Historic Tax Credits

$16 Million Federal
$11.7 Million State

New Markets Tax Credits

$4 Million

Total Project Cost

$93.4 Million

Project Partner

Model Group

Impact

Affordable Housing, Economic Development, and more

At the Corner of Main and Fourth
History

At the Corner of Main and Fourth

The United Brethren Publishing House, now known as the Centre City Building, traces its origins to 1853, when the denomination established its publishing operations at the corner of Main and Fourth Streets. Over time, the site evolved into a prominent complex constructed in phases between 1903 and 1924, reflecting Dayton’s emergence as a center of business and progressive thought. Visionary publishing agent William Funk led plans for a modern office tower on the site, intended to generate revenue to support pensions for retired ministers while elevating the organization’s national profile. The building attracted notable tenants, including the Wright Brothers, and stood as a defining presence in the city’s downtown skyline. 

The adjacent Air City Garage was completed in 1960 to serve growing demand for downtown parking. Built in reinforced concrete in the brutalist style, it supported mid-century commercial activity before falling into significant disrepair.

Centre City Building Revived
Revitalization Efforts

Centre City Building Revived

The project will transform the long-vacant Centre City Building and the structurally compromised Air City Garage into an active mixed-use development anchored by housing, ground-floor retail, and structured parking. Within the Centre City Building, former office space is being converted into a mix of market-rate and affordable housing, bringing new residential activity to the upper floors while introducing street-level retail spaces that reestablish an active presence along Main Street. 

The adjacent garage will be fully rehabilitated to restore its structural integrity and continue serving as a central parking resource, supporting residents, the Greater Dayton Regional Transit Authority, retail tenants, and the surrounding downtown. Together, the improvements reposition two underutilized properties as connected assets that support daily activity, small business presence, and residential life in downtown Dayton. 

This work is part of a larger redevelopment effort on the block that will also introduce new affordable housing options and build on the success of the Dayton Arcade, located directly across Main Street. 

Community & Economic Impact

Reactivating a Dayton Icon

The Mainline project will reactivate a long-vacant, historically significant building in downtown Dayton, introducing new mixed-income residential opportunities and commercial and community-serving uses in a severely distressed census tract.  

The expansion of the Entrepreneurs’ Center programming at the project will i support 450+ small business entrepreneurs, by providing  access to mentorship, training, and resources needed to start and grow small businesses.

New commercial tenants, including a coffee shop and a fresh food

market, will provide increased access to everyday goods and services in a neighborhood that has historically lacked these options. Together, these uses are expected to serve more than 20,000 individuals annually, establishing new destinations that support daily activity and neighborhood connectivity. 

The reactivation of this long-vacant building within a targeted downtown corridor represents a catalytic step in ongoing revitalization efforts, reinforcing new patterns of use and encouraging continued investment in the surrounding area.

20,000

Market & Café Customers Served Annually

450

Entrepreneur Center Annual Capacity

332

Construction & Permanent FTE Jobs Created & Retained

410,000+ sq ft

of Historic Space Restored

NTCIC & Progress

Financing & Impact

NTCIC provided an equity investment in the $16 million Federal Historic Tax Credits, $11.6 million State Historic Tax Credits, and $14 million Ohio Transformational Mixed-Use Development credits generated by the preservation efforts, along with an additional $4 million New Markets Tax Credit investment supporting the project’s mixed-use components. 

NTCIC served in multiple roles across the capital stack, including as a Federal and State NMTC allocatee and asset manager, as well as the underwriter and closer for Federal and State Historic Tax Credit and

TMUD investments, and Federal HTC fund manager.

The project also utilized a layered financing structure that includes Ohio Transformational Mixed-Use Development (TMUD) Tax Credits, Ohio New Markets Tax Credits, and Ohio Opportunity Zone incentives, reflecting the complexity of the redevelopment. Notably, the project is part of a broader coordinated TMUD allocation that also supports the nearby Dayton Arcade, where multiple phases are linked and dependent on the completion of Mainline to realize the full credit benefit. 

