Federal Historic Tax Credits

$3.77 Million

State Historic Tax Credits

$4.3 Million

New Markets Tax Credits

$2 Million

Total Project Cost

$20.7 Million

Project Partner

Main Street Projects, LLC

History

A Rich Textile History

In the late 1800s, Fall River, Massachusetts, had become one of the country’s leading textile regions in America and, by the turn of the century, housed more than 1 million spindles in operation, second in the world to only Manchester, England. Originally known as the Bradford Durfee Textile School, the facility opened its doors in 1904 to provide advanced courses in textile manufacturing and chemistry to educate the rapidly growing population of local mill workers.

The school was named by the school’s original landowner, Miss Sarah S. Brayton, a descendant of local textile industry pioneer and Civil War veteran Maj. Bradford Dufree. Classes initially offered included advanced designing, electrical laboratory, motor testing, hand warping, loom, mechanical drawing, and machine shop.

The school expanded over the years and started to offer additional courses of study, eventually gaining the ability to award Bachelor’s degrees. At that point, the school’s name was changed to the Bradford Durfee College of Technology. In 1960, it merged with a neighboring technical institute to form the Southeastern Massachusetts Technological Institute and, in 1991, was acquired and merged with several branches of the University of Massachusetts to become UMass Dartmouth, vacating the building in the transition. A local community college briefly took over some of the space for classes but left nearly 20 years ago. The building has since sat vacant, awaiting a new use.

Revitalization

Creative Campus

The 74,000 square foot, five-building campus will soon become the Creative Class Lofts and provide 44 market-rate apartments, 11 affordable apartments for practicing artists, and 23,345 square feet of commercial, community, and retail space.

Anchoring the commercial portion of the building will be the Spectrum Empowerment Project and the Youth Musical Theater Corporation (YMTC). Spectrum provides autistic adults with an alternate path to college and employment through economic independence, social growth, and creative expression. YMTC is a nonprofit, all-volunteer organization that provides young people with the opportunity to participate in theatrical experiences and produces two Broadway-style musicals each year. The building will also include a 170-seat event space/black box theater to support these groups, as well as an art gallery open to the public.

Groundwork, a Massachusetts-based coworking space provider, will be opening a new site within Creative Class Lofts after celebrating five years of successful growth in their New Bedford location. The Groundwork space will provide coworking memberships and support several local businesses, including Entrepreneurship for All (“E for All”), a year-long small business incubation program.

Community & Economic Impact

Building a Community

The project received an impressive level of community support through the development process and a variety of public funding designed for economic and residential expansion. The development team received letters of support from both Mayor Jasiel Correia II and the Massachusetts Department of Housing and Community Development.

In addition to below-market-rate leases, the larger, revitalized space will allow the commercial tenants to expand their programming to support more community members. Groundwork will provide affordable membership rates to an estimated 400 annual users and host job training programs as part of its partnership with the MassHire Bristol Workforce Investment Board.

Additionally, it will support Entrepreneurship for All (“E for All”), a year-long small business incubation program that will provide 30 entrepreneurs a year—predominantly women, minorities, and immigrants— with the opportunity to move their businesses forward.

The larger space and new theater will enable both the Spectrum Empowerment Project and YMTC to greatly develop and expand their

community programming. With a dedicated theater at their disposal, YMTC plans to add 4 additional performances to their annual calendar, growing their audience to 800 people annually. Additionally, the new location’s proximity to the Fall River District Court will allow Spectrum’s Employ Workforce Integration program, which provides job training for adults on the spectrum, to develop a new Paralegal Assistant program. The project will also create affordable housing for practicing artists (those earning 60% AMI or less), who typically have been pioneers in creating vibrancy in blighted neighborhoods. The project is a significant part of the city’s “Downtown Urban Renewal Plan.” In 2007, the city created an Arts Overlay District to promote the expansion of art and culture, encourage art uses, and enhance the vitality of the central business district by fostering a mix of housing and art-related uses. This project will be the “mix of housing and art-related uses,” which has been so elusive to the community.

The revitalization of the historic building will create an estimated 126 quality construction jobs, 72% of which are accessible to underserved individuals. Once complete, the building’s tenants will create an estimated 46 permanent jobs.

