$5 Million
$191 Million
Crosstown Arts
Economic Development
With a foundation as a sophisticated mail-order operation that began in 1889, Sears Roebuck & Company successfully created the role of “buyer for the American farm” by connecting rural people to retail goods. Its goals were to reach communities in rural areas that had limited access to retail stores and to provide affordable and quality goods that might otherwise only be found in the largest cities.
On August 8, 1927, Memphis Mayor Rowlett Paine officially opened the Memphis Sears distribution center and retail store in the Crosstown neighborhood. As one of ten nationwide distribution centers, the Crosstown facility was one of the last three catalog centers to be opened prior to the Great Depression.
The initial 650,000 square-foot facility was built in only 180 days and eventually grew to a 1.5 million square-foot complex. The catalog distribution function of the building remained in use until 1993, when all catalog sales nationwide at Sears were discontinued. Partial operations were also relocated to newer warehouse facilities in other parts of Memphis, and the building was abandoned.
Vacant for over 20 years, this building has now been saved and repurposed with a new community-serving purpose. Thanks to the vision of nonprofit Crosstown Arts, in partnership with Kemmons Wilson Companies and a group of community stakeholders and founding tenants, the new Crosstown Concourse has emerged as a mixed-use, “vertical urban village” with roots in arts, education and healthcare, partners and uses.
Reopened on August 18, 2017 (on the building’s 90th birthday), Crosstown Concourse now contains 269 residential mixed-income housing and commercial, retail, education and healthcare space. Tenants include a charter high school for arts and sciences, a teacher residency/graduate urban education program, a wellness and fitness center, primary and urgent healthcare clinics, contemporary art exhibition space, shared art-making facilities, a comprehensive cancer treatment center, and a retail mix that includes a fresh market, pharmacy and restaurants.
Crosstown Concourse is the largest historic adaptive reuse project in the state of Tennessee and serves as an anchor and catalyst for revitalization and economic development in Memphis as well as the surrounding communities. Over 6,500 construction workers provided over 2.5 million hours of labor in the rehabilitation resulting in this adaptive reuse. 95% of the construction contracts were managed by local Memphis-owned business and 32% of the contracts were awarded to minority-owned companies.
Crosstown Concourse attracts approximately 3,000 students, retail customers, residents and patients every day. This “vertical urban village” serves approximately 125,000 healthcare patients and 2,500 students and teachers per year and created an estimated 500 new
permanent jobs. Community members utilize health and wellness services at Church Health, one of the project’s tenants seeking to improve health and well-being in the community. Teach for America, Crosstown High, and Crosstown Arts all offer services that are dedicated to further cultivating the educational and creative community in Memphis.
Crosstown Concourse offers 269 apartments consisting of 12 micro units, 24 studios, 64 one-bedroom, 155 two-bedroom and 8 three-bedroom apartments. The units are offered to residents at a range of income levels; 20% of these units are considered affordable housing at 80% or below of area median income.
269
1 Million SF
125,000 annually
500
6,500
Closed in 2014, NTCIC’s involvement in financing Crosstown Concourse included providing an allocation of $5 million in New Markets Tax Credits to help bring the 1 million square foot project to life.
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$6.5 Million
$10 Million
$47.4 Million
Cleveland Institute of Art
Education Access
Designed by Albert Kahn, the famed “architect of Detroit,” the McCullough Center was Ford’s first assembly plant outside of the Motor City. In its 1920s heyday, hundreds of Model T’s rolled off its lot every day. But after Ford closed the plant in 1932, the building foundered for decades, serving as a sales office, a warehouse, and office space. By the time Cleveland Institute of Art (CIA) acquired the iconic 1915 building in 1981, it was already in need of considerable renovation, if not an outright overhaul.
Due to cost constraints, however, the Center’s full potential as a hub of artistic endeavor was left unrealized for 25-plus years. During this time, CIA’s campus was split between two buildings separated by a half mile of parking lot – a drab, deadening asphalt gulf that students dubbed “the Beach.”
