News

Pennsylvania governor visits the Divine Lorraine Hotel, a historic tax credit project nearing completion in Philadelphia

September 20, 2017

Governor-Met-GroupPhoto

The revitalization of Philadelphia’s Divine Lorraine Hotel, a historic landmark and longstanding source of civic pride, is nearly complete, and Pennsylvania Gov. Tom Wolf recently saw the progress for himself when he toured the project, a mixed-use development offering housing, shopping and dining within the iconic 10-story building on North Broad Street.

Federal historic tax credits financed through Enhanced Capital have been an important component of making this impactful project possible. The $44 million project hit another major milestone on Sept. 14 with the grand opening of the renovated Divine Lorraine Hotel lobby, featuring intricate molding, columns, a custom built grand staircase and marble flooring. The apartments on the floors above the grand hall echo its cathedral ceiling design and incorporate other historical elements as well. The first residents moved into the building over the past year, according to an article in the Philadelphia Business Journal.

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Historic tax credits help to transform Ohio awning factory, reshape and revitalize neighborhood

September 12, 2017

Wagner Awning Building

The landmark Wagner Awning factory in Cleveland, Ohio, has been transformed into a mixed-use development with a new life providing affordable housing and office space for local businesses thanks to historic tax credit financing provided in part through Enhanced Capital.

Properties magazine recently published a story about the project, which involved the conversion of a historical awning factory – later known as Ohio Awning – into 59 apartments along with office space. It was completed in 11 months by building developer Sustainable Community Associates, which plans to build another 50 apartments in the area in the next year. The awning manufacturer, meanwhile, continues to operate, having moved to a different neighborhood.

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Independent report finds New Markets Tax Credit program exceeds goals, spurs economic growth in distressed communities

August 11, 2017

Human Hand Touching Checklist on Touch Screen

A new independent report commissioned by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) found that the New Markets Tax Credit (NMTC) Program is meeting and exceeding program and compliance requirements and continuing to attract job-creating investments in economically distressed communities.

Fund Director Annie Donovan hailed the NMTC program for its continued success in a public statement on the CDFI Fund’s website.

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Enhanced Community Development invests in new mixed-use CrossPlex retail development in Birmingham, Alabama

July 26, 2017

CrossPlex Village

In 2021, the City of Birmingham will host the World Games at its new world-class CrossPlex athletic facility. But that’s not the only major development project coming to the area.

Thanks to New Markets Tax Credits financing, Birmingham will also be home to CrossPlex Village, a new mixed-use retail development project.

Construction began last month, according to Alabama NewsCenter. The development will include a 101-key Comfort Inn and Suites Hotel, the only hotel in its area; a Starbucks Commercial Center with the company’s third youth training and employee development center in the country; and a “Restaurant Row,” a series of business spaces anchored by a local restaurant icon.

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Grambling hosts dedication ceremony to celebrate new NMTC-funded Legends Square retail development, induct 24 honorees into ‘Walk of Fame’

July 9, 2017

Grambling Ribbon Cutting

City leaders, state legislators, sports Hall of Famers, honored guests and local residents celebrated the grand opening of the Legends Square retail development with a ribbon cutting event and the induction of 24 people into Grambling, Louisiana’s new Walk of Fame on Saturday, July 8. Enhanced Capital was pleased to participate, having helped to provide $10 million in federal New Markets Tax Credits to the project.

Covered by KTVE NBC 10 and other media, the well-attended event marked the beginning of a new legacy for Grambling – one that includes the city’s first grocery store in almost 50 years. The Legends Square retail development features a 48,300-square-foot plaza, which will include a full-service grocery store and pharmacy, new retail stores and a Walk of Fame honoring Grambling’s rich history and remarkable residents.

 

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