Fort Wayne, Indiana, is celebrating a new $32.2 million revitalization project underway in one of its most historically significant neighborhoods. Enhanced Capital helped finance the rehabilitation project with $2 million in federal New Markets Tax Credit allocation, a $4 million federal Historic Tax Credit investment, $3 million Indiana Industrial Recovery Tax Credits investment, and a $4.8 million bridge loan providing funding that will help to preserve the city’s rich history and revitalize the struggling economy.

The Landing development, located in downtown Fort Wayne, includes the restoration of seven buildings listed on the National Register of Historic Places, along with construction of one new building. Once completed, the project will include 56,000 square feet of commercial and retail space, as well as 70 new apartments, including 18 affordable housing units.

Barnett Tower is a symbol of both the old days and the future for Jacksonville, FL. The former headquarters of the largest bank in Florida sat vacant for decades, but now is part of a renovation funded partly by equity from New Markets Tax Credits (NMTCs) and Historic Tax Credits (HTCs). The mixed-use property–with residential, commercial and educational space–will host its first tenants by the end of the year.

Once finished, Barnett Tower will have 46,166 square feet of commercial and office space on the first seven floors and 108 multifamily apartments–22 designated as affordable–on floors 8-18.

Florida State College at Jacksonville (FSCJ) recently celebrated the grand opening of a culinary café that is part of a larger revitalization project bringing new teaching space and housing for the school’s culinary students.

The renovation of the 104-year-old Lerner building includes apartments for 60 students along with the 5,000-square-foot café, which doubles as a classroom for FSCJ’s Downtown Campus Culinary program. Enhanced Capital helped finance the project through $4.5 million in federal Historic Tax Credits.

 

The Federal Historic Preservation Tax Incentives Program generated $5.8 billion in private investment for historic preservation and community revitalization projects in the last year, creating 106,846 jobs, according to a new report from the National Park Service, which administers the program.

Enhanced Capital regularly partners with developers to finance these culturally significant and economically impactful projects. In all, Enhanced Capital has participated in 101 federal and state Historic Tax Credit projects, bringing more than $1.3 billion in private capital investment to historic rehabilitation.

 

A cutting-edge clean energy company converting waste into renewable energy, a specialty agricultural operation in rural America, a new school in a hurricane-impacted neighborhood in New Orleans and a manufacturing business providing jobs in Utah are among projects highlighted in Enhanced Capital’s new Community Impact Report. Released at the beginning of 2018, this report highlights the positive impact of recent economic development projects supported by Enhanced Capital.

Since 1999, Enhanced Capital has been committed to providing capital to businesses underserved by many traditional investors. From the opening of a tissue mill in rural Maine, to the expansion of a renewable energy facility in Utah, we have witnessed the catalytic economic impact our investments have within communities across the nation.

The transformation of a failed arts center in New Orleans’ Warehouse District into a world-class culinary institute has finally moved forward after closing on the financing needed to redevelop the historic 93,000-square-foot, five-story building.

The New Orleans Culinary and Hospitality Institute, or NOCHI, is now undergoing construction, The Times-Picayune reported on Jan. 3. Enhanced Capital provided critical financing for the project through the federal New Markets Tax Credits and Louisiana Historic Tax Credits programs.

A major goal of many economic development projects is to spur a cascade of additional positive growth in the community, and a project supported by Enhanced Capital through a federal New Markets Tax Credit allocation, Mississippi state New Markets Tax Credit allocation, and state and federal Historic Rehabilitation Tax Credits, is doing just that.

The Clarion-Ledger this week reported that the redevelopment of a 1940s-built Sears, Roebuck & Company store along with three adjacent buildings in Greenville, Mississippi, has revived a previously distressed area while offering additional benefits for the local community as well.

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 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.

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.

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.

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.

 

The New Markets Tax Credit Coalition recently released its 2017 New Markets Tax Credit (NMTC) Progress Report, which highlights the program’s success over the previous year in bringing much-needed investment to low-income populations, stimulating growth throughout the nation and creating jobs in economically distressed communities.

“The 2017 New Markets Tax Credit Progress Report reaffirms that the NMTC program continues to be an effective way to help create economic opportunity and address unemployment and poverty through impact investing,” said Michael Korengold, president and chief executive officer at Enhanced Capital. “As we continue our work, Enhanced Capital remains committed to attracting much-needed investments to low-income and rural communities to spur economic growth and community development.”

Enhanced Capital is providing New Markets Tax Credit allocation to help a Kentucky automotive parts company to modernize and upgrade its facilities, allowing the business to continue growing and providing career opportunities with many benefits for the surrounding community.

Enhanced Community Development, a subsidiary of Enhanced Capital, Wells Fargo and Three Rivers Community Development Entity announced today that they are helping finance the expansion of Mueller Copper Tube.

Mueller Copper Tube is a subsidiary of Mueller Industries, a global manufacturer and distributor of premium quality copper tube and pipe for plumbing, air conditioning, refrigeration, medical gas and other applications. Mueller is using the financing to purchase equipment and expand its existing production facility in Fulton.