More than a century after it first opened its doors, the 250,000 square foot space in downtown Cleveland is giving young artists, designers, filmmakers, photographers, and coders a unique, adaptable space to hone their crafts, while helping to revitalize an entire Cleveland neighborhood. In 2015, the revived and expanded Center opened its doors with revamped galleries, additional classrooms accommodating CIA’s variety of aesthetic disciplines, a new library, a large atrium connecting the old and new wings, and individual creative studios for each student.
The new Center projects student art on large screens outside the complex, allowing the neighborhood to enjoy some of the innovative and dramatic creations by CIA students. It also boasts the Peter B. Lewis Theater, a state of-the-art 4K cinema complex to house CIA’s long-running and nationally recognized Cinematheque theater, which shows beloved classics, arthouse favorites, and new programming to students and members of the public alike.
NTCIC provided a New Markets Tax Credit allocation of $10 million and an equity investment in the $6.5 million of federal Historic Tax Credits generated by the project. Today, the Center is once again a locus of creativity, production, and economic vitality in Cleveland. More than just revive CIA, the refurbished Center has been a catalyst for the burgeoning neighborhood, now being called “Uptown.” Since the renovation broke ground, Uptown has added shops, a grocery
store, new restaurants, and additional housing, and has been nominated for national urban excellence awards. The revitalized space has allowed the school to strengthen its admissions and nearly double the number of students it can support. It also serves as an anchor in the revitalization of the Euclid-Mayfield neighborhood, which links University Circle and Little Italy, into a vibrant arts focused district.
We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.
$8.25 Million
Federal & State
$4 Million
$37.7 Million
Education Access
Originally constructed in 1935, the Chicora Graded School served the Chicora-Cherokee neighborhood of North Charleston, a community closely connected to employment at the Charleston Navy Yard. The school replaced an earlier facility built in 1921, which by 1929 enrolled approximately 307 students, prompting capacity expansions. As enrollment continued to grow, the campus was expanded multiple times between 1938 and 1955, adding classrooms, an auditorium, a cafeteria, and administrative space.
For decades, the building functioned as a public elementary school, first as a segregated school for white students and later as a more integrated neighborhood school. Following the closure of the Navy Yard in 1996, the surrounding area experienced economic decline and shifting demographics. By 2011, the school suffered from deferred maintenance and declining enrollment, leading to its closure. Vacant for more than a decade, the building remains significant for its role in local educational history.
Upon completion, the former Chicora Graded School will be rehabilitated into a college‑preparatory high school serving exclusively low‑income students from the greater Charleston region. The renovated facility will include modern classrooms, administrative offices, science and technology labs, a cafeteria and commercial kitchen, assembly and gathering spaces, and outdoor areas designed to support both academic instruction and workforce development programming.
The school will operate as part of the Cristo Rey network, which combines rigorous college‑preparatory coursework with a corporate work‑study model that allows students to gain real‑world professional experience while offsetting the cost of tuition. Tuition at Cristo Rey operates on a sliding scale based on need, with most families not paying any tuition at all. The project is designed to accommodate up to 400 students and to create an education environment intentionally structured to expand access to opportunity for underserved families.
The redevelopment of the former Chicora Graded School delivers targeted community impact by expanding access to high‑quality education and workforce pathways in one of North Charleston’s most economically distressed neighborhoods.
Nearly 40% of residents in the surrounding community live in poverty, and local schools serving this area have historically been underfunded, with graduation and college‑completion rates for students of color lagging significantly behind state and regional averages.
In response, the project will serve up to 400 high school students, all from low‑income households, 99% of whom identify as students of color.
The school combines rigorous college‑preparatory academics with a corporate work‑study model that provides students with paid professional experience, mentorship, and exposure to career pathways while they are still in high school. In addition to educational outcomes, the project generates community benefits through permanent job creation, workforce training, and the reactivation of a long‑vacant neighborhood anchor.
