Historic Tax Credits

$4 Million Federal

New Markets Tax Credits

$10 Million

Total Development Cost

$30.2 Million

Project Partner

Community Solutions International

Impact

Economic Development, and more.

Home of the M. Swift & Sons Company
History

Home of the M. Swift & Sons Company

The M. Swift & Sons Company Historic District was founded and constructed between 1887 to 1948 in Northeast Hartford, CT. The district’s factory complex, called Swift Factory, consisted of five interconnected buildings and two historic residences. The Swift Factory once functioned as the home of the M. Swift & Sons Company throughout its over one-hundred-year story, making it a significant component of the City’s industrial heritage. Over its history, the products manufactured at the site included gold and silver leaf, hot dye stamping foils, and gold plating products.

Once a hub of economic vitality for the community, the factory was eventually closed and has been vacant for more than a decade. A new vision for revitalization is now emerging. Together with local residents and community organizers, nonprofit Community Solutions is redeveloping the complex to capitalize on the assets of the community and address needs for high quality jobs and community services.

A Vacant Factory Comes to Life
Revitalization Efforts

A Vacant Factory Comes to Life

The adaptive reuse of the former Swift Factory returned the vacant manufacturing space into a state-of-the-art facility that provides high-quality jobs for residents of the surrounding community, specifically those considered low-income. The space also includes a commercial food manufacturing kitchen, a food business incubator, community space and non-profit office space.

Community Impact

Generating Local Jobs

The renewed Swift Factory hosts tenants that provide a range of job opportunities. The project generated 45 full-time-equivalent construction jobs and created 100 permanent jobs.

The anchor tenant is the manufacturing arm of Bears Smokehouse Barbecue, a locally owned, Missouri-style barbecue restaurant and a condiments and spice producer. The new location allowed them to expand their retail, wholesale, and online sales of sauces and meats and created roughly 60 manufacturing jobs. Bears Smokehouse is committed to hiring members of the local community including individuals with barriers to employment such as those who have been formerly incarcerated.

The Swift Factory also provides space for FreshBox Farms, an established regional hydroponic operator that provides fresh produce for the community. Additional healthy food options are generated

through a food business incubator that provides 10 certified food production spaces for local entrepreneurs who have access to a shared commercial cooler and freezer, a co-packing facility, training, and a mentorship network for small businesses.

Additional space hosts several non-profit organizations. Tenants include Food Corps, Girls for Technology, and Community Solutions. Visiting artists, chefs, storytellers, physicians, and farmers also have access to dedicated community and art space.

Environmentally sustainable practices such as ecological surface storm water management, water conservation in common areas, improved thermal performance of all onsite windows, air sealing at all openings, high-efficiency HVAC, and energy efficient light fixtures in common spaces were also incorporated into the rehabilitation of Swift Factory.

10

Food Production Spaces

100

Permanent Jobs Created

45

Construction Jobs Created

60

Manufacturing Jobs Supported

NTCIC & Progress

Economic Impact

Swift Factory was made possible, in part, by NTCIC through an equity investment in the $4 million in federal Historic Tax Credits (HTC) generated by the project as well as a $10 million New Markets Tax Credit (NMTC) allocation.

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Historic Tax Credits

$6.7 Million Federal

New Markets Tax Credits

$10 Million

Total Development Cost

$41.5 Million

Project Partner

Brokaw Development

Impact

Job Creation/Retention, and more.

Akron's South Main Street Historic District
History

Akron's South Main Street Historic District

The Bowery project consists of six previously city-owned buildings along Akron’s downtown corridor. Among them stands the 158-foot-tall Landmark Building at the corner of Main and Bowery, which opened in 1923 as the Akron Savings & Loan Company. One of the more prominent buildings in the district, it was designed by New York architect Alfred Hopkins, who at the time was primarily known for his economical, yet complex approach to architecture, as well as his specialization in farming complexes. The buildings are located at the center of Akron’s South Main Street Historic District and played a major role in establishing the area as Akron’s primary commercial district – particularly in the rubber industry. The city of Akron was the birthplace of Goodrich, Firestone, and General Tire.

The other buildings included in the revitalization project consist of various historic shops and office buildings that once housed furniture showrooms, doctors, and jewelers, but have since sat vacant for over two decades. The Akron Civic Theater, located a few doors down from the Landmark Building, was the blocks only heartbeat for nearly twenty years.