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Historic Tax Credits

$13 Million Federal

Total Development Cost

$67 Million

Project Partner

GL Housing Development

Cleveland Athletic Club
History

Cleveland Athletic Club

Cleveland Athletic Club (“CAC”) was constructed in 1911 as a 15-story private club catering to individuals interested in athletics. This white terra cotta and brick building was designed by J. Milton Dyer who also designed Cleveland City Hall. CAC members included prominent figures such as businessman and former Mayor Charles Otis along with 1920’s aquatics Olympic medal winner Johnny Weissmueller also known for his acting as Tarzan. After decades of prominence in the Cleveland community, CAC ultimately ran into financial difficulty and became vacant in 2007.

Once a hub of economic vitality for the community, the factory was eventually closed and stood vacant for more than a decade before a new vision for revitalization emerged. Together with local residents and community organizers, nonprofit Community Solutions redeveloped the complex to capitalize on the assets of the community and address needs for high-quality jobs and community services.

CAC Revived
Revitalization Efforts

CAC Revived

The updated Cleveland Athletic Club came to life with a vision for adaptive reuse that retained many of the iconic features of the original club, including the 50-meter pool where Weissmueller swam, and reimagined it for a 21st-century community.

The historically sensitive adaptive reuse of this Cleveland icon converted the Club into thirteen floors of one- and two-bedroom residential units, one floor of office space and one level of ground floor retail.

By encouraging residents to experience Cleveland as a true live work play city, the project is encouraging local economic development and community-building right in the heart of downtown.

Community Impact

Downtown Cleveland

Residents and tenants of CAC benefit from its central location in Downtown Cleveland, which is walking distance to Cleveland’s sports teams’ stadiums, including the Browns, Indians, and Cavs, as well as various museums and cultural destinations like the Rock and Roll Hall of Fame. CAC’s location also helps address the major population growth downtown and desired lifestyle to live, work, and play in the same place.

NTCIC & Progress

Economic Impact

NTCIC facilitated an equity investment in the $11 million in federal Historic Tax Credits generated by the revitalization efforts. CAC was NTCIC’s fifth closed project in its HTC Community Fund I. The redevelopment built on the economic and redevelopment success that has spurred the revitalization of downtown Cleveland.

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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

$3.7 Million Federal

New Markets Tax Credits

$4 Million

Total Project Cost

$27 Million

Project Partner

The Model Group

Impact

Affordable Housing
Small Business Support
Economic Development

Over-The-Rhine
History

Over-The-Rhine

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

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

Transforming a Neighborhood
Revitalization Efforts

Transforming a Neighborhood

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

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

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

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

Community Impact

Nurturing a Community

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

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

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

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

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

68

Housing Units

56%

Income Restricted

75-100

Jobs Cafe Participants Annually

22,687 sq ft

of Commercial Space

NTCIC & Progress

Economic Impact

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

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Historic Tax Credits

$6 Million Federal
$10 Million State

Investment Tax Credits

$6 Million

Total Project Cost

$52 Million

Project Partner

Sustainable Community Associates & Friends of Mendelsohn

Impact

Education Access, Sustainability, & more

History

World-Renowned Architect Designs House of Worship

Park Synagogue was designed by world-renowned architect Eric Mendelsohn as a new home for the Anshe Emeth Beth Tefilo Congregation following the community’s move to Cleveland Heights after World War II. Conceived as a modern synagogue integrating worship, education, and community life, the building is widely regarded as one of the most important examples of modern religious architecture in the United States. Its iconic copper-clad dome and sculptural concrete forms reflect Mendelsohn’s Neo-Expressionist design philosophy. Park Synagogue served as the congregation’s primary place of worship and gathering for decades.

After the congregation established a new facility in Pepper Pike in 2021, the historic building entered a new chapter, led by a development team that includes Oberlin College graduates committed to preserving Mendelsohn’s vision while reimagining the site for arts, education, and community use. 

Center for Education & Community
Revitalization Efforts

Center for Education & Community

The rehabilitation of the 70,000 square foot Park Synagogue transforms a former single congregation house of worship into a multitenant arts, education, and community campus while preserving its most significant historic spaces. The restored building will host Oberlin College’s satellite arts program, Park Arts performance and event spaces, and Colorful Minds Studio, expanding access to education, cultural programming, and community services. The sanctuary and chapel are preserved for religious observance and lifecycle events, maintaining continuity with the building’s original purpose. The vision for the project reimagines and extends Eric Mendelsohn’s original center for education and community, building on the congregation’s legacy of social engagement by opening the site to broader public use while preserving a place for Jewish life. Rehabilitation work prioritizes long-term sustainability, including a geothermal heating and cooling system and major improvements to the building envelope to improve energy performance.