Theater Programming

Will grow audience to 800 annually

Entrepreneurship for All

30 participants annually

Housing for Artists

Part of city’s Downtown Renewal Plan

Groundwork Coworking

400 affordable memberships

Job Creation

46 full time jobs created

NTCIC & Progress

Financing the Project

The $20.7 million project was financed in part with $2 million in New Markets Tax Credit (NMTC) allocation from NTCIC’s Irvin Henderson Main Street Revitalization Fund. Additionally, NTCIC’s invested in the $3.77 million in federal Historic Tax Credits (HTC)

and $4.3 million in state HTCs generated by the project. Additional financing included funds from the Massachusetts Housing Development Incentive Program (HDIP) and additional state and federal programs including the HOME Program.

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

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.

Name(Required)
Want to Discuss Your Next Project? Talk With Our Team Today.

Federal Historic Tax Credits

$41 Million

New Markets Tax Credits

$12.5 Million

Total Project Cost

$280 Million

Project Partner

Ancora Partners

Impact

Job Creation, Healthcare Access, and more.

History

General Electric Complex

The historic General Electric complex and its contribution to the community began in 1881 with the establishment of the Fort Wayne Electric Company. After meeting with the inventor of one of the earliest variations of arc lighting, local entrepreneur Ranald Macdonald established the Fort Wayne electric company to manufacture and sell the Jenney arc lighting system for Indiana and four other states. Within four years, the Fort Wayne Electric Works had grown from a start-up enterprise to a successful and growing business. By 1892, Fort Wayne Electric caught the eye of and was acquired by the General Electric (GE) company, one of the three largest electrical companies in the country at the time.

Upon taking control of the Fort Wayne Electric Works, General Electric invested heavily in expanding its operations in Fort Wayne. Through World War I and into the heady economic years of the 1920s, the company continued to grow exponentially. The company was at the forefront of the rise of electrical streetcar systems and the leader of electrical consumer appliances. As America electrified, General Electric grew rapidly. By the mid-1940s, the complex supported more than 20,000 employees.

However, through these decades, GE’s national footprint continued to expand and its prioritization of the Fort Wayne location began to diminish. By the 1950s, the Fort Wayne location was no longer the epicenter of GE’s key business. Over the ensuing years, production and employment levels at the Broadway campus dropped consistently and at times significantly as GE shifted production to newer, more efficient factories with cheaper and typically non-union workforces. Thus beginning in the Post-World War II years, the Broadway campus no longer served as a singular symbol of Fort Wayne’s industrial-strength, but rather one of many GE assets to be managed by GE’s corporate headquarters in Schenectady, New York. The company permanently closed the 39-acre complex in 2015 and it was acquired in 2017 for redevelopment by a partnership led by Durham-based Ancora Partners.

An Inovative Campus
Revitalization Efforts

An Inovative Campus

The first phase of the project will transform 10 historic manufacturing buildings and the construction of one additional building on the western portion of the former General Electric campus into a lively 730,000+ square-foot innovation district. It is part of a greater redevelopment plan for the entire General Electric campus which includes 18 historic buildings and more than 1.2 million square feet of space for office, education, retail, residential, hospitality, and entertainment uses. The subsequent East Campus project includes the redevelopment of eight historic buildings, as well as a significant new construction component that will be a mix of affordable housing and hospitality.

Community & Economic Impact

Community and Culture

The massive revitalization efforts of the 12-acre west campus will ultimately create and support approximately 2,000 accessible construction-related jobs, a majority of which will be union and pay a living wage. Once complete, the variety of commercial tenants will help grow and attract new and existing businesses to the area and support over 1,500 permanent jobs.

The first phase of Electric Works – West Campus – is expected to generate nearly $300 million in economic impact to the local region. When the West Campus opens in 2022, it is estimated to generate almost $400 million in annual economic impact.

One of the largest healthcare providers in Indiana will operate the primary care clinic and pharmacy providing services to 15,000 patients annually for the medically underserved population, of which

at least 3,000 Medicaid patients annually. Fort Wayne STEAM high school, a new sciences-oriented community school, will utilize 26,000 square feet to prepare over 300 low-income students for both college and the workforce.

The project will also provide space for the relocation of two local non-profit farmers’ markets to expand the number of vendors and the number of market days.

Do It Best Headquarters, the anchor tenant, is a member-owned hardware, lumber, and building materials cooperative. The space at the project will allow Do It Best to retain 432 quality jobs in Fort Wayne and expand operations creating an additional 88 quality jobs. Approximately 25% of Do It Best jobs are accessible by requiring no more than a high-school diploma or equivalent.