Activating Akron
Revitalization Efforts

Activating Akron

This catalytic, mixed-use project features 92 mixed-income apartments, office space for local businesses, and over 39,000 square feet of storefront and commercial space, much of which was pre-leased prior to closing. The buildings are connected and have access to an adjacent parking structure owned by the city. Among the new tenants of the Bowery project is a local fresh food grocer and café that occupies 8,400 square feet of space.

The Akron Civic Theater, known as the “Jewel on Main Street” also played a significant role in the redevelopment. They leased 7,127 square feet of space from the development for a new box office, offices, space for small community events, and additional theatre space for small-scale performances.

In an effort to continue the activation of Akron’s Main Street, the City of Akron also used a portion of the development to create an indoor promenade connecting Main Street to the Lock 4 Park on the canal level behind the Bowery. The promenade features pop up retail spaces and community events and encourages pedestrians to take advantage of the scenic canal, which has also seen recent revitalization.

Community Impact

Lifting Up a Community

The downtown corridor of Akron has suffered considerable disinvestment for decades and is one of the most important components to the Downtown Akron Vision and Redevelopment 10-year action plan, which was created in collaboration with the city and community residents. Residents and officials have long identified the need for jobs, access to healthy food, and affordable housing as a top priority. The Bowery project addresses all these issues while eliminating blight and spurring additional revitalization for the historic Main Street of Akron.

The project is located in a severely distressed low-income area suffering from high unemployment and poverty rates. To support the availability of affordable housing in the area, the Bowery project dedicated 23 of the available rental units to low-income individuals and families (80% AMI). To ensure the inclusion of healthy food, the development team leased a significant portion of the commercial space to a local fresh food grocer. Before this project, downtown Akron had no substantial grocer to support local residents and was considered a food desert.

10-Year Action Plan

for Downtown Akron

39,000 Square Feet

of Commercial Space

23

Low-Income Apartments

92

Mixed-Income Apartments

NTCIC & Progress

Economic Impact

The Bowery was made possible, in part, by NTCIC through an equity investment in the $6.7 million in federal Historic Tax Credits (HTC) generated by the project as well as a $10 million New Markets Tax Credit (NMTC) allocation.

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Historic Tax Credits

$1.29 Million Federal

New Markets Tax Credits

$2 Million

Total Development Cost

$8.37 Million

Project Partner

Shenandoah Manager, LLC

Impact

Small Business Support, and more.

The Former Shenandoah Hotel
History

The Former Shenandoah Hotel

Originally a railroad industry town during and after the Civil War, by the 1920s, Martinsburg, West Virginia became a leader in textile manufacturing, with large commercial businesses rapidly opening in the downtown corridor. The former Shenandoah Hotel is the only surviving building of its kind in Martinsburg, West Virginia. The building itself sits on the site of the Blondel Mansion, which was constructed in the early 1800s by the plantation owner and Haitian Revolution refugee Anthony Blondel. The home was purchased for $45,000 in 1923 after his death and subsequently torn down. Local community investors raised $600,000 to build the Shenandoah Hotel, a luxurious 104-key boutique hotel that opened to the public on George Washington’s birthday, February 22, 1926. Located in the heart of Martinsburg, the hotel became a cornerstone of Martinsburg’s social scenes, making it a popular destination for tourists and celebrities.

The hotel featured a “Crystal Dining Room” which could seat up to 175 people and a “Gold Ball Room” for dancing and events. The spaces were specifically designed to complement guests’ gowns. The hotel also included a coffee shop and six rentable storefronts that faced Queen Street and two storefronts that faced Martin Street. The hotel eventually changed hands and became the Gateway Inn during the 1960s, where it remained for about 20 years. However, transfers in ownership eventually saw the permanent closing of the hotel space and the eventual shuttering of the first-floor commercial use. The building has remained largely vacant since.

A Vibrant Mixed-Use Space
Revitalization Efforts

A Vibrant Mixed-Use Space

The project transformed the former Shenandoah Hotel into a vibrant mixed-use space in the heart of the Martinsburg Main Street. This was the fourth project in NTCIC’s Irvin Henderson Main Street Revitalization Fund.

