Three redevelopment projects financed by Enhanced Capital are making waves in the architecture world as some of the country’s “most brilliant factory revivifications.”

Featured in the recent Architectural Digest article “Architects Find New Inspiration in Abandoned American Factories,” historic rehabilitation efforts are reinventing decaying urban and industrial landscapes as they bring luxury hotels, retail spaces and galleries into operation. Enhanced Capital is proud to have invested in three of the eight projects that made the list.

Thousands of furloughed federal employees are receiving help from five pop-up food distribution centers organized by the Capital Area Food Bank (CAFB) – an organization previously supported by Enhanced Capital.

The longest federal shutdown in U.S. history is taking a financial toll on the more than a quarter-million federal workers in Washington, D.C., and the surrounding area.

The food bank is actively working to address this need, distributing more than 30,000 pounds of fresh produce so families can spend their money on rent, utilities and life’s other necessities.

The opening of Maya Cinemas marks the beginning of redevelopment for a recession-ridden North Las Vegas community with the help of an $8.5 million New Market Tax Credit allocation from Enhanced Capital. The $75 million project will include 14 screens and amenities such as seats that recline and vibrate, as well as private VIP “cry rooms” that people can use if they are worried their children will be disruptive.

A community organization that was previously able to grow thanks to New Markets Tax Credits (NMTC) from Enhanced Capital continues to transform the Cully neighborhood in Portland, Oregon – this time through the development of 141 affordable housing units, which will replace a shuttered strip club and continue to revitalize the economically distressed area.

Maison de la Luz, a new world-class luxury hotel, is set to open in April 2019 in what was once a New Orleans City Hall building thanks to Historic Tax Credit investments and a bridge loan from Enhanced Capital. Enhanced Capital provided $4.3 million and $4.4 million in federal and state Historic Tax Credits respectively and a $3.5 million bridge loan toward the project.

With $7.7 million in federal and state Historic Tax Credits and a $4.8 million bridge loan from Enhanced Capital, developers have transformed a former Catholic school and church into a boutique hotel, creating a new draw to the Faubourg Marigny neighborhood and supporting a key sector of the local economy.

With $7.7 million in federal and state Historic Tax Credits and a $4.8 million bridge loan from Enhanced Capital, developers have transformed a former Catholic school and church into a boutique hotel, creating a new draw to the Faubourg Marigny neighborhood and supporting a key sector of the local economy.

The extensive redevelopment project converted four separate buildings – a church, rectory, convent and school – constructed in the 1800s into an event space available for weddings, parties and civic events as well a 71-room hotel that includes a lobby, bar and small café. The renovated building is called the Peter and Paul Hotel, a nod to the former space’s identity as the Saints Peter and Paul Catholic church and school.

The Advocate newspaper published photos of the big-name restaurateurs exploring the New Orleans’ historic ArtWorks building, which is undergoing a transformation into the New Orleans’ Culinary and Hospitality Institute (NOCHI) with the help of an allocation from Enhanced Capital, which was announced earlier this year.

 

After undergoing a $56 million renovation financed in part by Enhanced Capital through the federal Historic Tax Credit program, the Philadelphia Metropolitan Opera House (The Met) is celebrating its grand reopening – and the beginning of a new chapter in Philadelphia’s entertainment scene.

After years of neglect, what was once considered the grandest opera house in Pennsylvania was closed in the 1950s. Now, the newly renovated 100-year-old building, originally built by famed lyricist Oscar Hammerstein I, features art deco elements, 25 bars and a 3,400-seat theater that’s reflective of the building’s storied history.

The St. Rose de Lima Catholic Church has finally reopened as a community center in New Orleans, and the renovated campus is poised to inject culture, social justice and new life into an area with a storied history of activism.

Enhanced Capital provided this transformative project with financing through Louisiana’s Historic Tax Credit program. Enhanced’s investment along with others was pivotal to the redevelopment of the former church on Bayou Road, which had been shuttered since Hurricane Katrina in 2005. Today, the historic St. Rose de Lima Church campus has been transformed into a center for arts, education and entrepreneurship.

In 2017, the Georgia General Assembly created the Georgia Agribusiness and Rural Jobs Act (GARJA) program, which encourages private investors to put capital to work in small businesses located in the state’s rural communities. Enhanced Capital, with nearly 20 years of small business investment experience, was approved by the State of Georgia to participate in this innovative public-private partnership program and has closed its first GARJA-facilitated deal with Luther Griffin Farm, a family owned farm located in rural Decatur County.

Luther Griffin Farm is a great example of how the GARJA program is working to support Georgia’s rural small businesses. The farm, which is operated by brothers Keith and Craig Griffin, spans 7,400 acres in southeastern Georgia and has been in the Griffin family for two generations. Today, Luther Griffin Farm supports a number of agricultural products including: cattle, peanuts, corn, oats, and more.

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.

 

Under a recently enacted Ohio small business investing program, Enhanced Capital has closed a $25 million state-approved capital formation fund to provide financing to small businesses in the rural counties of Ohio. The goals of the Ohio Rural Business Growth Program include attracting capital investment, retaining existing jobs, creating new jobs within existing businesses and attracting new business and industry to rural counties of Ohio.

 

Bicameral, bipartisan legislation (S. 3058 and H.R. 6081) recently introduced by U.S. Sens. Bill Cassidy (R-LA) and Bill Cardin (D-MD) and U.S. Reps. Darin LaHood (R-IL) and Earl Blumenauer (D-OR) would strengthen the federal historic tax credit (HTC) and encourage historic rehabilitation projects in communities across the country.

Historic tax credits provide innovative financing for the revitalization of historic buildings – preserving culture and encouraging redevelopments in blighted areas – in the communities where they are located.

The recently released 2018 New Markets Tax Credit (NMTC) Progress Report highlights the growing demand and need for NMTC funding to expand businesses and create jobs in distressed communities.

The 14th edition of the report, released by the New Markets Tax Credit Coalition in June, reviews and analyzes NMTC activities in 2017. By deploying over $3.9 billion in NMTC allocations, community development entities such as Enhanced Community Development, a subsidiary of Enhanced Capital, financed 272 NMTC projects last year, the report shows. Over 83 percent of the projects financed were in severely distressed communities, bringing health care facilities, manufacturing businesses, vocational training centers and jobs to many low-income families across the United States.