New Markets Tax Credits

$8 Million

Total Development Cost

$35.7 Million

Project Partner

The Eyde Company

A Lansing Icon
History

A Lansing Icon

Constructed in 1939 to house the main department store of the Lansing-based J.W. Knapp Company, the building was converted into space for state government offices in 1983 before becoming vacant in 2002.

New Life for Knapp's
Revitalization Efforts

New Life for Knapp's

The completed project contains approximately 101,000 square feet of residential space for 23 mixed-income apartments. 10,000 square feet serves as small business incubator space, and green features include low-flow plumbing fixtures, efficient MEP design, and use of durable-finish materials.

Community Impact

A Resource for the Community

The historically renovated Knapp’s Centre opened in 2014 and is a prominent historic Art Deco landmark contributing to the economic development of Lansing’s central business district. This rehabilitation has spurred additional public and private investments of office, retail, and high-end residential space in the Lansing market. At minimum, 20% of the Knapp’s Centre housing is rented to households with 80% AMI or less.

The rehabilitation of the Knapp’s Centre generated 125 construction

and 156 high-quality permanent jobs where 94% pay a living wage or more and the majority offer benefits packages.

The Lansing Economic Development Corporation operates the Runway in the Knapp’s Centre, a business incubator for the fashion industry where rising designers can study, create and display their work. In conjunction with Lansing Community College, educational courses are taught by college faculty.

125

Construction Jobs

156

High-Quality Permanent Jobs

20% of Housing

Households at 80% AMI or Less

101,000 Square Feet

Residential Space

10,000 Square Feet

Small Business Incubator Space

NTCIC & Progress

Economic Impact

The rehabilitation of the Knapp’s Centre was made possible, in part, by NTCIC through an $8 Million New Markets Tax Credit allocation.

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NTCIC Financing

$10.4 Million in Federal HTCs and NMTCs

Total Development Cost

$16.9 Million

Project Partner

AS220

Washington Street
History

Washington Street

The Mercantile Block, located at 125-135 Washington St, dates back to 1901 and is composed of several buildings that were joined over time. It is owned by AS220, Providence’s leading nonprofit artist support organization, who renovated the abutting Dreyfus Hotel in 2006, which is home to artist live/work studios and a popular restaurant and bar. Both buildings are about a block away from the arts organization’s main space at Empire and Washington Streets.

Building the Block
Revitalization Efforts

Building the Block

The $16.9 million renovation project created retail and office space, a restaurant, and 22 artists’ live/work studios in a 50,000 square foot, four-story plus basement building. Tenants include a small-scale workshop offering digital fabrication called the Fab Lab, a silkscreen shop, and nonprofits such as College Visions, a program that helps disadvantaged youths apply to college and the Rhode Island Council on the Humanities (RICH). AS220’s vision is for the building to become a hub for the city’s thriving arts and business district.

Community Impact

Providence Arts and Entertainment District

The Mercantile Block project rehabilitated a nearly vacant building in a distressed, low-income census tract in downtown Providence. The completed building includes 22 live/work studios, 16 of which are affordably priced, and an entire floor of below-market office space and work studios for artists and arts-related business, including several nonprofit organizations. This project represented another step in the creation of the Providence Arts and Entertainment District and had a large impact on the area’s ongoing revitalization.

NTCIC & Progress

Economic Impact

Mercantile Block was made possible, in part, by NTCIC through a $10.4 Million investment generated by both federal Historic Tax Credits and New Markets Tax Credits.

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Historic Tax Credits

$11.3 Million Federal

Total Development Cost

$6.1 Million

Project Partner

HRI Properties and Woodward Interests

Hibernia Building
History

Hibernia Building

The Hibernia Building was completed in 1921. The 23-story, 335-foot tall building was the tallest in Louisiana until the State Capitol building in Baton Rouge surpassed it in 1932. The building was New Orleans’ first modern skyscraper and known for its cupola, which is it in various colors for holidays throughout the year and once served as a navigational beacon for ships along the Mississippi River. The building’s original occupant, Hibernia National Bank, was founded by Irish immigrants in 1870 and took its name from “Hibernia”, which was the Latin name for the island of Ireland. Hibernia National Bank was Louisiana’s largest bank until it was bought by Capital One Bank in 2005. Following the purchase, the building’s first floor bank lobby remained in use while the upper floors, comprising 93% of the net rentable area, became vacant.