The historic building was revitalized into 38 residential units and 16,000 square feet of commercial space. Ten thousand square feet on the ground floor house multiple tenants, with a focus on small businesses graduating from a nearby incubator, as well as restaurant space. The basement includes 6,000 square feet of additional specialized commercial space.

NTCIC’s investment goal with the Shenandoah project was to promote a small deal in a tertiary market by creating community-serving commercial space and setting aside affordable residential units to benefit the local community. The project sponsors worked directly with Martinsburg’s local Main Street Association to find commercial tenants for the space.

Community Impact

Martinsburg Main Street

Known as the “Gateway to the Shenandoah Valley,” Martinsburg boasts a historic downtown that covers about 52 blocks and consists of commercial sites, retail, office buildings, warehouses, and storage buildings in which the Shenandoah centrally sits. Main Street Martinsburg is a collaboration of dedicated volunteers, business and property owners, concerned citizens, and local governments that work together, promotes, and enhances the economic strength of historic downtown Martinsburg. Martinsburg Main Street strongly supports the revitalization efforts as a way to connect members of the community to key destinations, hiking trails, and adjacent neighborhoods, while developing a new and much needed tenant mix that will allow the community to take the next step toward revitalizing the historic downtown. Martinsburg Main Street will be directly

involved in the selection and approval of all commercial tenants looking to take space in the new Shenandoah Hotel building.

The project created over 16,000 square feet of commercial office and retail space in a formerly vacant, underutilized building. The space allowed small, local, minority-owned, and women-owned businesses to expand and meet the economic demand for new restaurants, retail shops, and professional offices. The project also provided much needed mixed-income housing in the downtown district, with 38 residential units of which 20% are income-restricted to households earning 80% or less of AMI. The project created roughly 40 permanent positions and 57 jobs during construction.

52 Blocks

of Historic Main Street

16,000 Square Feet

of Commercial Space

57

Construction Jobs Created

40

Permanent Jobs Created

38

Residential Units

NTCIC & Progress

Economic Impact

The Shenandoah was made possible, in part, by NTCIC through an equity investment in the $1.29 million in federal Historic Tax Credits (HTC) generated by the project as well as a $2 million New Markets Tax Credit (NMTC) allocation. This was the fourth project in NTCIC’s Irvin Henderson Main Street Revitalization Fund.

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Historic Tax Credits

$26.3 Million Federal

Project Partner

Lovett Commercial

Impact

Economic Development

Project Size

525,000 sq ft

Franklin Street Post Office
History

Franklin Street Post Office

The original Franklin Street post office headquarters and processing center was built in 1936 and provided the vast majority of postal distribution services for the Houston area. In 1960, the building was renovated and expanded in the Brutalist style that defines the majority of the existing building by Wilson, Morris, Crain & Anderson, the architects who spearheaded the creation of the Houston Astrodome. In 1984, the building was named after Barbara Jordan, the first African American state senator since 1883 and the first black woman to serve in that body. The USPS put the building up for sale and issued an RFP for its redevelopment during the peak of the 2009 financial crisis. Lovett Commercial, the project sponsor, purchased the building in 2015 and began the revitalization efforts.

A Hub in Houston
Revitalization Efforts

A Hub in Houston

POST Houston converted the 525,000 square foot former headquarters of the Houston Post Office into a mixed-use cultural and entertainment epicenter for the downtown area.  Designed by OMA, the world-renowned architecture firm founded by Rem Koolhaas, the space includes Houston’s largest food hall, co-working and tech incubator space, a music and entertainment venue, designer retail, office, and one of the world’s largest rooftop parks and farms.

The project worked with local nonprofits to utilize the food hall to provide employment opportunities within the foodservice industry to residents of surrounding underinvested communities. The community center helps connect interested individuals with restaurant tenants, as well as provide on-site job training and career planning opportunities. The partnership focuses on low-income residents of Houston’s Near Northside neighborhood, an underserved and distressed area adjacent to POST Houston.

The rooftop farm is operated by a local for-profit provider of sustainable and organic farm solutions in Houston and yields roughly 50,000 pounds of organic produce per year. The farm offers agricultural education, year-round collaboration with the food hall chefs, resulting in a true farm to fork experience for guests. The rooftop space also provides a unique event location in downtown Houston that hosts weddings, farm dinners, sunset yoga classes, and more.