Community Impact

A New Era for the Synagogue

During operations, the project’s tenants are anticipated to create and retain a total of 30 quality fulltime equivalent permanent jobs, many of which are accessible to residents of low-income communities. In addition, the project is projected to support 189 construction jobs during the development period. Once fully operational, the

project is projected to serve over 1,200 people annually across its arts, education, childcare, and community programs, over half of which are anticipated to be low-income people or residents of low-income communities, reflecting the project’s focus on inclusive access and community serving uses.  

30

Jobs Created & Retained

50

Oberlin Students Supported Annually

40

Artists Supported Annually

1,000

Parks Arts Students Supported Annually

28

Acres of Green Space Enhanced

NTCIC & Progress

Economic Impact

NTCIC supported the redevelopment of Park Synagogue by providing an equity investment in the $16 million in combined State and Federal Historic Tax Credits generated through the preservation and rehabilitation of the nationally significant landmark. In addition, National Trust Energy Capital, a subsidiary of NTCIC, financed the $6.0 million in Investment Tax Credits generated by the project’s geothermal energy systems, marking the first time NTCIC and National Trust Energy Capital provided tax credit financing within the same project. 

The project received substantial public and philanthropic support, reflecting broad community commitment to the redevelopment. Public financing includes State and County Brownfield grants, a Strategic Community Investments grant, County ARPA funding,

a State Cultural Facilities Capital grant, and grants from Cleveland Heights and Cuyahoga County. The project is further supported by approximately $12.4 million in philanthropic contributions raised through a capital campaign. 

NTCIC sourced the historic tax credit investment capital, underwrote the transaction, and supported closing efforts. National Trust Energy Capital served as the Investment Tax Credit investment sourcer and underwriter, provided financial closing services, and will serve as ITC asset manager during the compliance period. NTCIC will also serve as historic tax credit asset manager, providing construction monitoring and ongoing oversight to support long term preservation and community outcomes. 

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Federal Historic Tax Credits

$6.5 Million

New Markets Tax Credits

$10 Million

Total Project Cost

$47.4 Million

Project Partner

Cleveland Institute of Art

Impact

Education Access

History

First Ford Factory Outside Detroit

Designed by Albert Kahn, the famed “architect of Detroit,” the McCullough Center was Ford’s first assembly plant outside of the Motor City. In its 1920s heyday, hundreds of Model T’s rolled off its lot every day. But after Ford closed the plant in 1932, the building foundered for decades, serving as a sales office, a warehouse, and office space. By the time Cleveland Institute of Art (CIA) acquired the iconic 1915 building in 1981, it was already in need of considerable renovation, if not an outright overhaul.

Due to cost constraints, however, the Center’s full potential as a hub of artistic endeavor was left unrealized for 25-plus years. During this time, CIA’s campus was split between two buildings separated by a half mile of parking lot – a drab, deadening asphalt gulf that students dubbed “the Beach.”

Developing 'The Center'
Revitalization Efforts

Developing 'The Center'

More than a century after it first opened its doors, the 250,000 square foot space in downtown Cleveland is giving young artists, designers, filmmakers, photographers, and coders a unique, adaptable space to hone their crafts, while helping to revitalize an entire Cleveland neighborhood. In 2015, the revived and expanded Center opened its doors with revamped galleries, additional classrooms accommodating CIA’s variety of aesthetic disciplines, a new library, a large atrium connecting the old and new wings, and individual creative studios for each student.

The new Center projects student art on large screens outside the complex, allowing the neighborhood to enjoy some of the innovative and dramatic creations by CIA students. It also boasts the Peter B. Lewis Theater, a state of-the-art 4K cinema complex to house CIA’s long-running and nationally recognized Cinematheque theater, which shows beloved classics, arthouse favorites, and new programming to students and members of the public alike.