Mixed-Use Highrise
Revitalization Efforts

Mixed-Use Highrise

The rehabilitation of the historic Hibernia Building converted an unoccupied office building into Hibernia Tower, a 175-unit residential complex accompanied by 41,500 square feet of retail and office space. The mixed-use development has 51% of its residential units dedicated to moderate income and workforce level renters while the remaining units are at market rate. 85% of the commercial and retail space is home to the teams of HRI Properties and Capital One Bank with the remaining space dedicated to market-rate tenants.

Community Impact

New Orleans' Central Business District

Hibernia Tower is located in the heart of New Orleans’ Central Business District where its rehabilitation has incentivized other property owners to improve buildings on adjacent blocks and has helped to catalyze the development of additional hotels, retail, and apartments in the nearby area. It is also a transient-oriented development serving its tenants and residents with walking-distance proximity to downtown hotels, numerous music venues, local landmarks, hundreds of shops and restaurants, City Hall, Tulane Hospital and major corporations like Shell Oil Company.

Upon opening, Hibernia Tower brought jobs and economic activity to

a census tract that at the time had a poverty rate of 43.4% and an unemployment rate of 12.4%. Hibernia Towerʻs rehabilitation created 461 construction jobs and now offers approximately 136 permanent jobs that provide health insurance, vacation/sick leave and advancement opportunities in addition to other benefits. Among the affordable residential units created, 36 are set aside for households earning 20%, 30%, and 60% of the AMI in the city.

Environmentally friend technologies were incorporated into its construction scope including low flow plumbing fixtures, efficient MEP design and Energy Star appliances.

461

Construction Jobs

136

Permanent Jobs

36

Affordable Housing Units

41,500 Square Feet

of Retail and Office Space

NTCIC & Progress

Economic Impact

The Hibernia Tower renovation was made possible, in part, by NTCIC through an investment in the $11.3 Million federal Historic Tax Credits generated by the project and a $6.1 Million New Markets Tax Credit allocation.

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Historic Tax Credits

$3.6 Million Federal

New Markets Tax Credits

$1.5 Million

Total Development Cost

$22 Million

Project Partner

Forest City

Navy Yard Annex
History

Navy Yard Annex

Constructed between 1917 and 1919 by the Department of Public Works as part of a larger industrial complex called the Navy Yard Annex, the Boilermaker Building was originally used to manufacture boilers for Navy ships.

The Yards Project
Revitalization Efforts

The Yards Project

The building was part of phase one of The Yards project, which blended adaptive re-use of a total of five historically protected, former industrial buildings that were originally part of the Washington Navy Yard. The completed renovation created a 46,000 square foot, 2-level mixed-use building.

Community Impact

Reviving an Industrial Neighborhood

The Boilermaker Building is located in an area that is undergoing a dynamic transition from a heavy industrial center into a major hub of mixed-use development. The completed project provides approximately 30,000 square feet of retail and restaurant space for the area’s growing residential population, which currently lacks adequate ground-floor retail options. In 2014, just two years after it opened, the Boilermaker Shop project had already generated more than 214 jobs, $9.4 million in household income, and $1.1 million in local taxes.

NTCIC & Progress

Economic Impact

The rehabilitation of the Boilermaker building was made possible, in part, by NTCIC through an investment in the $3.6 Million federal Historic Tax Credits generated by the project, and a $1.5 Million New Markets Tax Credit allocation.

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Historic Tax Credits

$1.9 Million Federal

Total Development Cost

$14 Million

Project Partner

Alliance for Collective Action

Impact

Sustainability

Warehouse Row
History

Warehouse Row

The Alliance Center, historically known as the Kennicott-Patterson Transfer and Storage Company Building and later as the Otero Building was constructed in 1908 to serve as a warehouse along Wynkoop Street’s “Warehouse Row.” For over half a century, the building served as a warehouse for various Colorado-based companies, including the Tattered Cover Bookstore, a Denver institution, as well as the first official offices of the Wynkoop Brewing Company, owned by Colorado Governor John Hickenlooper.

In 2004, the Alliance for Sustainable Colorado (now the Alliance for Collective Action) purchased the building and quickly began transforming it into an environmental nonprofit hub. The vision was to create a physical hub where local public interest groups could pool resources for projects. It would provide an incubator for collaboration, offering traditionally tight-budgeted nonprofits an opportunity to share ideas with like-minded advocacy groups and reduce expenses.