Community Impact

For Houston, By Houston

POST Houston produced over 670 jobs during construction and over 870 full-time positions upon completion. The project sponsor partnered with local nonprofits to provide members of nearby low-income communities interested in employment within the foodservice industry with on-site job training and career planning services.

The locally owned business and proprietor of the rooftop farm also

partnered with local non-profit organizations to provide job training and educate the community about sustainable, organic farming. In addition, a portion of the basement is used as makerspace, offering startup companies a place to innovate, develop prototypes, and manufacture products.

525,000 sq ft

of Space

670

Construction Jobs Created

870

Permanent Jobs Created

NTCIC & Progress

Economic Impact

Tax credit financing, including both federal and state Historic Tax Credits (HTC) and New Markets Tax Credits (NMTC), provides POST Houston’s local farm operator with substantially discounted rental fees, allowing the organization to offer significant impacts to the community, including organic produce, for the community, employment opportunities, and farming education.

To create the capital stack for the development, the project sponsor used a variety of financing tools, including NTCIC’s investment in the $23.7 million in federal historic tax credits generated by the project, as well as additional state tax credits, Opportunity Zone equity, and low-cost EB-5 debt. Project financing also included NMTC allocation provided by four CDEs.

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Historic Tax Credits

$2.9 Million Federal
$2.9 Million State

New Markets Tax Credits

$2 Million

Total Project Cost

$17.4 Million

Project Partner

Housing Visions & David Yaman Real Estate

Impacts

Job Creation/Retention, etc.

History

Manufacturing 'Lady Lyke' Corsets

The Crescent Corset Company was one of the first wholly-owned subsidiaries of the JC Penny Company, manufacturing their private label ‘Lady Lyke’ corsets in the building. Selling private label brands such as these led JC Penny to become one of the country’s leading retailers of the 20th century.

The Crescent Company factory, located at 165-177 Main Street in Cortland, New York, served as a significant employer in the City of Cortland. Women from Italy made up much of the labor force. Through kinship networks, the promise of jobs brought workers from Italy directly to Cortland, where the men found work in nearby factories, and women found immediate placement at the Crescent Corset Company. At the company’s height in the late 1920s, it provided jobs for over 700 women.

The company was sold out of local control in 1971. The building changed hands several times before finally becoming fully vacant in the late 1990s.

Supporting the Cortland Community
Revitalization & Community Impact

Supporting the Cortland Community

Crescent Commons was a 2-year, multi-phase Historic Tax Credit (HTC) investment and the 5th project supported through the Irvin Henderson Main Street Revitalization Fund. This adaptive reuse initiative restored the former factory building into ground-level nonprofit and commercial space, as well as loft apartments on the upper floors. The building is anchored by Family Counseling Services (FCS), a private nonprofit organization founded in 1971 that provides professional counseling and prevention services to Cortland County, including mental health and chemical dependency counseling programs for youth, adults, and families. Additional tenants include the Franciscan Health Support Group and several locally owned businesses.

The residential aspect, which was completed in 2017 utilizing state and federal HTCs supported by NTCIC, includes 47 apartments, three units of which are restricted to households earning 80% of AMI. They feature loft designs with high ceilings, large windows, and open floor plans to keep with the historic nature of the building.

The project has supported 125 permanent career-track jobs, with a majority paying a living wage for the area and providing benefits such as paid leave and health insurance.

NTCIC & Progress

Economic Impact

The development of Crescent Commons was completed in two separate phases of financing, both of which were supported by NTCIC. The initial development of the building was completed in 2017 and generated nearly $6 million in combined federal and state HTCs to restore the ground floor commercial space and upper floor residential units.

After the first phase of residential and commercial development stabilized, the project sponsors sought additional funding sources to realize the full potential of the building’s lower level for commercial

occupancy that wasn’t possible within the initial development budget. However, having exhausted all federal, state, and local funding sources; coupled with the strain traditional financing sources would have on the project’s operating capabilities, NTCIC identified the project as an ideal match for the Irvin Henderson Main Street Revitalization Fund. NTCIC provided $2 million in NMTC allocation through the Fund to support additional tenant improvement costs and the development of the lower level space. All improvements will entice more significant economic activity to the neighborhood, and further enhance the capabilities of the nonprofit tenants.

