development-oriented providers and nonprofits under one roof, creating a transit-oriented integrated hub of health, education, and opportunity.

The National Trust Community Investment Corporation (NTCIC), a tax credit syndicator and subsidiary of the National Trust for Historic Preservation, is proud to support the project development through a $7 million New Markets Tax Credit allocation and an equity investment in the $5.5 million of Historic Tax Credits generated from the preservation efforts.

Continuing a Legacy of Education and Opportunity

The historic 54,000-square-foot Webster School opened during Pontiac’s population boom, as tens of thousands flocked from the south to work in the rapidly growing automotive manufacturing industry that originally put the city on the map. After the school eventually closed in 2008 and stood vacant for over a decade, this historic building is set for a new life.

Once complete, the Webster Community Center will be a vibrant ecosystem of over a dozen nonprofit and service-oriented organizations, all dedicated to providing critical resources to children and families.

The Center will feature a Federally Qualified Healthcare Center aimed at addressing the community’s lack of access to primary healthcare, a HeadStart program operated by Oakland Livingston Human Service Agency (OLHSA), and diverse youth enrichment programs including music, theater, art, sports, and STEM, all offered at minimal or no cost.

Webster will also include education and workforce training programs for adults, including a distance learning lab operated by Rochester Christian University and a commercial kitchen led by Micah 6 Community to support local food entrepreneurs while scaling up their existing food distribution services into a full food co-op.

“The Webster Community Center is going to provide essential services that our community has long needed,” stated Coleman Yoakum, developer of the project and leader at Micah 6 Community. “Moreover, our enrichment programs in arts, sports, and technology are tailored to foster creativity and learning in a nurturing environment and to give the children of the community a variety of developmental options. This project is about building a sustainable future where every resident has the resources they need to succeed.”

To improve access, the project will consolidate three bus stops at the center’s entrance and establish an indoor transportation hub with amenities like Plain and Fancy Food shop for food and coffee, another incoming tenant.

Community-Led Revitalization

Founded in 2012, Micah 6 Community is a neighborhood-based community development corporation dedicated to addressing key challenges in their community, such as limited access to healthy food, insufficient youth activities, and a lack of resources for unhoused individuals. The nearest grocery store to Webster Elementary is more than a mile away, a significant barrier given that nearly 30% of local residents do not own a car.

Recognizing these needs, Micah 6 Community initiated its first project by purchasing a vacant lot in 2013 to establish a community garden. This effort has since expanded to encompass over an acre of gardens and greenhouses, collaborating with local farms to provide thousands of pounds of fresh produce to the community at no cost. Micah 6 Community continues to make a meaningful impact through these initiatives and ongoing dialogue with residents. Over the years, they have established afterschool programs, a summer camp, and a holiday gift donation and distribution program.

“Micah 6 Community has demonstrated an extraordinary commitment to revitalizing Pontiac. Their passion for the community and unwavering dedication to delivering essential resources were crucial in making the Webster Community Center project a reality,” said Marcus Jones, Project Manager at NTCIC. “Working alongside such a motivated and community-focused group has been an inspiring experience.”

NTCIC is proud to have supported this project, recognizing the profound impact that the Webster Community Center will have on Pontiac’s local community. The project exemplifies the high-impact, community-led initiatives that the New Markets Tax Credit was designed to support, highlighting its role in facilitating transformative developments that truly benefit the community.

To learn more about the history of the building and its new use, click here.

WASHINGTON, DC, February 15, 2024: The historic Phillips Packing Company Factory F building, a cornerstone of industrial prowess in Cambridge, Maryland, constructed in 1920, is embarking on a new chapter as the Packing House, thanks in part to a $5 million New Markets Tax Credit allocation from the National Trust Community Investment Corporation (NTCIC). The second and final phase of development, totaling nearly $10 million in project costs, will complete the tenant and site improvements necessary to support the growth and activities of the new and incoming organizations within.

A Legacy Reimagined at the Packing House

The Phillips Packing Company was once the global leader in canned tomato production, as well as one of the primary employers for Cambridge residents. Its legacy of community support and employment opportunities continues through the Packing House project. Revitalization efforts have transformed the historic factory into a vibrant space for emerging entrepreneurs, workforce development, and aquaculture, ensuring the tradition of innovation and community enrichment lives on. An image of the inside of the revitalized Packing House building featuring an open concept space where people can meet and collaborate.

Development efforts were led by a partnership between Baltimore-based Cross Street Partners, a renowned real estate firm dedicated to rebuilding communities through innovative and sustainable urban development, and the Eastern Shore Land Conservancy, a nonprofit organization founded to protect Maryland’s Eastern Shore natural habitats and guide sustainable development for the surrounding communities.

“This building’s transformation is not merely about preservation; it’s about redefining its role in our community’s future,” stated Bill Struever, Lead Developer of Cross Street Partners. “Thanks to NTCIC’s support and New Markets Tax Credit allocation, we are setting a new course for the Packing House as a center of innovation and community engagement.”