Collectively, the project addresses educational inequity, strengthens workforce readiness, and supports long‑term economic mobility for students and families across the Charleston region.
51 Permanent
142 Construction
94%
400
99%
The $37.7 million project was funded through a variety of sources, including an equity investment by NTCIC in the $5.5 million federal and $2.75 million state Historic Tax Credits generated by the project and a $4 million New Markets Tax Credit allocation. The project was also funded with $2.8MM of South Carolina’s State Abandoned Building Tax Credit.
NTCIC’s roles in the project include acting as a NMTC Allocatee and Asset Manager, federal and state HTC investment sourcer, underwriter, and closer, Federal and State HTC Asset Manager, Federal and State Fund Manager, and Abandoned Building Tax Credit syndicator.
We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.
$4.1 Million
$6 Million
$26 Million
MIS Capital
Education Access
Built in 1913 and designed by architect Henry deCoursy Richards, the John Greenleaf Whittier School has anchored Philadelphia’s Allegheny West neighborhood for generations. Named for the abolitionist poet, the three-story brick building with terra cotta details and a U-shaped courtyard welcomed thousands of local students over its long history. Whittier Elementary was a vital resource for the community, reflecting the evolving needs and diversity of North Philadelphia.
After nearly a century of service, the school closed in June 2013, leaving the building vacant and the neighborhood without a key educational institution. Recognizing both the architectural significance and the urgent need for accessible learning opportunities, KIPP Philadelphia Public Schools committed to revitalizing Whittier as the new home for its middle school program.
The former Whittier School has been transformed into a modern, high-performance facility for KIPP Philadelphia’s middle school program.
The 78,000-square-foot building, vacant since 2013, underwent a full rehabilitation to create state-of-the-art classrooms, a new cafeteria, a multi-purpose gym and auditorium, and an outdoor education area.
Designed to accommodate up to 700 students, the revitalized school now provides expanded educational opportunities for families in Allegheny West.
The revitalized Whittier School now provides a modern, high-quality learning environment for up to 700 middle school students in Allegheny West. By expanding capacity from 360 students, KIPP Philadelphia addresses significant demand for accessible, college-preparatory education in an underserved neighborhood. The school’s open enrollment lottery ensures equitable access for families citywide.
KIPP Philadelphia primarily serves economically and educationally disadvantaged students, with 86% qualifying for the Federal Meals Program and 24% receiving special education assistance. The student body reflects the surrounding community, with 98% identifying as African American or Hispanic. The project also created new green spaces and public access areas, strengthening connections between the school and its neighbors.
The revitalized school now serves up to 700 students, up from 360.
86% of students qualify for the Federal Meals Program.
24% of students receive Special Education Assistance.
The project delivered 80 union construction jobs and supports 70 permanent full-time equivalent jobs.
New outdoor education areas and public-access green space strengthen neighborhood connections.
NTCIC provided $6 million in New Markets Tax Credit allocation and an equity investment in the $4.1 million in Federal Historic Tax Credits generated by the project, making the $26 million rehabilitation of Whittier School possible. These investments enabled the transformation of a vacant historic building into a modern, high-performance educational facility for KIPP Philadelphia’s middle school program.
The project leveraged NMTC and HTC equity alongside loans, grants, and sponsor equity, reducing the school’s fundraising burden and ensuring financial feasibility. Construction created 80 union jobs, while the completed school supports 70 permanent positions and offers below-market rents, maximizing resources for student success and long-term neighborhood revitalization.
We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.
Irvin Henderson Main Street Revitalization Fund
$3.25 Million
$4.7 Million
The Field School
Education Access
Built in 1907, the Francis Scott Key Public School served Chicago’s South Austin neighborhood for more than a century. Designed by Dwight Perkins, then chief architect for Chicago Public Schools, the building originally accommodated 300 students in kindergarten through eighth grade. Enrollment surged to nearly 800 by the late 1960s, creating overcrowded conditions that persisted for decades. Teachers’ lounges and even closets were converted into classrooms to meet demand.