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Historic Tax Credits

$4.8 Million Federal

New Markets Tax Credits

$11 Million

Total Project Cost

$28.4 Million

Project Partner

Boyd Jones Construction

USPS Railway Mail Service
History

USPS Railway Mail Service

The building that would become the Rail & Commerce building was originally built in 1925 as a three-story sorting facility for the United States Postal Service’s (“USPS”) Railway Mail Service (“RMS”). Located along the former Chicago, Burlington, and Quincy Railroad, the facility was designed by W.T. Krausch, an engineer who worked for the railroad. The RMS played a central role in America’s postal system from the Civil War through the 1970s.

The RMS reached its height in the 1930s before succumbing to a gradual decline induced by shifts to airline and truck mail transport. The slowly diminishing importance of the RMS led to a declining demand for the Omaha sorting facility building. In 1956 the USPS converted the building from a sorting facility into a storage facility, and then finally abandoned the building in the mid-1970s. Prior to its current renovation, the building had largely remained vacant since the USPS’ departure and at one time was slated for demolition and condemned by the City of Omaha.

Fostering Creativity & Entrepreneurship
Revitalization Efforts

Fostering Creativity & Entrepreneurship

The Rail & Commerce building saw the conversion of a former mail sorting and storage facility into commercial and office uses. The original first floor’s high ceiling height allowed the floor to be divided and resulted in the creation of a new mezzanine. This lower floor is home to Commerce Village, a co-working space that fosters a creative environment for startup companies and entrepreneurs. The space is fully leased and supporting 25 incubator tenants that have access to 13 individual office suites, 55 desks, and collaborative workspaces as well as common areas, conference rooms, a communal kitchen, a café, and break rooms. The new second floor contains office space occupied by the project’s developer.

Community Impact

Creating a Community Asset

The renovation into the Rail and Commerce building provided a variety of benefits to the surrounding communities. During construction, the construction team actively sought qualified minority and women-owned businesses to bid for available contracts. This created 217 construction jobs, 70% of which were awarded to local businesses and 4% of which were awarded to women-owned businesses. The rehabilitated building now hosts 209 permanent jobs with 50% of jobs available to those without a formal education or those with significant barriers to the workforce. All Jobs offered at the project are quality, career-track positions with extensive benefits such as health insurance, paid leave, retirement benefits, and job training.

The operators of Commerce Village have a successful track record of supporting the local startup community. The co-working space includes office suites priced below market with flexible leasing

terms and has hosted nonprofits, community-based groups, startups, and businesses of various sizes. Additionally, the building provides space to the Omaha chapter of the Service Corps of Retired Executives (SCORE). SCORE is a national non-profit association that provides mentoring and other services to small businesses. These services are available to the incubator tenants which will help their business grow and thrive. In 2017, SCORE provided an estimated 100 individual sessions and 6 separate group classes with 15-20 incubator employees.

The project has restored a historic landmark, transformed a vacant, underutilized building into a valued community asset, and connected the community of Little Italy to the growth and opportunites of greater Omaha.

217

Construction Jobs Created

209

Permanent Jobs Created

100% of Permanent Jobs

are Career Track Positions

81,000+ sq ft

of Leasable Space

NTCIC & Progress

Economic Impact

The Rail & Commerce Building was made possible, in part, by NTCIC through an equity investment in the $4.8 million in federal Historic Tax Credits (HTC) generated by the project as well as a $11 million New Markets Tax Credit (NMTC) allocation.

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Historic Tax Credits

$3.7 Million Federal

New Markets Tax Credits

$4 Million

Total Project Cost

$27 Million

Project Partner

The Model Group

Impact

Affordable Housing
Small Business Support
Economic Development

Over-The-Rhine
History

Over-The-Rhine

Over-The-Rhine (“OTR”) is one of the country’s largest, most intact, nineteenth-century urban historic districts and is believed to contain the nation’s largest contiguous collection of nineteenth-century Italianate Architecture. While the specific details of the eight buildings included in the Jobs Cafe at Findlay Market project aren’t fully known, most of OTR’s ornate brick buildings were originally built by German immigrants from 1865 to the 1880s.

The neighborhood has suffered from significant neglect in preserving the historic heritage of the community and its economic condition. Since 1930, approximately half of OTR’s historic buildings have been destroyed, and in 2006, the National Trust for Historic Preservation named OTR one of the eleven most endangered historic places in America.