Job Creation

2,000 construction and 1,500 permanent jobs

Healthcare Access

15,000 patients annually

Do It Best HQ

Add 88 quality jobs

Both Campuses

Expected to generate $700 million

NTCIC & Progress

Financing the Project

The $286 million public-private partnership was financed with a diverse capital stack, including NTCIC’s investment in the $41 million federal HTCs generated by the project. This HTC investment was funded in partnership with two of NTCIC’s federal HTC investors including the recently-launched Climate Impact and Revitalization

Fund. Financing also included $51 million in NMTC allocation from five different Community Development Entities, including $12.5 million from NTCIC. Additional public and private financing sources included $60 million in state tax credits, bond financing from the City of Fort Wayne, and $22 million of LP capital.

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

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.

Name(Required)
Want to Discuss Your Next Project? Talk With Our Team Today.

Federal Historic Tax Credits

$11.9 Million

New Markets Tax Credits

$12.5 Million

Total Project Cost

$58.9 Million

Project Partner

Community Collaboration

Impact

Affordable Housing, Job Creation, and more

History

American Snuff Company

The history of the American Snuff Company can be traced back to 1782 with the founding of Garrett Scotch Snuff, one of the earliest producers of the smokeless tobacco product in the country and one of the first 10 patents to be issued in America. In 1900, Garrett Scotch merged with several major tobacco empires of the time, to form the first iteration of the American Snuff Company. This merger, however, created a monopoly on tobacco products and was divided into three separate companies in 1907.

The new American Snuff Company, under the management of Martin J. Condon Sr., a former Mayor of Knoxville, constructed the Memphis warehouse in 1912 to house the production, packaging, and distribution of their snuff products. Condon chose the Memphis location due to its proximity to a high-quality dark-fired tobacco farming region known as the ‘Black Patch,’ as well as its central location and well-connected rail hub.

The American Snuff Company prospered under Condon’s direction through the 1930s. The Wall Street Journal called the American Snuff Company “depression proof,” after a decision to broaden product lines to include sweet-flavored snuff resulted in higher sales than the company’s pre-depression years. During this period the Memphis plant was featured heavily in the company’s advertising campaigns as well as those for the city of Memphis.

During the 1940s and 1950s, women comprised a majority of the American Snuff staff, many of which were members of the growing labor union movements of the time, such as the Congress of Industrial Organizations. The Memphis warehouse was the site of a major union strike in 1950 when 324 workers staged a 185-day strike in demand of better pay and working conditions. The walkout and strike resulted in workers getting a $.05 raise, dues check-offs from paychecks, and a new recreation room in the warehouse.

By 1955, the American Snuff Company was the second largest snuff manufacturer in the US employing 500 at the Memphis plant. Condon was eventually succeeded by James E. Harwood, a long-time employee of the Nashville factory. In 1965, the firm’s name was changed to Conwood Corp., a combination of his and the former president’s last name. Reynolds American acquired the Conwood Corp in mid-2006 for $3.5 billion in cash. It now generates nearly 7% of Reynolds American’s annual revenue. They used the Keel Avenue facility until 2012 when they sold the property.

Community Impact

Revitalizing Memphis

The revitalization of the Uptown community has been a focus of the City of Memphis since 2000 when the first HOPE VI grants were awarded to several projects located only a few blocks from the warehouse. However, due in part to the economic recession in the late 2000s, the community remains severely distressed and underinvested.

In 2018, the city engaged stakeholders to help create the Memphis Uptown Community Plan, with goals that included creating neighborhoods with a mix of incomes and ages, protecting affordability for long-term residents, and promoting the development of vibrant community anchors. The American Snuff Factory is identified as a key catalyst for these plans, through its creation of mixed-income housing and by providing commercial space that is compatible with the surrounding neighborhood and offers employment opportunities for area residents. The revitalization of the historic warehouse will

create anestimated 148 construction jobs, all of which will pay a living wage or higher. Many of these positions will be union eligible, readily available to people who face job barriers, and will be open to members of the surrounding community. A minimum of 25% of the construction contracts will be awarded to minority- and women-owned business enterprises.

NTCIC’s New Markets Tax Credit (NMTC) investment will allow the revitalized residential space to include at least 31 units that will be income and rent-restricted to community members earning 80% or below the area median income. It will also support reduced rental rates for the Varsity Spirit, which in turn will enable them to add 50 additional jobs and provide additional training opportunities for new and existing employees.

Construction Jobs

148 construction jobs

Affordable Housing

31+ units of affordable housing

Job Creation

55+ jobs created

Neighborhood Impact

With input from the community

NTCIC & Progress

Project Financing

The $58.8 million project was made possible in part by $12.5 million in NMTC allocation provided by NTCIC, as well as an investment from NTCIC’s Community Impact and Revitalization Fund to support the $10.8 million in federal Historic Tax Credits (HTC) generated by the project. Additional project financing also included over $8.8 million in Opportunity Zone fund equity.