Working for a Greener Future
Revitalization Efforts

Working for a Greener Future

The second major renovation of the Alliance Center effectively gutted the building to replace an aging and inefficient heating and cooling system, enhance the aesthetics, provide a more cohesive and efficient space, and provide an ideal working environment that maximizes the principles of sustainability. Key parts of the rehabilitation include increasing natural light, improving mechanical systems and controls, incorporating urban wind turbines and photo voltaic arrays to generate energy, using only water-efficient bathroom features, installing a heat-island-reducing roof surface, and improving their Energy Star rating. Additionally, the construction efforts allowed the building to be powered solely via electricity.

Over the last two decades, The Alliance has built a network of government, academic, for-profit, nonprofit, media, and community organizations and leaders. The Alliance convenes and mobilizes this network to identify some of the largest problems Coloradans face and move thought into action through community-led solutions. To support their cohort of tenants, the Alliance Center provides over $400,000 in tenant savings via below-market rent and event costs.

The Alliance Center supports more than 160 organizations through tenancy and events each year. The convening groups support environmental-focused advocacy efforts throughout the year and have played roles in directing over $1 billion in state and national stimulus funds to green efforts.

Community Impact

Massive Environmental Impact

For the first year of The Alliance’s ownership, the building underwent significant construction to renovate and upgrade the space, prioritizing eco-friendly green building construction with high-tech concepts. In 2006, The Alliance Center became the second building in the world to earn two US Green Building Council LEED (Leadership in Energy and Environmental Design) certifications.

The Alliance Center has been carbon neutral since 2008 and, according to Energy Star, uses less energy than 92% of its peers. Through a thoughtful waste management approach, the building

diverts 85% of its waste from landfills, recycles over 4,500 pounds of hard-to-recycle materials annually through its “Hard to Recycle Station,” and has saved over 550 megawatts of energy through its renewable energy components.

The building achieved a LEED Gold recertification in 2011 and was the first building in Colorado to obtain Platinum certification in any of LEED’s newest and more stringent v4 categories. The Alliance Center has since achieved dozens of building certifications and awards, including the WELL-Health Safety Rating and seven LEED certifications.

85% of Waste

Diverted from Landfills

4,500 lbs Annually

Hard to Recycle Material Recycled

160+

Organizations Supported Annually

$1 Billion

Helped to Direct

NTCIC & Progress

Economic Impact

The second major renovation of the Alliance Center building was made possible, in part, by NTCIC through an investment in the $1.9 Million federal Historic Tax Credits generated by the project.

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New Markets Tax Credits

$6 Million

Total Development Cost

$41 Million

Project Partner

Dominium

Gothic Revival Gem
History

Gothic Revival Gem

The Arcade Building was constructed in two stages beginning in 1909 and 1919. While it hosts one of St. Louis’ largest collections of Gothic Revival features, the building takes its name from a striking two-story arcade with a rib vaulted ceiling that runs through it connecting Olive and Pine streets. This arcade functioned as an indoor shopping street, and was unique among St. Louis skyscrapers. Whereas earlier arcades employed natural lighting, this arcade utilized electric lighting which allowed an office building to be constructed above. Unfortunately, due to a number of factors, the building fell out of use and was ultimately abandoned by the 1980s.

Bringing the Arcade Back to Life
Revitalization Efforts

Bringing the Arcade Back to Life

The 19-story building contains mix-income housing units and space for education and commercial tenants. A satellite campus for Webster University, occupied by its fine arts department, comprises the building’s first three floors. The upper floors are dedicated to residential uses. This includes 282 rental units of which 80 are market rate and the remaining 202 are targeted to households with incomes at 60% or less than the area median income.

Community Impact

Promoting Development in St. Louis

The project is located within the Downtown Development District and received near universal support from the City of St. Louis, who recognized the project’s potential to promote and support new development in its downtown core and attract new people and businesses.

The rehabilitation of the Arcade Building produced a total of 180 construction jobs, all of which paid union wage rates. Women- and

minority- owned firms were pursued throughout construction and captured 20% of construction contracts. Over 30 full-time equivalent positions were created and/or retained supporting building maintenance and the lead tenant, Webster University. The residential component delivered 282 mixed-income units, of which 72% are affordable. The project also provides 50,000 square feet leased at below market rates to Webster University, serving over 400 students annually.

NTCIC & Progress

Economic Impact

The creation of the Pythian was made possible, in part, by NTCIC through a $6 Million New Markets Tax Credit Allocation.

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Historic Tax Credits

$5.8 Million Federal

New Markets Tax Credits

$6 Million

Total Development Cost

$38.5 Million

Project Partner

Green Coast Enterprises LLC and Crescent City Community Land Trust

Impact

Affordable Housing, and more.