Transforming a Neighborhood
Revitalization Efforts

Transforming a Neighborhood

The Model Group, one of the most experienced developers in Cincinnati, led the transformation efforts of these historic scattered buildings into connective services that help nurture new businesses, grow the housing stock, and further revitalize the nearby Findlay Market. These transformations become the catalysts for or the continued momentum of broader neighborhood revitalization strategies.

The Model Group began acquiring the scattered historic properties over a two year period starting in 2014 with a vision of a vibrant, mixed-use, and mixed-income Market District anchored by Findlay Market, Ohio’s oldest continually operated public market.

Today, the Jobs Café project has created a mixture of  nearly 70 mixed-income residential units, as well as an expansion on the greater Jobs Café at Findlay Market project, a social enterprise restaurant concept that provides job training and placement for restaurant industry positions.

Several of the restored storefronts are leased back to graduates of the existing Findlay Kitchen incubator program at below-market rates, so small businesses can grow to scale and maintain their own street-facing storefronts.

Community Impact

Nurturing a Community

The eight mixed-use apartment buildings restored by this development include a mixture of residential and commercial elements, helping to transform this community into a true live/work environment.

The residential component created housing opportunities for individuals and families at a mix of income levels; 30% of the units are restricted to households earning 120% of area median income; 26% are restricted to those earning 80% of area median income; and the remaining 44% are market-rate.

The Jobs Café is part of the greater Jobs Café at Findlay Market project, and provides job training and placement for positions that pay a livable wage with benefits and offer advancement opportunity within the local restaurant industry. This program targets low-income persons and residents of the surrounding severely distressed low-income community. It is a partnership between CityLink Center, an integrative social services nonprofit devoted to breaking the cycle of poverty in Cincinnati, and the Corporation for Findlay Market. The Jobs Café trains and places 75-100 individuals annually.

The Corporation for Findlay Market leases several retail storefront spaces and subleases back to graduates of their existing Findlay Kitchen incubator at below market rates as part of a small business development program. Findlay Kitchen is a non-profit organization that supports local new and existing food entrepreneurs by providing affordable access to commercial-grade kitchen equipment and ample storage space, all within a licensed kitchen facility adjacent to the Project. Findlay Kitchen partners with external programs and organizations to provide the necessary training, mentorship, and resources to aid business growth. Findlay Kitchen also serves as a conduit to wholesale and institutional customers, helping local entrepreneurs to get their products in more places.

Other retail tenants include local small businesses and a restaurant that staffs with graduates of the Jobs Café program. The office space is leased in its entirety by a local architecture firm that was already located adjacent to the Project, but it required additional space to grow its business.

68

Housing Units

56%

Income Restricted

75-100

Jobs Cafe Participants Annually

22,687 sq ft

of Commercial Space

NTCIC & Progress

Economic Impact

Jobs Cafe at Findlay Market was made possible, in part, by NTCIC through an equity investment in the $3.7 million in federal Historic Tax Credits (HTC) generated by the project as well as a $4 million New Markets Tax Credit (NMTC) allocation.

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New Markets Tax Credits

$5 Million

Total Project Cost

$191 Million

Project Partner

Crosstown Arts

Impact

Economic Development

History

Sears Distribution Center & Retail Store

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.

From Abandoned to Anchor
Revitalization Efforts

From Abandoned to Anchor

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.  

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 LEED Platinum certified, the highest level of green building design, and is the largest LEED Platinum historic adaptive reuse project in the world.

Community Impact

Crosstown as a Catalyst for Revitalization

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.

Residential Units Created

269

Historic Space Restored

1 Million SF

Healthcare Patients

125,000 annually

Permanent Jobs Created

500

Construction Jobs Created

6,500

NTCIC & Progress

Financing

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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Historic Tax Credits

$13 Million
Federal & State

Bridge Loan

$7 Million

Total Project Cost

$85 Million

Project Partner

Terra Nova Ventures LLC

Impact

Economic Development

Maryland's First Flour Mill
History

Maryland's First Flour Mill

The history of the Wilkins Rogers Mill complex in Ellicott City, Maryland, traces its roots back to 1774, when the Ellicott brothers built a grist mill on the banks of the Patapsco River, becoming the first in Maryland to produce flour as a commercial enterprise. The mill was also a pioneer in the region, adopting Oliver Evans’ system of mill automation, which played a key role in establishing Baltimore as one of the nation’s most successful producers of flour products. After the Panic of 1837, the mill was acquired by Charles Carroll and Charles Gambrill, with the Gambrill family continuing to operate it into the 1920s.