NTCIC’s CIRF fund directly invests in the adaptive reuse of historic properties across a wide range of asset classes, including mixed-use/mixed-income housing, hospitality, community facility, and commercial developments that create jobs, provide needed community services, and revitalize our nation’s historic assets.

Check Out Similar Projects Here

Browse all projects

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

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.

Name(Required)
Want to Discuss Your Next Project? Talk With Our Team Today.

Program

Irvin Henderson Main Street Revitalization Fund

New Markets Tax Credits

$1.75 Million

Total Project Cost

$8.5 Million

Project Partner

Westminster Economic Development Initiative, Inc. (WEDi)

Impact

Small Business Support

Prohibition Roots, Modern Revival
History

Prohibition Roots, Modern Revival

The former Illinois Alcohol Company Building at 1432 Niagara Street in Buffalo was constructed in 1920 to serve as the Bison City Storage Company warehouse. However, the building’s design proved well suited for an illegal bootlegging ring led by the Illinois Alcohol Company during the Prohibition Era from 1925 to 1929. Taking advantage of the privacy provided by the building’s non-descript appearance, the Illinois Alcohol Company conducted an extensive bootlegging operation in the building for several years.

Once authorities discovered this illegal operation, the building was taken over and occupied by the Niagara Filter Corporation, continuing its affiliation with the brewing industry. This company initially produced non-alcoholic beer but switched to the production of brewing equipment when Prohibition laws were lifted in 1933. It remained in operation through the 1950s and was used for various purposes over the years before eventually falling into underutilization and disrepair.

An Ethiopian restaurant startup supported at the Westside Bazaar in Buffalo, NY - a New Markets Tax Credit Investment by NTCIC
Revitalization Efforts

A Growing Community Market

The West Side Bazaar, created by WEDI in 2011, is a food and retail business incubator supporting entrepreneurs who lack access to traditional financing. Having outgrown its 3,200-square-foot space and facing a waiting list of over 120 entrepreneurs, the Bazaar relocated to the revitalized Illinois Alcohol Company Building.

This expansion provided more room, new resources, and flexible spaces, enabling the Bazaar to serve more customers, host community events, and strengthen its role as a multicultural hub. The move ensured long-term growth and sustainability for diverse small businesses.

Community Impact

Community, Culture, and Growth

The historic Illinois Alcohol Company Building revitalization will support an estimated 190 construction jobs, nearly all of which will pay a living wage or higher. Once complete, the expanded West Side Bazaar will create and retain 42 accessible jobs and support 60% more businesses annually, growing from 12 tenant spaces to 23 tenant spaces annually.

The larger community spaces will provide access to hard-to-find food and other items important to immigrant cultures to an estimated 120,000 customers annually. Over a five-year period, the Bazaar can be expected to add nearly $34 million to the regional economy, with less than 30% attributed to one-time construction expenditures.

Job Creation

232 construction and permanent full-time equivalent (FTE) positions created and retained.

New Business Support

Growing from 12 tenant spaces to 23 annually, a 60% increase.

Customer Support

The larger community space will support an estimated 120,000 customers annually.

Economic Growth

Adds nearly $34 million to the regional economy over a 5-year period.

NTCIC & Progress

Financing the Project

NTCIC’s $1.75 million New Markets Tax Credit (NMTC) allocation helped make the relocation and expansion of the Bazaar financially feasible and will allow the Bazaar to provide equitable incubation space for low-income and minority business owners through subsidized and scaled rental rates and will create affordable and accessible event and community space for the community. Additional financing was made possible through equity investments from Monarch Private Capital.

This project represents the eleventh and final investment supported by NTCIC’s current Irvin Henderson Main Street Revitalization Fund. This fund provides $2 – 4 million in innovative NMTCs for smaller-scale historic rehabilitation projects, maximizing the benefits of both credits within the transaction and helping offset the transaction costs by connecting projects to an experienced team of real estate professionals that understand the needs of small deal financing and provides the NMTC financing in a structure that has no origination or sponsor fees.

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

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.

Name(Required)
Want to Discuss Your Next Project? Talk With Our Team Today.

