Investment - NMTC

Howard Theatre

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Overview


 

Built in 1910, the Howard Theatre is the oldest major African American Theatre in the United States. Together with Howard Theatre Restoration, Inc., Urban Atlantic leveraged NMTCs to fund the $26 million historic restoration of the theatre. This included the full restoration of the façade to its 1910 appearance, excavation of a fully functional basement and construction of a three-story addition on the rear of the building. The Howard Theatre restoration acted as a catalyst for additional development in the neighborhood. Urban Atlantic's $5 Million Allocation leveraged over $27 Million in project costs.

 

 

Location

Washington, D.C.

 

Sponsor Developer

Howard Theatre Restoration, Inc.

 

Public Partner

District of Columbia

 

UA NMTC Allocation

$5 Million

Closing Year

2011

 

Project Type

Historic Renovation

 

Size

22.4K SF

 

 

Newark Farmers Market

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Overview


 

The Newark Farmers Market is warehouse and distribution center used for the processing and packaging of fresh produce. The NMTC investment was in New Farmers Market Energy, a green company that leased space from the Newark Farmers Market for solar panels and hydrogen fueling. This NMTC investment--along with other funding sources--enabled the construction of this solar panel and hydrogen facility, and brought approximately 50 jobs to the area. Urban Atlantic's $10 Million Allocation leveraged over $65 Million in project costs.

 

 

Location

Newark, NJ

 

Sponsor Developer

Newark Farmers Market Energy

 

 

UA NMTC Allocation

$10 Million

Closing Year

2012

 

Project Type

Food Distribution Center

 

 

Size

181,000 SF

 

 

Alpert Medical Center at Brown

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Overview


 

The Alpert Medical Center is a revitalization gem in Providence's Jewelry District. In the 19th Century, the area was home to a large number of jewelry manufacturing companies. However, in the 1970’s a new highway was constructed that separated the Jewelry District from the rest of downtown and the area fell into disrepair. After the highway was rerouted in the late 2000s, the area was ripe for redevelopment. The Alpert Medical Center, which houses Brown University's Alpert Medical School, was the first lynchpin in that revitalization effort. Urban Atlantic's $10 Million Allocation leveraged over $72 Million in project costs.

 

 

Location

Providence, RI

 

Sponsor Developer

Brown University

 

Public Partner

City of Providence

 

Size

260,000 SF

Closing Year

2010

 

Project Type

Medical

 

UA NMTC Allocation

$5 Million

 

 

Clipper Mill

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Overview


 

Located in Batlimore's Woodberry neighborhood, Clipper Mill redeveloped an 1853 mill complex into a contemporary, mixed-use community. The project incorporated five historic buildings along with new construction components to create 61,500 SF of office space, 47,500 SF of studio space, 34 townhomes, 38 semi-detatched homes, 62 condos, and 36 rental units. The project transformed a deteriorating mill site into a thriving community.

 

 

Location

Baltimore, MD

 

Sponsor Developer

Self-Help Ventures

 

Acerage

45

 

Size

260,000 SF

Closing Year

2006

 

Project Type

Mixed-Use,
Adaptive Reuse

 

 

Myriant Corp.

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Overview


 

The Myriant Corporation developed a green alternative to petroleum that it uses in the production of inks, coatings, Spandex, and plastics. This NMTC investment helped bridge the financing gap for the construction of Myriad's manufacturing plant, which helped bring a sustainable product to market while simultaneously bringing jobs to a severely economically distressed community. Urban Atlantic's $12.7 Million Allocation leveraged over $148 Million in project costs

 

 

Location

Lake Providence, LA

 

sponsor Partner

Myriant Corporation

 

Size

260,000 SF

CLOSING YEAR

2012

 

UA NMTC ALLOCATION

$5 Million

 

Project Type

Manufacturing Plant,
Business

 

 

Progression Place

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Overview


 

Progression Place is a mixed-use, transit-oriented development in D.C.'s Howard/Shaw neighborhood. Built atop the Howard/Shaw Metro Station, this development was ideally located to create a diverse, mixed-income community. The development includes 98,000 SF of office space for the United Negro College Fund, 20,000 SF of retail, 205 apartments (20% affordable), and 185 below-grade parking spaces. Urban Atlantic's $5 Million Allocation leveraged over $155 Million in project costs.

 

 

Location

Washington, D.C.

 

Sponsor Developer

CRM Development Corporation

 

Public Partner

District of Columbia

 

UA NMTC Allocation

$5MM

Closing Year

2011

 

Project Type

TOD

 

Size

205 Units
98,000 SF Office
20,000 SF Retail