Historic Tax Credits
$3.6 Million Federal
New Markets Tax Credits
$1.5 Million
Total Development Cost
$22 Million
Project Partner
Forest City
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.
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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