Historic Tax Credits

$4.2 Million Federal
$4.7 Million State

New Markets Tax Credits

$10 Million

Total Project Cost

$27 Million

Project Partner

The Model Group

Impact

Small Business Support, Affordable Housing, Economic Development

History

A Century of Support

Findlay Parkside is located in the Over-the-Rhine (OTR) neighborhood in Cincinnati, OH, one of the largest and most intact urban historic districts in the United States. OTR lies just north of the Central Business District in Downtown Cincinnati, boasting low-rise Greek Revival, Italianate, and Queen Anne brick buildings, primarily constructed by German immigrants in the mid-1800s. Among the neighborhood’s most notable attractions is the Findlay Market, the oldest and only surviving municipal market house in Cincinnati, which operates year-round and houses over three dozen indoor merchants offering a wide array of goods.

Through the efforts of revitalization experts like The Model Group and 3CDC, OTR has become a thriving hub of activity, home to an eclectic mix of shops, restaurants, bars, and other businesses that cater to both residents and visitors alike.

Nestled within this vibrant and historically rich neighborhood, the Findlay Parkside project consists of nine distinct historic mixed-use buildings totaling 47,000 square feet. In their previous incarnations, these buildings served various functions and businesses, including an undertaker, office, chapel, livery, and garage. As the Findlay Parkside project revitalizes and repurposes these nine underutilized historic buildings, it will preserve their unique character, create new affordable residential opportunities, and support a growing community of businesses.

People enjoying the findlay market
Revitalization Efforts

A Market of Opportunities

Completed in 2024, the Findlay Parkside project substantially rehabilitated nine historic, low-rise buildings around the iconic Findlay Market, creating mixed-income apartments, new retail and restaurant spaces, a fresh food distributor and more.

The project was developed by The Model Group, a Cincinnati-based integrated property development, architecture, construction, and management company. The Findlay Parkside project exemplifies the importance of historic preservation, sustainable development, and social impact in urban communities. By creating a vibrant mixed-use space that supports affordable housing, small businesses, and local enterprises, the project will make a significant contribution to the ongoing revitalization of the Over-the-Rhine neighborhood.

Community Impact

A Thriving Community Asset

The Findlay Parkside project in Cincinnati’s Over-the-Rhine neighborhood is creating new and highly desired affordable housing and small business support for entrepreneurs through historic preservation.

The development generated 160 construction and permanent full-time equivalent (FTE) positions, a vast majority of which will pay a living wage or higher and be accessible to those with barriers to entering the workforce.

The Findlay Parkside project will create 51 apartments, with more than 50% of the available housing designated as affordable. The continued development and creation of commercial space surrounding the historic Findlay Market will create new opportunities for existing businesses to grow. A fresh food fulfillment center operated by the Corporation for Findlay Market will connect to and source food from the nearby Findlay Market, expanding access to fresh foods for the community.

Job Creation

160 construction and permanent full-time equivalent (FTE) positions.

Mixed-Income Housing

51 apartments, with more than 50% of the available housing designated as affordable.

Sustainability

Designed to achieve LEED Silver certification.

Healthy Food Access

Food fulfillment center will connect to and source food from Findlay Market

NTCIC & Progress

Financing the Project

NTCIC supported the project completion by sourcing, underwriting, and facilitating the equity investment in the $9 million in federal and state Historic Tax Credits generated by the revitalization efforts.

Other financing sources included NMTC source debt, HTC bridge debt, sponsor equity, and additional NMTC allocation from RBC Community Capital and Truist Community Capital. TIF financing from the City of Cincinnati was utilized post-closing.

NTCIC also provided $10 million in New Markets Tax Credit (NMTC) allocation.NTCIC’s 2019 round of NMTC allocation played a crucial role in financing this development, prioritizing investments in impactful commercial and mixed-use projects that serve as centerpieces for local redevelopment plans, elimination of blight, and the stimulation of economic activity.

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

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.

Name(Required)
Findlay Parkside Exterior

Historic Tax Credits

$5.5 Million
Federal HTCs

New Markets Tax Credits

$7 Million

Total Project Cost

$34 Million

Project Partner

Micah 6 Community

Impact

Workforce Development, Healthcare Access, and more.

History

Education in an Automotive Town

The historic 54,000 square-foot Webster School opened in 1921 to support Pontiac’s population boom as tens of thousands flocked from the south to work in the rapidly growing automotive manufacturing industry that originally put the city on the map. The building was designed by Perkins, Fellows, and Hamilton, who were known for going over budget to create particularly ornate architectural designs and responsible for other local landmarks such as Lincoln Park Zoo. It originally featured 26 classrooms, a combination gym and auditorium, and an ornate foyer, all on five acres of land.