Impact

Financing & Community Impact

NTCIC provided a New Markets Tax Credit allocation of $10 million and an equity investment in the $6.5 million of federal Historic Tax Credits generated by the project. Today, the Center is once again a locus of creativity, production, and economic vitality in Cleveland. More than just revive CIA, the refurbished Center has been a catalyst for the burgeoning neighborhood, now being called “Uptown.” Since the renovation broke ground, Uptown has added shops, a grocery

store, new restaurants, and additional housing, and has been nominated for national urban excellence awards. The revitalized space has allowed the school to strengthen its admissions and nearly double the number of students it can support. It also serves as an anchor in the revitalization of the Euclid-Mayfield neighborhood, which links University Circle and Little Italy, into a vibrant arts focused district.

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Historic Tax Credits

$12 Million
Federal HTCs

Total Project Cost

$77 Million

Project Partner

Model Group

Impact

Economic Development

History

A 10,000 Year Lease

The Mercantile Library Building and the Formica Building have rich histories that are deeply intertwined with Cincinnati’s architectural and cultural heritage. The Mercantile Library was originally established in 1835 by a group of young men who pooled their resources to collect books, art, and host prominent speakers and authors. Over the years, the library has welcomed renowned figures such as Ralph Waldo Emerson, Herman Melville, and Harriet Beecher Stowe. As the collection grew to nearly 2,000 books, the need for a dedicated space led to the construction of the Mercantile Library Building at 414 Walnut Street in 1904. The building was designed by Joseph G. Steinkamp & Brother and was developed by Thomas Emery Sons, who contributed to the development of several skyscrapers in Downtown Cincinnati during the early 20th century. The building featured commercial space on the first floor and office space on the floors above. The 11th and a portion of the 12th floor were custom designed to house the Mercantile Library.

The institution has a perpetually renewable 10,000-year lease issued by Cincinnati College, thanks to the support provided by the men of the Mercantile Library Association after the college’s structure burned in 1845. The Mercantile Library Building was placed on the National Register of Historic Places in 2021.

The Formica Building, located at 120 East Fourth Street, along with the connected Crystal Arcade and Contemporary Arts Center at 255 East Fifth Street, were developed by Towne Properties and designed by Harry Weese & Associates of Chicago, a firm renowned for designing the Metro stations in Washington, DC. Completed in 1970, the Formica Building was constructed with travertine, glass, and bronze, showcasing modern, Miesian, and post-modern elements. The design incorporated elements from the neighboring Mercantile Library Building, such as eliminating the band of travertine between the 11th and 12th floors to mimic the double-height library. The Contemporary Arts Center (CAC) was housed in the Formica Building from 1970 to 2003, before moving into the newly constructed Lois & Richard Rosenthal Center for Contemporary Art in the spring of 2003.

Today, the Formica Building holds the distinction of being the most recently constructed building in Cincinnati to be listed on the National Register of Historic Places. As both the Mercantile Library Building and the Formica Building undergo an adaptive reuse transformation, their storied pasts will contribute to the revitalization of Cincinnati’s urban core and serve as a testament to the city’s architectural and cultural legacy.

Adaptive Reuse
Revitalization Efforts

Adaptive Reuse

The Mercantile and Formica buildings in downtown Cincinnati are set to undergo a remarkable transformation that will breathe new life into these historic landmarks. Upon completion, the mixed-use community will be rebranded as “The Historic Mercantile Building,” with the residential component as “Merc & Mica,” featuring 156 luxury rental apartments and over 76,000 square feet of commercial space. This exciting development will showcase the distinct eras of each building while catering to the modern, urban lifestyle.

NTCIC & Progress

Project Financing

To support the project completion, NTCIC was the primary project underwriter and sourced financing for the $12.7 million in federal Historic Tax Credits generated by the project. Additional project financing included traditional debt, sponsor equity, state Historic Tax Credits, TMUD credits, and Ohio Opportunity Zone Tax Credit financing.

The project is spearheaded by the Model Group, a recognized leader in historic preservation, mixed-use urban development, senior living communities, and affordable housing. Based in Cincinnati, the group

is responsible for several high-profileand award-winning historic preservation initiatives, such as the Dayton Arcade and the Jobs Café at Findlay Market, for which NTCIC provided New Markets Tax Credit allocation and HTC financing in 2018.

The project will also be utilizing the recently created Transformational Mixed-Use Development credit, a new incentive in Ohio that provides tax credits for projects that will be a catalyst for future development in their area.

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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.