The Pythian Temple
History

The Pythian Temple

The Pythian building was originally built in 1908 by Smith W. Green, who was reputed to be the richest African American in New Orleans, and one of the wealthiest in the country. It was built for the Knights of Pythias, a late 19th early 20th-century fraternal order that grew out of a Civil War-era organization, and for almost 40 years operated as the organization’s headquarters.

Pythian Temple served for several decades as a hub of the African American community, with lodge rooms, a barbershop, a theater, a bank, an opera house, and an auditorium/dance hall. Tenants through the 1940s included many African American-owned businesses, such as the Industrial Life Insurance Company of Louisiana and the Peoples Benevolent Industrial Life Insurance Company of Louisiana.

In the 1940s, the Pythian became a wartime hiring office for Andrew Jackson Higgins, who built the Higgins boats that President Eisenhower famously said “won the war.” Higgins hired men and women of all races through a single personnel office, one of the first times this had occurred in the South. The Pythian’s top floor was a double-height ceiling dance hall where soldiers and sailors could dance and hear live music before shipping out to fight in WWII. Following its WWII use, the Pythian Building was primarily used as an office. In the late 1990s, the building began falling into disrepair space before ultimately becoming vacant after Hurricane Katrina in 2005.

A Place for the Community
Revitalization Efforts

A Place for the Community

The 10-story Pythian building hosts a variety of uses. The 4th through the 9th floor contains 69 mixed-income residential units. Of these units, 15 are affordable units restricted to households earning 80% or less of area median income at rents no more than 30% of household income.

The project intends these to be “permanently” affordable – meaning affordable for at least 99 years, significantly longer than most other affordable housing programs require. Another ten units are workforce targeted housing units leased to households earning no more than 120% of area median income. All units are heavily marketed toward healthcare workers.

The Pythian’s lower floors contain a mix of community and commercial uses. On the ground floor is the Pythian Market, an urban food collective celebrating New Orleans’ undeniable spirit and the Pythian Building’s remarkable history. It is a gathering space for everyone, featuring local food purveyors, a fast craft bar, and retail vendors. Pythian Market is a place for community, locally sourced fare, and art. It supports a variety of growing local businesses and entrepreneurs. Upper floors include both medical and health-related tenants, such as a Federally Qualified Health Center focused on providing primary care services to the underserved and a physical therapy clinic. Office space onsite is primarily leased to non-profits who otherwise are not able to afford downtown New Orleans rents.

Community Impact

Responding to New Orleans' Needs

The Pythian delivers an economic boost to downtown New Orleans while also responding to community needs. The rehabilitation of the building created over 50 construction jobs. The current tenants have created 80 new positions and have retained another 34 permanent jobs. The building itself is located in a federally deemed medically underserved area.

The 3,000 square feet Federal Qualified Health Center directly

addresses this shortage by providing primary care services, with 50% of people served as low-income persons. The Pythian is able to help the health center provide this level of service by offering it reduced rents. The affordable housing is a critical addition to the downtown housing stock, which has seen luxury developments pricing out low and moderate-income persons.

NTCIC & Progress

Economic Impact

The creation of the Pythian was made possible, in part, by NTCIC through an investment in the $5.8 Million federal Historic Tax Credits generated by the project and an $8 Million New Markets Tax Credit Allocation.

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New Markets Tax Credits

$8 Million

Total Development Cost

$22.9 Million

Project Partner

Studebaker Building 84 LLC

Impact

Workforce Development

Massive Manufacturing Complex
History

Massive Manufacturing Complex

The Renaissance District project rehabilitated two of the four remaining buildings of the former South Bend Studebaker plant, a massive industrial complex that at one time consisted of over 1,400 acres and eight million square feet of manufacturing space. The Studebaker Corporation’s roots originate in the mid-1850s when the company’s namesake founders began producing wagons. Business boomed following the Civil War. At the turn of the century, the company began exploring automobile production, and by the early 1920s, it became the fourth largest automobile manufacturer in the world. Unfortunately, the company struggled during the Great Depression, and while World War II created increased demand for its products, the company finally closed in 1966.

The buildings comprising Renaissance District were built between 1923 and 1946 for auto body assembly, tool/machine shop, and truck cab production. At the facility’s peak, the campus employed over 21,200 individuals in the South Bend community but following the company’s decline had been vacant for over 50 years.