Originally an all-white school, Webster was desegregated in the 1970s and one of several schools made to participate in a bussing program after a historic lawsuit between the NAACP and the local school district. Already in a population decline as residents moved from the aging city center, the school was eventually closed in 2008 after nearly 90 years of operation.

It sat vacant for over 10 years until Micah 6 Community, the project sponsor, purchased the building in 2016 to serve as the new location for the mixed-use community-centered nonprofit hub.

A New Era Begins
Revitalization Efforts

A New Era Begins

The project is spearheaded by Micah 6 Community, a neighborhood-based community development corporation founded in 2012 with a mission to provide resources to address community challenges such as a lack of access to healthy food access, youth activities, and resources for unhoused individuals.

Once complete, the historic building will become the Webster Community Center, a vibrant ecosystem of over a dozen nonprofit and service-oriented organizations all dedicated to providing critical resources to children and families. Micah 6 Community has four primary areas of focus, all of which will be supported within the revitalized Webster Community Center: Entrepreneurship, arts and culture, youth activities, and health and wellness.

Community Impact

Creation of a Neighborhood Hub

The development of the Webster Community Center will collocate a dozen service and development providers and increase access to quality food, primary medical care, and job training for nearly 12,000 people each year, with an estimated 160,000 unique annual visits.

The HeadStart program will provide 360 low-income children with quality pre-k care, and the various afterschool programs will support more than 1,000 children each year. The business incubator estimates 32 program participants annually, over half of which will be Minority Business Enterprises (MBE). Once operational, the FQHC is estimated to support nearly 7,000 low-income people and families each year.

Quality Pre-School

For 360 low-income children

Healthcare Center

to support 7,000 low-income people each year

Business Incubator

Supporting 32 participants annually

Afterschool Programs

For more than 1,000 children each year

Areas of Focus

Entrepreneurship, arts & culture, youth activities, and health & wellness

NTCIC & Progress

Financing the Project

NTCIC facilitated an equity investment in the $5.5 million federal Historic Tax Credits generated by the $34 million historic development and provided a NMTC allocation of $7 million. Project financing also included more than $12 million in grants and donations from groups, including ARPA, Michigan Economic Development Corporation, and Environment Great Lakes & Energy,

showcasing overwhelming state and local support for the project. The successful capital campaign and NTCIC-sourced financing will enable the project to forgo long-term hard debt.

Over $17 million in additional NMTC allocation was provided by PNC Community Partners, Inc. and Michigan Community Capital.

Connect with Us

Curious About How Historic Tax Credit Investments Drive Real Impact?

Kandi Jackson leads tax credit investment activities with deep expertise in project finance, equity structuring, and compliance. When you speak with Kandi, expect clarity, honesty, and a clear roadmap for how your next investment can work in your portfolio.

Connect with Kandi

Check Out Similar Projects Here

Browse all projects

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

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.

Name(Required)
Want to Discuss Your Next Project? Talk With Our Team Today.

Federal Historic Tax Credits

$28.7 Million

Total Project Cost

$187 Million

Project Partner

Lubert-Adler

Impact

Job Creation, Economic Development

History

The Grand Dame of Broad Street

 

The Bellevue-Stratford Hotel, at the southwest corner of South Broad and Walnut Streets in Center City Philadelphia, was completed in 1904 in the French Renaissance style and was described at the time as the most luxurious hotel in the nation and perhaps the most spectacular hotel building in the world, with the most magnificent ballroom in the US on the first floor. Modeled after the Waldorf-Astoria in Manhattan, it boasted 19 floors, 725 rooms, and the grandest event space in the city: a 500-person ballroom that could host events for nearly 3,000 people when including adjoining spaces. For many decades the Bellevue-Stratford, the “Grand Dame of Broad Street,” was Philadelphia’s largest hotel. Thomas Edison was involved in the lighting design for the hotel, creating fixtures as well as a switchboard for the hotel’s ballroom. Throughout its time in operation, 15 presidents were guests at the hotel, including Theodore Roosevelt and Woodrow Wilson. 

Apart from a large addition in 1912, which brought the square footage to 657,000 and the room total above 1,000 and added the iconic cameo rooms and other function spaces to the 19th floor, the hotel remained largely unchanged until its closing. In 1976, an outbreak of an unidentified respiratory disease led to the hotel’s sudden closure. In 1978 the building was sold to the Richard I. Rubin Company, saving it from demolition. Rubin undertook a $25 million renovation, reducing the key count to 565 and restoring the public areas, before reopening it as the Fairmont. Westin later acquired an interest in the building, and the Hotel was renamed the Westin Bellevue Stratford in 1983 before closing in 1986 due to low occupancy. In 1988, a new owner reopened the building as The Bellevue, converting much of the hotel to office and cutting an atrium into the remaining hotel portion.