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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.

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Name
Findlay Parkside Exterior

Historic Tax Credits

$7.57 Million
Federal HTCs

New Markets Tax Credits

$8 Million

Total Project Cost

$52.1 Million

Project Partner

The Children’s Theatre of Cincinnati

Impact

Arts Education, Support, & Access

History

Returning Home

This project is facilitating the long-awaited reunion of the iconic Children’s Theatre of Cincinnati with its original home, the Emery Theater. Historic Emery Theater was constructed in 1911 in Cincinnati’s “Over-the-Rhine” neighborhood. Commissioned by Mary Emery and built by the famous architecture firm Samuel Hannaford & Sons, the large theater was designed to hold thousands of patrons while astonishing each of them with an unobstructed view and exceptional acoustics. It was built using the principle of the “isacoustic curve,” meaning the room sloped upward from front to back, an ideal configuration for sending sound effortlessly throughout. It also featured two large balconies, both of which seemed to float above the main floor, in a method of theater construction that was new in the early 19th century. Originally part of the Ohio Mechanics Institute trade school, the Emery Theater soon hosted world-renowned artists like George Gershwin and John Philip Sousa, as well as influential dignitaries like Eleanor Roosevelt and Martin Luther King, Jr.

The Children’s Theatre of Cincinnati (TCT), founded in 1919, is the oldest professional children’s theatre in the nation, spending more than a century entertaining youth and inspiring them in the art of theatre. Originally owned and operated by Cincinnati’s Junior League, TCT launched as an independent nonprofit in 1949 with a mission to educate, entertain, and engage audiences of all ages through professional theatrical productions and arts education programming. TCT called the historic Emery Theater home from their incorporation as an independent nonprofit until 1969, when they relocated to downtown Cincinnati’s Taft Theatre.

In the years after losing the patronage of The Children’s Theatre and The Cincinnati Symphony Orchestra, the Emery fell deeper into disrepair, lying dormant for many years while TCT was forced to limit their performance days to only 40 a year at their new location in the Taft Theatre. The decision was made by TCT to return home to the historic Emery Theater and they launched a campaign to undertake a major renovation in a way that pays homage to the past while reimagining it for the future.

Emery's Second Act
Revitalization Efforts

Emery's Second Act

Once completed, the historic Emery Theater will be transformed into a premier 1,500-seat theater that will feature performances for children of all ages and backgrounds. The scope of the project includes the complete revitalization of the historic space to serve as the new MainStage home of TCT.

These programs have changed and expanded over the decades, and with the rehabilitation of the Emery, TCT’s purpose will continue to grow in the very place it got its start. This historic theater was built to be unlike anything else, and thanks to restoration efforts, its legacy will flourish for years to come.

Community Impact

Culture & Community

The revitalization of this long-vacant theater for the continued use of TCT will allow them to more than double the number of annual performances to nearly 150, serving almost 170,000 patrons each year. With an active partnership between TCT and Cincinnati public schools, the number of students provided with access to performing arts will also increase by 63%, giving more than 97,000 youth the opportunity to visit the theater annually.

Performances will come with study guides that allow art education to continue in the classroom. Operationally, it costs TCT an average of $30 to put a child in a seat, however, no school ever pays more than $10 per ticket with even deeper discounts for Title 1 schools. Last season, TCT provided over $900,000 in ticket subsidies to schools, which will increase exponentially at the Emery.

Educational Partnerships

Student access to increase by 63%

Affordable Arts

Reduced-cost tickets for students and schools

Education

Study guides for performances

Increased Performances

For about 170,000 patrons annually

School Ticket Subsidies

Will increase from previous $900,000

NTCIC & Progress

Project Financing

The Children’s Theatre of Cincinnati led a phenomenal capital campaign that raised over $33.2 million, which is a testament to the extensive support the organization has from the community it serves. The remaining portion of the $52.1 million revitalization was supported by NTCIC through an equity investment of $7.5 million in federal Historic Tax Credits. NTCIC also provided $8 million in

New Markets Tax Credit allocation, which helped lower the capital campaign burden, covered additional financing gaps, and ensured expanded access to shows and programming for low-income youth. In addition to the tax credit financing provided by NTCIC, the project was also supported by $1.65 million in funding from city and state partners.

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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.

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