Multi-Purpose Complex
Revitalization Efforts

Multi-Purpose Complex

The rehabilitated 250,000 square foot Renaissance District complex now provides a multitude of uses encompassing advanced manufacturing, education, incubation, office, and a data center. Following a 50-year absence, the rehabilitation has once again allowed manufacturing and technology to blossom on the site through sheet metal production and cup printing. Incubation space provides an environment to help local entrepreneurs create and grow new businesses. Educational and workforce development space allows local schools and organizations to train local students and create synergies with the range of tenants on site. The building itself embodies new technology through the employment of sustainable technologies that allow it to capture excess energy generated in its data center and direct it towards heating and cooling systems. In a twist of irony, while the buildings’ original uses relied on the site’s proximity to adjacent railway lines, its new uses take advantage of its proximity to a transcontinental fiber optic cable that runs under the adjacent railway line.

Community Impact

Investing in South Bend

A part of the Renaissance District’s mission is to support and encourage light manufacturing and technology-oriented careers. For example, one tenant, the South Bend Code School, is a computer coding school for children ages 7-18. It strives to help students from all cultural and economic backgrounds obtain technical coding skills as well as learn about entrepreneurship, college preparation, and personal development. This school served 121 people in 2017 of which nearly 50% were low-income persons.

Renaissance District is located in a Brownfields redevelopment area. Its development resulted in a massive 750,000 square feet remediation of lead paint and asbestos, meaning that potential contaminants have been removed from the thousands of people living in the area. According to the City of South Bend, it is the largest lead-based paint clean-up project ever undertaken in the State of Indiana.

The site’s redevelopment is integral to the Regional Cities Initiative that seeks to attract and retain talent for the South Bend regional economy. It is also central to the City of South Bend’s plans to revitalize the City. Since the project broke ground, new residential infill has begun in the surrounding community, revitalizing vacant lots and pushing density towards downtown.

EnFocus operates the incubation space where local entrepreneurs, freelancers, consultants, small businesses, students, and community members can network and use shared offices, conference rooms, and classrooms. EnFocus provides a one-year Fellowship program that empowers recent graduates to work and think like entrepreneurs to solve the community’s toughest challenges. There were 14 Fellows in the 2017 enFocus program.

NTCIC & Progress

Economic Impact

The rehabilitated Renaissance District was made possible, in part, by NTCIC through a $8 Million New Markets Tax Credit Allocation provided to the project.

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Historic Tax Credits

$1.3 Million Federal

Total Development Cost

$10.5 Million

Project Partner

Self-Help Credit Union

Impact

Education Access, and more.

William Gaston Pearson's Legacy
History

William Gaston Pearson's Legacy

Built in 1928, the main W. G. Pearson Elementary School building was named for William Gaston Pearson, a well-known African American businessman and educator. Born into slavery, his potential was recognized by a factory owner who financed his education at Shaw University in nearby Raleigh, NC. He began teaching at a small Durham grade school in 1886, where he later became principal. In 1922, W.G. Pearson became the first principal of Hillside Park High School, the first African American high school in the city, a position he remained in until his death in 1940 and for which he is best remembered. W.G.Pearson was also active in the city’s business and social life. Among other contributions, he was one of the original organizers of North Carolina Mutual Life Insurance Company; he helped found Mechanics and Farmers Bank on Durham’s “Black Wall Street”; and he served as a trustee for both North Carolina Central University and Kittrell College. Both North Carolina Mutual Life Insurance Company and Mechanics and Farmers Bank continue to operate today.

In the 1920s and 1930s, the growing black population in the Stokesdale district, as well as the philanthropy of both black and white businessmen, led to the construction of several new schools including W. G. Pearson Elementary in 1928. W. G. Pearson is the only school in the neighborhood to survive the late twentieth century intact. The school was most recently a magnet school for gifted and talented students in kindergarten through fifth grades.

Expanding Education Access
Revitalization Efforts

Expanding Education Access

The W.G. Pearson Building was renovated to create a long-term home for a non-profit college readiness program, Student U. The program had been utilizing space within the center for years, but through continued success and growth, needed to expand their services to the entire structure.

In addition to improving the existing instructional spaces, gymnasium, and cafeteria, the renovation created new spaces including arts and dance rooms; computer and technology labs; a multi-purpose auditorium; and office, training and convening spaces for Student U’s staff, Board, Learning Specialist, and Social Worker.

Community Impact

Empowering Students

The mission of Student U is to empower DPS students to own their education by developing the academic and personal skills necessary to succeed in college and beyond. Student U works exclusively with low-income children who would be the first in their families to attend college.