Diverse Tenants Leading Innovation and Growth

“This was a miracle of a revitalization effort in many ways,” noted Tony Maruca, Project Manager of NTCIC. “The project originally appraised for less than half of the total project costs, but Cross Street Partners rallied public and private support to make it happen. I commend the development team for their incredible effort and success in bringing this impactful project to life.”

With site work complete, the LEED Gold-certified Packing House will serve as a vibrant ecosystem for a diverse group of tenants, each providing employment, growth, and educational opportunities for the surrounding community.

The building has become the new and expanded headquarters for Blue Oyster Environmental, a leader in sustainable oyster farming practices that contribute to the health and wellness of the Chesapeake Bay.

The Packing House is also a new MERGE location, offering collaborative workspaces that foster innovation among startups and small businesses. Additionally, it is now the home of a Community Engagement Center operated by the Maryland Department of Housing and Community Development, where individuals can participate in programming dedicated to housing opportunities and professional training.

It will also soon house Four Eleven Kitchen, which will operate an incubator to nurture the culinary talents of food entrepreneurs and provide a platform for them to grow and thrive.

The Sustainability of Building Reuse

All of this and more will take place in the newly revitalized Packing House, which has been awarded LEED Gold certification for meeting high standards in energy efficiency, water conservation, and material reuse.

It is projected that the restored Packing House will conserve 148.9 MWh of electricity each year, equivalent to the amount of energy used when burning 120,000 lbs. of coal. The project is expected to complete the construction of the remaining tenant spaces in mid-2024. Future development of the area includes the creation of Cannery Park, a new ‘central park’ for the City of Cambridge that will incorporate spaces for active and passive recreation.

For more information on the community and economic impacts of the Packing House development, click here.

About NTCIC

National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is among the most active tax credit syndicators in America. The organization supports the country’s architectural heritage, community development, and renewable energy initiatives through high-impact state and federal tax credit investment services.

About Cross Street Partners

Cross Street Partners is a vertically integrated real estate company with a mission to rebuild communities through vibrant, mixed-use neighborhoods and specializes in the adaptive reuse of historic properties, sustainable design, and transit-oriented development.

Image Credits: Patrick Ross Photography

WASHINGTON, DC, September 6, 2023: NT Solar is thrilled to announce one of its largest portfolio investments to date, financing $65 million in solar investment tax credits (ITCs) for a portfolio of 100 solar installations across California. This milestone investment is in partnership with Forefront Power, a leading developer and long-term owner-operator of solar energy and storage projects.

This portfolio, developed end-to-end by ForeFront Power and with a development cost of over $200 million, will provide renewable energy for 64 California schools that support thousands of students from K-12, as well as connect to four city utility services and several of the largest counties in the state. Soon, hundreds of thousands of residents will be able to benefit from energy savings provided by these installations. This investment underscores NT Solar’s commitment to investing in renewable energy that serves a broad community base, contributing to a sustainable future for all.

“We’re incredibly proud of this landmark investment,” says Alyssa Watt, Senior Transaction Manager for NT Solar. “ForeFront Power has been an exceptional development partner every step of the way. Working with Forefront Power on the initial investment, and then expanding this portfolio seven months later, enabled us to make a significant impact on the communities that these installations will serve. This project is a testament to our ongoing commitment to advancing clean energy across the nation.”

The portfolio primarily consists of “canopy” systems, in which the panels are elevated over parking lots, allowing cars to park underneath. In addition to delivering significant environmental benefits and customer savings, this development style reduces the need for construction on undeveloped land and gives sprawling parking lots productive use. ForeFront Power has a very similar portfolio available with a larger total capacity that will reach commercial operation in calendar year 2024, and the company is excited about the potential to continue delivering best-in-class projects for its customers and investment partners.

Investing in an Energy Community

Several installations within this portfolio will also qualify for various additional credits, or “adders,” for being located within an “energy community.” Released as part of the Inflation Reduction Act (IRA), energy communities are designated locations that have experienced economic hardship stemming from the fossil fuel industry or other environmental hardships. These include:

Brownfield sites: Locations contaminated by hazardous substances or pollutants. Examples include garbage dumps, former coal mines, gas stations, and chemical processing facilities.
Communities that were predominantly supported by the fossil fuel industry and are currently experiencing higher-than-average unemployment rates.
Communities in which one or more coal mines or coal-fired electric generating facilities have closed in recent years.

In December 2022, NT Solar provided an initial investment for a 48.5 Megawatt DC (MW-DC) portfolio of 79 solar installations. In July 2023, NT Solar further expanded its investment commitment for the same portfolio, increasing the total installation count to 100 and the capacity to 58.4 MW-DC. This additional commitment brought the total financing to $65 million in ITCs, marking this as the largest investment by installation count in NT Solar’s history, and demonstrating NT Solar’s trust in ForeFront Power as a developer and long-term partner.

“We are thrilled to partner with NT Solar on this solar plus storage portfolio,” says Bryan Eckstein, SVP, Corporate Development & Project Finance at Forefront Power. “NT Solar’s commitment to the success of this investment was evident from the beginning, and their ongoing expertise in tax equity financing and support for a multi-project, distributed generation portfolio have ensured a smooth and efficient financing process from start to finish. Together, we’ve been able to make a significant positive impact on communities across California.”