As new charter schools opened in the early 2000s, enrollment declined sharply. In 2013, the Chicago Board of Education closed 49 schools, including Key, the largest single wave of school closures in U.S. history. Vacant for nearly a decade, a new chapter began for the building in 2017.
Completed in 2023, the former Key School annex now serves as the new home of The Field School, an independent elementary school founded in 2017 to meet the needs of low-income students on Chicago’s West Side.
Moving from its rented Oak Park space, the school purchased the historic Key School buildings to expand enrollment from 150 to 400. This revitalization preserves the building’s character while creating modern, community-centered learning spaces.
The revitalization efforts have helped the students and community of Chicago’s South Austin neighborhood in the following ways:
The Field School has moved from its rented church space into the revitalized Key School building, creating room to grow beyond its previous 150-student limit. With the new facility, enrollment can increase by up to 240 students, and with the second phase complete, the school has capacity for 400 students. This expansion ensures long-term stability and provides modern learning spaces for families on Chicago’s West Side.
Relocating from the more affluent Oak Park neighborhood to South Austin allows the Field School to better fulfill its mission of serving children who lack equitable access to quality education. At least half of the school’s seats are reserved for families from low-income homes. Currently, 25% of students come from extremely low-income households earning less than $30,000 annually, and the school aims to raise that figure to 30% or more.
The larger facility will support a capacity of 400 students.
25% low-income student base with a goal of 30%
Students no longer need to commute out of the neighborhood for high-quality education.
NTCIC provided critical financing through a $3.25 million New Markets Tax Credit (NMTC) allocation from its Irvin Henderson Main Street Revitalization Fund. This support made the acquisition and rehabilitation of the historic Key School building possible in the time required in their bid to the city for the building, ensuring the Field School could relocate and expand without significant delays.
The $4.7 million project leveraged NMTC financing alongside millions in fundraising by the Field School. This investment reduced the school’s fundraising burden and allowed construction to be completed on schedule, creating modern educational spaces that serve the South Austin neighborhood and support long-term community revitalization.
We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.
$2.7 Million Federal
$3.4 Million State
$10 Million
$16.8 Million
YWCA of Wheeling
Social Services, Healthcare Access
Wheeling, West Virginia, has a rich tapestry of history as the state’s first capital. Nestled in the foothills of the Appalachian Mountains along the Ohio River, Wheeling was an industrial powerhouse known as the “nail city,” supplying cut nails to the entire nation. By 1910, the city’s population surged to over 41,000, and its thriving industry played a pivotal role in supporting World War I. However, at this time, Wheeling, like many American cities, was under the shadow of segregation, with Jim Crow laws deeply ingrained into the societal fabric and dictating accessibility to locations and services based on race. Amidst this complex socio-political landscape, the YWCA Wheeling was established in 1906, initially operating from a rented space on an adjacent block before construction on their permanent and current location at 1100 Chapline Street was completed in 1915.
Despite the segregation laws of the time, the YWCA Wheeling emerged as a beacon of progressive ideals. While not untouched by the era’s legal constraints, the organization made it a priority to champion equal access regardless of race. In their early years, they actively campaigned and fundraised to extend their protective services and advocacy to African American girls and women, serving as a testament to their commitment to social justice.
By 1921, the YWCA Wheeling successfully established the Blue Triangle Branch in a neighboring building to serve the African American members of the community. Both organizations worked together serving the women and children of Wheeling until 1956 when the YWCA integrated the Blue Triangle Branch into its Chapline Street headquarters.
For more than a century, the YWCA Wheeling has been operating from this historic location, growing its programs, and continuing to support the women and families of Wheeling. The building, steeped in history and resilience, now requires essential repairs and upgrades to ensure the YWCA can continue its mission into the future.
The renovation of the century-old YWCA Wheeling building will enhance the quality of life for employees, residents, and community members, increase capacity for essential programming, and ensure the YWCA’s sustainability in its mission to provide vital services for women and families in need. Prior to renovations, the YWCA served about 7,400 participants each year.
