2016 Metro QLICI of the Year Award Recipient
800 W Broadway
CDE: Sunrise Banks NA
Developer: Sherman Associates
Owner: Sherman Associates
Sunrise Banks NA receives the 2016 Metro QLICI of the Year Award for its investment in 800 West Broadway in Minneapolis. Developer Sherman Associates purchased and renovated the property using a $6.5 million new markets tax credit (NMTC) allocation from University Financial Corp, a holding company of Sunrise Banks NA.
In order to redevelop a vacant, tax-forfeited site into a development that will create jobs and services for low-income residents in Minneapolis, the development will house a Minnesota DEED WorkForce Center, Minneapolis Public Schools, NorthPoint Health and Wellness and one or two retail spaces. The 800 West Broadway project will rehabilitate a 47,100-square-foot property that has sat vacant since 2006 in an area with a 52.2 percent poverty rate and 28 percent unemployment. It will attract both public and private investment necessary to reinvigorate the area, closely aligning with the CDFI Fund program goals.
With financing from Sunrise Banks NA, Sherman Associates was able to access below-market interest rates and no origination fees. The 800 West Broadway project is located in a Minneapolis Tax Increment Financing (TIF) district and construction began in November 2015. The project is expected to be complete in fall 2016.
Congratulations to Sunrise Banks NA for winning the 2016 Metro QLICI of the Year Award for its investment in 800 West Broadway, increasing the community’s access to education, employment and health care.