All Projects

Enhanced Capital, New Markets Tax Credits Play Key Role in Grand Opening at CrossPlex Village

September 26, 2018 Birmingham , AL

The community of Birmingham, Alabama, recently celebrated the opening of the mixed-use retail and entertainment development known as CrossPlex Village that was funded in part by New Markets Tax Credits from Enhanced Capital.

Located within the historically underserved Ensley and Five Points West Community, CrossPlex Village brings professional services, entertainment, lodging and food to support the community and neighboring CrossPlex athletic facility. Widely seen as a catalyst for additional investment in western Birmingham, CrossPlex Village includes the addition of the 100-room Comfort Inn & Suites Hotel that opened this week, a Starbucks Coffee Community Store and a range of restaurant and retail options.

“None of this is possible without collaboration on multiple levels,” Realtor Bob Nesbitt said in a press release. “The local community, City Hall, consultants, contractors, lawyers, bankers and a host of other key stakeholders all made this vision possible.”

Enhanced Capital is proud to have provided $4.5 million in federal New Markets Tax Credits to finance this revitalization project, which is located within a distressed, minority community. Enhanced’s financing has supported job creation, as well as workforce development opportunities through Starbucks’ community store model, which provides customer service and retail skills training for young adults.

Brittany Major, Vice President of Enhanced Capital, attended a grand opening event at CrossPlex Village and was amazed by the surrounding community’s transformation.

“New Markets Tax Credits encourage public and private investment for projects that will have a transformative impact on the economy, workforce and local community,” Major said. “CrossPlex Village epitomizes the positive community outcomes achieved through this type of innovative financing.”

A reporter on WVTM-13 noted that the development has spurred additional improvements to roads and sidewalks in the area, as well as a general “sprucing up” of the neighborhood. You can watch that coverage by clicking here.

Read more about Enhanced Capital’s involvement in CrossPlex Village and other economic development projects in our 2017 Community Impact Report.