2015 Real Estate QLICI of the Year Award Recipients

Winner

Crosstown Concourse

CDEs:  Low Income Investment Fund, Mid-City Community CDE, DV Community Investment LLC, SunTrust Community Development Enterprises LLC, MidWest Renewable Capital and National Trust Community Investment Corporation
​Developer: Kemmons Wilson Companies and Crosstown Arts
Owner: Crosstown Building Owner LLC
Location: Memphis, Tenn.

2015 QLICIs of the Year Awards Real Estate Category Winner, Crosstown Concourse

The winners of the 2015 Real Estate QLICI of the Year Award are Low Income Investment Fund, Mid-City Community CDE, DV Community Investment LLC, SunTrust Community Development Enterprises LLC, MidWest Renewable Capital and National Trust Community Investment Corporation for their investment in Crosstown Concourse in Memphis, Tenn. Crosstown Concourse is a 1.5 million square-foot, mixed-use facility that will include a charter high school, health care clinics, commercial and retail space, and affordable housing.

The redevelopment of the Crosstown Concourse building will bring much-needed community and economic benefits to a highly distressed census tract in Memphis. Amy Laughlin, director of new markets tax credits at Low Income Investment Fund, said more than 30 percent of the households in the area are living at or below the poverty line and the unemployment rate is more than 18.1 percent. The redevelopment provides a unique opportunity to develop a large-scale destination and neighborhood venue. With 1 million square feet of retail, office and commercial space across a 10-story structure, the Crosstown building will be anchored by businesses that will predominantly serve low to-moderate income communities and individuals. The health care centers are expected to serve more than 75,000 patient visits per year, 80 percent of whom are low income. The new charter high school will create 500 new student spaces in a neighborhood where less than 40 percent of the population have a high school diploma.

In addition, the economic impact of the development on the surrounding neighborhood, the city of Memphis and the entire metropolitan area will be significant. The multi-use facility will provide substantial employment, medical services, educational and housing opportunities for the residents of Memphis. Laughlin said the renovation and restoration is expected to create nearly 1,000 construction jobs and inject more than $50 million in construction wages into the local economy.  After construction, the Crosstown building will be home to 1,300 jobs, which includes more than 800 new full-time positions. These jobs will contribute more than $37 million in wages to the local economy each year.  In total, the development is estimated to spur more than $330 million in total economic impact.

The NMTC financing package for the development totaled $56 million.

"This is a great example of repurposing an abandoned facility into a vibrant anchor for economic development–creating spaces for community-service providers, health care and education facilities. The project also provides a significant amount of  affordable housing," said Bill Adamucci, a 2015 Community Development QLICIs of the Year Awards judge.

Honorable Mention

Remington Row Phase I

CDEs: ESIC New Markets Partners Limited Partnership, Low Income Investment Fund and Banc of America CDE
Developer: Seawall Development LLC
Owner: Seawall Development LLC
Location: Baltimore

2015 QLICIs of the Year Awards Real Estate Category Honorable Mention, Remington Row Phase I

ESIC New Markets Partners Limited Partnership, Low Income Investment Fund and Banc of America CDE earn honorable mention for the 2015 Real Estate QLICI of the Year Award for their investment in Remington Row Phase I in Baltimore. Equity from new markets tax credits (NMTC) will be part of a $40 million development to revitalize the Remington neighborhood by developing reasonably priced apartments, retail and health care services.

Remington Row Phase 1, a 250,000-square-foot, mixed-use facility, is one of several, planned redevelopment projects along three adjacent blocks. The building will feature a 30,000-square-foot health clinic, 15,000 square feet of retail, 108 apartments and three floors of underground parking. The apartments will be priced below-market and 20 percent of the units will be affordable to families earning less than 80 percent of area median income. Remington Row Phase 1 will support 165 new or retained full-time-equivalent permanent jobs and approximately 200 construction jobs.

"This is a great all-round project that provides an interesting mix of affordable housing, health care and retail in a neighborhood that needs first-mover investment," said Cam Turner, a 2015 Community Development QLICIs of the Year Awards judge.

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