A New Era Begins
Revitalization Efforts

A New Era Begins

Lubert-Adler acquired The Bellevue in 2021, beginning a large-scale renovation of the hotel and event spaces. The renovations included upgrades to the existing hotel, conversion of offices into residential space, the opening of new retail opportunities, and more.

NTCIC & Progress

Financing & Impact

To facilitate the restoration of the iconic Bellevue, NTCIC made an equity investment in the $28.7 million of federal Historic Tax Credits generated by the project. Additionally, NTCIC provided underwriting and transaction management services and will provide asset management services through the HTC compliance period.   

The renovation of the historic downtown Philadelphia landmark marks a pivot away from single-use structures into multi-use, diversified

properties. The historic building’s evolution from a hotel, to a hotel and office building, to a hotel, office building, luxury apartments, restaurants, retail space, and more, shows a shift in the way developers and investors can think about large-scale historic buildings. By expanding the ways in which a historic building can function and serve the public, you not only diversify your revenue stream, but also the breadth of people who can experience and utilize the building in the future. 

How NTCIC Helped

Preservation is a Team Sport

To facilitate the restoration of the iconic Bellevue, NTCIC made an equity investment in the $28.7 million of federal Historic Tax Credits generated by the project. Additionally, NTCIC provided underwriting and transaction management services and will provide asset management services through the HTC compliance period.   

The renovation of the historic downtown Philadelphia landmark marks a pivot away from single-use structures into multi-use, diversified

properties. The historic building’s evolution from a hotel, to a hotel and office building, to a hotel, office building, luxury apartments, restaurants, retail space, and more, shows a shift in the way developers and investors can think about large-scale historic buildings. By expanding the ways in which a historic building can function and serve the public, you not only diversify your revenue stream, but also the breadth of people who can experience and utilize the building in the future. 

Amanda Bloomberg, Senior Acquisitions Manager

Sourced project, performed preliminary underwriting, negotiated terms, and paired with investor.

Tony Maruca, Senior Project Manager

Underwrote and closed the project.

Andrae Baly, Senior Asset Manager

Provides ongoing construction monitoring, as well as quarterly and annual reporting through the project’s compliance period.
Connect with Us

Curious About How Historic Tax Credit Investments Drive Real Impact?

Kandi Jackson leads tax credit investment activities with deep expertise in project finance, equity structuring, and compliance. When you speak with Kandi, expect clarity, honesty, and a clear roadmap for how your next investment can work in your portfolio.

Connect with Kandi

Check Out Similar Projects Here

Browse all projects

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

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.

Name(Required)
Want to Discuss Your Next Project? Talk With Our Team Today.

Federal Historic Tax Credits

$16.8 Million

State Historic Tax Credits

$21 Million

Total Project Cost

$125 Million

Project Partner

J Jeffers & Company, Jon Wiegand, Ed Cross, and McCombs Enterprises

Impact

Affordable Housing

History

A Generation of History Begins

“Tower Life Building from Tower of the Americas” licensed under CC BY-SA 3.0.

The historic 31-story Tower Life Building, originally known as the Smith-Young Tower, was constructed in San Antonio, Texas, between 1927 and 1928 by the renowned architects Robert and his father Atlee Ayres, who were among the most influential architects in Texas during the 20th century. Their work can be seen across the city such as the Municipal Auditorium, the Plaza Hotel, the Federal Reserve Bank, and the Administration Building at Randolph Field.

For a decade, Sears, Roebuck and Company occupied the first six floors, featuring large display windows along St. Mary’s and Villita streets, while the upper floors were leased to prominent local professionals and businesses, cementing the building’s place as a focal point of commerce and innovation in the city. The Smith-Young Tower with its rich history has borne witness to many significant moments throughout the years, serving as a mooring mast for a blimp, a performance site for aerialists, the headquarters of the third U.S. Army, and a television station transmission tower.

The San Antonio Transit Company purchased and renamed the building the Transit Tower in the 1950s, and by the early 1960s, the building was sold again to the Tower Life Insurance Company where the building was renamed to what we know it as today, the Tower Life Building. It was the tallest building and structure in San Antonio until 1968 and is currently the fourth tallest building in the city and the tallest 8-sided building in the U.S.

