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

$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

$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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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.  

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