Through Louisiana Historic Tax Credits, Enhanced Capital is proud to support the revitalization of the Miller Roy Building in downtown Monroe, LA. The Miller Roy Building was built in 1929 by two African American doctors and served as an economic hub for Black-owned businesses. Enhanced Capital partnered with developers Michael Echols and Ben Marshall to transform a crumbling, vacant landmark into 18 affordable apartments and a ground floor space for community services.
Monroe has an immediate need for affordable housing as it struggles with a 40% poverty rate and is still recovering from the loss of many homes from a severe flood in 2016.[1] This property aims to provide apartments to households earning 20% to 80% of the area median income. Plans will include a community resource center that will also benefit the surrounding area. The center will offer job training and workforce development services, community services, and an onsite health clinic.
“Affordable housing is a great need in Monroe, especially with the amount of poverty that you have and the number of low-paying jobs,” developer Ben Marshal told KNOE News.[2] “I’m proud that we were able to acquire it, and that we found a great purpose for it, and there have been so many people in the community that have been so supportive and enthusiastic. I had no idea the level of enthusiasm that would come into this building.”
In addition to providing affordable housing, the Miller Roy Building carries historical significance in Monroe, especially within the local Black community. The first two floors were originally home to several Black professionals, including doctors, salon owners, songwriter Ivory Joe Hunter, insurance agents, and the city’s first Black newspaper. The Savoy Ballroom on the third floor hosted the city’s first Mardi Gras along with performances by Louis Armstrong, Duke Ellington, Billy Holiday, Fats Domino, Percy Sledge, Otis Redding, and many others. The building also served as a regional office and meeting space for the NAACP and CORE during the Civil Rights Movement.
“The entire project has an immense impact between the affordable housing component, re-embracing its significance in culture and history, and providing services to an area that has been blighted for years,” said developer Michael Echols.
Enhanced Capital is honored to play a role in supporting the life and economic success of communities, like Monroe, through innovative programs. Located at 1001 Desiard Street, the Miller Roy Building restorations began in June 2021 and are expected to be completed in August 2022.
_____________
[1] “NMTC Mapping Tool.” New Markets Tax Credit Resource Center, Novogradac, 13 July 2021, www.novoco.com/resource-centers/new-markets-tax-credits/data-tools/nmtc-mapping-tool.
[2] Hinkle, Makensie. “New Plans Ahead for Historic Building in Downtown Monroe.” KNOE News, KNOE, 13 July 2021, www.knoe.com/2020/11/12/new-plans-ahead-for-historic-building-in-downtown-monroe/.