The 51,000 square foot facility now houses Student U’s 21st Century Community Learning Center (CCLC) Year-Round Program, which is an out-of-school enrichment program designed to create a safe environment for students to complete their homework, prepare for classes, receive tutoring, and participate in various workshops. Student U also takes the students on educational field trips and college trips and provides support for parents.

By providing direct services during out of school time in the summer and after-school, and advocating for students and families within

schools, Student U has produced impressive results for the low-income families that they have served. Student U welcomed its first class of 50 students and 16 teachers in the summer of 2007, as a result of the collaboration of DPS, Durham Academy (a K-12 private prep school), the University of North Carolina at Chapel Hill, North Carolina Central University, and Duke University.

The model has a measurable impact: In 2013-2014, Student U students consistently performed higher on End of Grade (EOG) and End of Class (EOC) tests when compared to their peers who qualify for free or reduced lunch in DPS. Additionally, 100% of Student U’s students have graduated from high school and 97% of Student U’s graduating high school seniors are enrolled in college. With the additional space provided by the W.G. Pearson building, Student U is now able to serve 439 low-income children in the Durham community.

100% of Students

Graduated from High School

97% of Students

Enrolled in College

51,000 Sqaure Feet

of Space in Facility

NTCIC & Progress

Economic Impact

The WG Pearson Building renovation was made possible, in part, by NTCIC through an equity investment in the $1.3 Million in federal Historic Tax Credits generated by the project.

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Historic Tax Credits

$700,000 Federal
$775,000 State

New Markets Tax Credits

$2 Million

Total Development Cost

$4.9 Million

Project Partner

Whitney Group, LLC

Impact

Rural Investment, and more.

The J.H. Needless Wagon and Carriage Factory
History

The J.H. Needless Wagon and Carriage Factory

The Whitney first opened in 1879 and operated in its early days as the J.H. Needless wagon and carriage factory. In 1931, Edward A. Boss, the owner of the Boss Hotel System, dramatically altered the building into a hotel, making additional enhancements including the addition of a third story and a remodeled primary entrance. The adaptation of the building into a hotel during the Great Depression reflected an economical approach to filling a local void for clean and comfortable accommodations. After being used as a hotel through the mid-1970s, the building was sold to the Iowa Rehabilitation Center, which housed recovering alcoholics in the rooms that once hosted overnight motorists and local community groups. In more recent years, the building had been utilized for apartments, with a restaurant occupying the coffee shop area on the first floor until it became vacant in 2016.

Bringing Life to Atlantic
Revitalization Efforts

Bringing Life to Atlantic

The adaptive reuse of The Whitney is now providing a mix of residential and commercial uses. The first floor hosts a restaurant as well as offices and community space for building residents. The residential units on the top two floors offer a mix of 16 one- and two-bedroom units; All units are offered at rents that are 80% or less of area median income; four of the units are rent restricted to no more than 30% of household income. The remaining 12 units are available at rents considered affordable to households earning no more than 80% area median income.

Community Impact

Rural Investment

The Whitney’s rehabilitation delivered multiple community benefits and promoted further economic development in Atlantic, a small town of 7,000 people roughly 80 miles west of Des Moines and 55 miles east of Omaha. It is located downtown on Chestnut Street, Atlantic’s “Main Street”, in a census tract where the median family income is 59% of the area median income and the poverty rate is 24%. The project has created 23 permanent jobs, many of which are in a restaurant and accessible to people without college degrees.

In addition to commercial uses, the project is the first significant

delivery of market rate apartments in downtown Atlantic in over 20 years. According to research by the National Main Street Center, there is a huge multiplier impact of having residents in downtown areas, as they will typically concentrate a greater proportion of their consumer spending in the downtown on retail/services. Additionally, demonstrating that there is a demand for market rate housing in downtown creates a catalytic effect on surrounding redevelopments. The project’s potential has been recognized by the city of Atlantic, which enabled the creation of a TIF district that has allowed the project to access an additional $538,000 in funds.

7,000

Population in Atlantic

24%

Poverty Rate in Census Tract

$538,000

Additional Funds Secured

23

Permanent Jobs Created

NTCIC & Progress

Economic Impact

The Whitney was made possible, in part, by NTCIC through an equity investment in the $700,000 in federal Historic Tax Credits and $775,000 in state Historic Tax Credits generated by the project as well as a $2 million New Markets Tax Credit (NMTC) allocation. This project was the first to utilize the Irvin Henderson Main Street Revitalization Fund.

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