In undertaking this project, the YWCA continued its long history of progressive action and service to the Ohio Valley. The renovation of the YWCA facility not only preserves a piece of Wheeling’s history but also ensures that the building continues to function as a vital resource for women and families in the area.
The YWCA Wheeling, which has not seen a major upgrade since its initial construction, is poised to make a transformative impact on the program participants, organization employees, and the local community with this renovation.
Construction efforts generated an estimated 67 positions, 85% of which were accessible to those facing barriers to entering the workforce. The renovated facility will enable the YWCA to add 7 new positions in addition to its current staff of 33.
Additionally, the building has new and upgraded systems, including a new elevator which will replace the one that has been in use since 1969, updated lighting and plumbing for better energy efficiency, and a brand new HVAC system. The renovation of the programmatic, residential, and shelter spaces provides an estimated 20% increased capacity by adding 14 rooms that are even more comfortable and inviting for program participants and will enable the YWCA to support an additional 1,200 people each year.
New heating and electrical systems and a new elevator for efficiency and ease.
Supporting an additional 1,200 people annually
14 new shelter and residence rooms added
67 construction jobs created
40 permanent jobs created/retained
NTCIC provided a $10 million New Markets Tax Credit (NMTC) allocation for the project and facilitated the investment for all real estate tax credits within the transaction, including both state and federal Historic Tax Credits (HTCs) and the NMTCs.
The swift closing facilitated by NTCIC enabled the YWCA to begin construction promptly, limiting program disruption and enabling the organization to quickly expand its crucial services and provide a safe haven for women and families at risk.
We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.
$5 Million
$10 Million
Cross Street Partners
Workforce Development, Sustainability
Nestled between the waters of Chesapeake Bay and the farmland of the Eastern Shore, The Phillips Packing Company utilized these nearby resources to become a leading cannery in the United States. As the company grew, it acquired its final building in 1930, one of the largest factories in Cambridge, Maryland. “Factory F,” as it was known, became the headquarters for the company’s successful tomato operation, where they soon became a global name as the largest producer of canned tomatoes in the world.
The company also extended its goods to the war effort, becoming the main supplier of individual canned and pre-cooked meals (known as C-rations) to soldiers during World Wars I and II. In the 1930s, it also supplied food and provisions to Antarctic explorers. These successes put Cambridge on the map, and the community reaped the benefits.
At one point, the Phillips Packing Company employed about a quarter of the population of Cambridge. It was also one of the few desegregated employers; anyone and everyone was welcome to work in the hustle of the factories.
The Phillips Packing Company continued to be an economic staple, eventually expanding into trucking and oil before it was finally sold to Consolidated Foods (now a Sara Lee Corporation) in the 1960s. Factory F was the only remaining production building from the Phillips Packing Company empire.
The historic warehouse has become the Packing House and will continue its legacy of the Chesapeake by creating an environmentally sustainable space for emerging entrepreneurs, workforce development, and aquaculture.
The Packing House provides space for local businesses supporting Chesapeake Bay revitalization efforts, commercial kitchen opportunities for food business startups, and workforce development training opportunities for individuals seeking new employment.
The Cambridge community is once again benefiting from jobs created from within The Packing House. The extensive construction and preservation efforts generated 110 construction jobs, and as the tenant businesses grow in their new spaces, they’ll create and retain a projected 161 permanent jobs. 100% of the construction and permanent positions will be quality, well-paying jobs targeting and supporting the community.
The tenants of the building are dedicated to giving back to the community through various programming and support. The Maryland DHCD operates a Community Engagement Center within the Packing House to host training and certification programs for residents, including holistic health, continuing education in the medical field, farming certifications, and landscaping certifications.
MERGE is focusing on career growth support by operating one of Cambridge, Maryland’s few incubation hubs and shared office space, with a focus on education.
The new collaborative space will support an estimated 50 entrepreneurs each year. Several active MERGE members, such as the Dorchester Foundation, are community-oriented and operate youth employment programs targeting low-income families.