The original mill building, constructed in two phases from 1916 to 1918, was later expanded with the addition of a combined warehouse, laboratory, and machine shop in 1941, replacing an earlier structure destroyed by fire. This complex, which includes the main mill building, attached boiler house, nine silos, and other structures, was significantly impacted by tenants like C.A. Gambrill Mfg. Company and the Doughnut Corporation of America (DCA), who oversaw renovations following a fire in 1941.

The Wilkins Rogers Company acquired the property in 1967 and operated it until 2020. Today, the complex remains a contributing property in the Ellicott’s Mills Historic District, which was listed in the National Register of Historic Places in 1976.  

Historic Mill Gets New Life
Revitalization Efforts

Historic Mill Gets New Life

The historic Wilkins Rogers complex will be redeveloped into a mixed-use project called Ellicott Mill consisting of apartments, a restaurant overlooking the Patapsco River, retail space, a swimming pool, modern amenities and a parking garage. The project will maintain its historic character with rehab to the main mill building, as well as other contributing buildings and a railroad trestle. Ellicott Mill is within walking distance to downtown Ellicott City and is conveniently located between Baltimore and DC.  

NTCIC & Progress

Financing & Impact

The $85 million revitalization of Ellicott Mill was supported in part by NTCIC through an equity investment in the $10 million Federal Historic Tax Credits generated by the project, $3 million in State Historic Tax Credits, and a $7 million bridge loan.

NTCIC acted as the Federal and State historic tax credit investment sourcer and 

underwriter, as well as provided project management services to oversee the successful financial closing. The bridge loan was serviced by NT Impact Capital, a recently formed subsidiary of NTCIC that specializes in impact investments. NTCIC will provide asset management services for the Ellicott Mill project through the tax credit compliance period.

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Federal Historic Tax Credits

$1.3 Million

New Markets Tax Credits

$2 Million

Total Project Cost

$8.2 Million

Project Partner

711 Catherine Developers & Stryant Investments LLC

Impact

Affordable Housing, Arts Education Support & Access

History

School & Community Center

Constructed in 1912, the George W. Adair School is a two-story brick building located at the heart of the Adair Park neighborhood in Atlanta, Georgia. Adair Park, a “bungalow suburb,” was developed between the 1890s to the 1940s and features a variety of unique architectural styles, including Queen Anne and Folk Victorian, English Revival, and the predominant American Craftsman bungalows.

The George W. Adair School was designed in the Academic Gothic Revival style by Edward Dougherty, one of Atlanta’s leading architects of the time known for his works throughout Atlanta, including Druid Hills Baptist Church, Druid Hills Golf Club, Imperial Hotel, and the Highland School. For almost 60 years, it operated as both a school and a community gathering center, until enrollment began to diminish in the early 1960s. The school shut its doors in the fall of 1973 and remained vacant and decaying until this revitalization.

From Abandoned to Artist Hub
Revitalization Efforts

From Abandoned to Artist Hub

The George W. Adair Elementary School was transformed into Academy Lofts of Adair Park, a space where creative enthusiasts, artists, and entrepreneurs live, work, and interact with each other and their local communities.

NTCIC & Progress

Financing & Impact

Academy Lofts was NTCIC’s 7th project supported by the Irvin Henderson Main Street Revitalization Fund and was NTCIC’s first deal closed in partnership with Great Southern Bank. The Main Street Revitalization Fund provided financing through the Historic Tax Credit (HTC) and New Markets Tax Credit (NMTC) program to smaller-scale community development initiatives that supported direct benefits to communities in need.

The Academy Lofts project reactivated a long-vacant historic building, providing 35 affordable residential apartment-style housing units, and space for nonprofit tenants and arts-focused

education. Thirty of the units are rent and income-restricted to households earning 60% AMI or less. The nonprofit tenants provide classes, services, community space, and outreach to communities focusing on art-based therapy.

The revitalization of the Academy Lofts created 73 jobs during construction and 10 full-time permanent jobs. It also includes green technology installed to improve operational efficiency, including Energy Star appliances, water-sense fixtures, and LED lighting. Academy Lofts opened in 2020.

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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.

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Want to Discuss Your Next Project? Talk With Our Team Today.