A New Era Begins
Revitalization Efforts

A New Era Begins

The Tower Life building sits on a quarter acre site along the beautiful downtown San Antonio River Walk. The San Antonio River Walk is a historic and cultural landmark that traces the city’s vibrant past, from its Spanish colonial roots to its modern-day role as a thriving hub of commerce and tourism. This iconic waterway site has inspired similar developments around the world, blending natural beauty with rich history and offering a unique glimpse into the heart of San Antonio’s heritage.

Tower Life’s renovation will create new ground-floor commercial space opportunities and transforms the upper floors into mixed-income residential space.

How NTCIC Helped

Preservation is a Team Sport

The $125 million revitalization was supported, in part, by NTCIC through an equity investment in the $16.8 million federal Historic Tax Credits and $21 million in State Historic Tax Credits generated by the construction efforts. NTCIC sourced, underwrote, and oversaw the financial closing of the Federal and State HTCs, and will provide tax credit fund and asset management services post-closing.

The Project was also approved for a 75-year real estate tax exemption through a lease partnership with Bexar County, as the Sponsor builds workforce housing for middle-income families that are not currently served by housing tax credits or market-rate developments.

Kathleen Galvan, Senior Acquisitions Manager

Sourced project, performed preliminary underwriting, negotiated terms, and paired with investor.

Carolyn Tom, Project Manager

Underwrote and closed the project.

Maggie Ramold, Asset Manager

Provides ongoing construction monitoring, as well as quarterly and annual reporting through the project’s compliance period.

Check Out Similar Projects Here

Browse all projects

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

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.

Name(Required)
Want to Discuss Your Next Project? Talk With Our Team Today.

Historic Tax Credits

$5.54 Million
Federal HTCs

New Markets Tax Credits

$5 Million

Total Project Cost

$40.2 Million

Project Partner

Hale Resources LLC

Impact

Affordable Housing, Workforce Development, and more.

Bennington High School
History

Bennington High School

Built in 1913, Bennington High School is a significant example of an important public building displaying Beaux Arts style architecture. It was built to provide a larger educational facility as the high school population in Bennington increased rapidly between 1900 and 1912, and the original high school, built around 1875, could no longer accommodate the growing number of students. The new location opened in 1914 and served as the high school until the 1960s, when a third high school building was built, and the property became Mount Anthony Middle School. The middle school graduated its last class in 2004, and the building has stood vacant ever since.

A New Era Begins
Revitalization Efforts

A New Era Begins

Benn High is the sustainable redevelopment of a 100,000 SF historic former school building in Bennington, Vermont, into a vibrant community hub that will consist of two condo structures, one utilizing federal NMTC and HTC financing and the other using LIHTC and HTC financing. The total anticipated development cost of both condo buildings is $51MM. The $40.2MMM NMTC condo development is a 72,000 SF space that will consist of 22 workforce housing units occupying 22,450 SF and roughly 48,000 SF of commercial space.

Community Impact

Creating a Community Hub

The Benn High redevelopment is expected to create 22 workforce housing units with five units at or below 80% AMI and all other units at 80-120% AMI. The Sponsor estimates there will be 24 new permanent full-time jobs created, and 35 full-time jobs retained, 85% of which will be high-quality jobs at a living wage and 75% of which will be accessible to people without a bachelor’s degree. Commercial tenants were chosen to maximize access to broad community benefits, including childcare, recreation, education, and senior services. A new childcare center will offer many seats for local families, with a majority reserved for those with lower incomes.

The YMCA will greatly expand community access to recreation and youth programs. The Sponsor estimates 4,308 individuals currently benefiting from the recreational center programming, with a projected 1,940 new users. The University of Vermont Extension estimates that more than 1,000 individuals in the community will benefit from their offerings, which include agricultural, nutrition, and community development resources.  Senior programming will also grow, offering wellness, cultural, and social activities for both current and new participants.

Expanded Recreational Programming

Projected 1,940 new users of the recreation center

Commitment to Sustainability

Upon completion, Benn High will be 100% electric

Senior Center

50 current seniors, 100 new seniors expected to benefit

Job Creation

24 new permanent full-time jobs created, 35 full-time jobs retained

Childcare Facility

For 102 children, 55% from low-income families

NTCIC & Progress

Project Financing

The $51 million revitalization of Benn High was supported in part by NTCIC through the facilitation of an equity investment in the $5.54 million Federal Historic Tax Credits generated by the project and an allocation of $5 million in NMTCs. NTCIC acted at the NMTC allocatee and asset manager, as well as the FHTC investment sourcer, underwriter, and closer.

Check Out Similar Projects Here

Browse all projects

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

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.

Name(Required)
Want to Discuss Your Next Project? Talk With Our Team Today.