Food entrepreneurs will also benefit from the new space, with Four Eleven Kitchen offering classes, support, and training in its food concept spaces. Four times a year, it will offer six—to eight-week programs for six young chefs (24 annually). The Four Eleven Kitchen will also offer an additional 10–20 food concept production platforms for others looking to try their hand in the kitchen.
All of this and more will take place in the newly renovated Packing House. This historic, 60,000-square-foot industrial warehouse 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.
Blue Oyster Environmental donates processed oyster shells to support spawning and environmental remediation
24 young chefs supported annually at Four Eleven Kitchen
10-20 food concept production platforms supporting new food training
50 entrepreneurs supported annually at MERGE offices
110 construction jobs created
161 permanent jobs created/retained
LEED Gold certified construction
Conserving 150 MWh of Electricity Annually
The $10 million phase II of the historic restoration of the Packing House was made possible through public and private financing, including a $5 million New Markets Tax Credit allocation from NTCIC. This critical funding will ensure the tenants’ spaces are activated so they can grow and support more members of the surrounding community.
Additional Phase II funding sources included Historic Tax Credit equity and $2.5 million in additional NMTC allocation from U.S. Bancorp Community Development Corporation. Phase I of the Packing House development, totaling $26 million in development costs, began in 2021 and was completed in 2023.
We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.
$4 Million
$10 Million
$28.4 Million
Cross Street Partners
Workforce Development
Education Access
The Hoen & Co. Complex, originally constructed in 1885 in Baltimore, MD, is the last remaining site of the oldest continuously operating lithographer in the United States. Known for their precision and high-quality work that elevated the medium, the Hoen & Co. lithographers specialized in cartographic, scientific, and pictorial illustration, producing maps that were influential in the settlement of the West and setting national boundaries. Their maps were used in the National Geographic Society’s first bound atlas and comprised the full collection of insert maps in the National Geographic magazine. They also frequently partnered with the Johns Hopkins University Department of Art as Applied to Science in the creation of extraordinarily detailed medical illustrations.
The company succumbed to bankruptcy in 1981 after the pressure of a decline in business and a rise in cost-effective digital options. The buildings sat vacant until they were acquired by the City of Baltimore and sold to the collaborative team leading the current redevelopment.
Completed in 2020, the 86,000 square foot former lithograph printing facility is now the Center for Neighborhood Innovation (CNI), a new model for community transformation. It co-located workforce development programs, educational training, neighborhood revitalization advocates, and nonprofits committed to strengthening the local neighborhood.
Hoen is now home to several impactful nonprofit, university programs, businesses, and workforce development programs helping to expand opportunities in Baltimore’s east side communities.
The revitalized Hoen Lithograph building, which completed construction in 2020, is now a thriving hub of innovation, workforce training, research and opportunity in East Baltimore. The building now supports hundreds of students working to address health inequities in their communities, community members looking to expand their
employment opportunities, and creative minds helping to highlight Baltimore as a powerhouse in the entertainment industry. Workforce training programs located at Hoen Lithograph support 575 students each year, while social service programs support 2,500 annual visits.
Annual Workforce Training Participants
Annual Social Service Clients
Returning Citizen Participation of Project Jumpstart
Square Feet of Historic Space Restored
NTCIC provided $10 million in New Markets Tax Credit allocation and an equity investment in the $4 million in Federal Historic Tax Credits generated by the project, making the $28.4 million rehabilitation of the Hoen Lithograph building possible. These investments enabled the transformation of a vacant historic building into the Center for Neighborhood Innovation, provide below-market rents to impactful organizations that help change lives and support community revitalization.
The project leveraged NMTC and HTC equity alongside loans, grants, and sponsor equity, reducing the need for traditional debt. Construction created 50 quality jobs, while the completed complex supports nearly 300 permanent full-time equivalent (FTE) positions, as well as 3,100 program participants each year.
We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.
