2016 Real Estate QLICI of the Year Award Recipient
Studebaker Innovation Center
CDEs: National Trust Community Investment Corporation and Urban Research Park CDE LLC
Developer: StrongBox Commercial/Union Station Technology Center
Owner: RDistrict One LLC
Location: South Bend, Ind.
The 2016 Real Estate QLICI of the Year Award goes to National Trust Community Investment Corporation (NTCIC) and Urban Research Park CDE LLC for their investment in the Studebaker Innovation Center in South Bend, Ind. The development was a much-needed catalyst for employment and economic revitalization to the South Michigan Street Historic District that had been struggling since the Studebaker factory closed in 1963.
With $10.6 million in NMTC allocation from Urban Research Park CDE LLC and $8 million from NTCIC, the development will bring community and economic benefits to South Bend. It is estimated to bring more than 440 new jobs with higher-than-average wages, including health care benefits and accessibility to underserved populations. The development “allows an older building to bring modern services to its surrounding community, which shows its support through the many organizations partnering with development,” such as local nonprofits, entrepreneurs and creative professionals, said John Adamucci, 2016 Community Development QLICIs of the Year Awards judge.
Congratulations to NTCIC and Urban Research Park CDE LLC for their investment in the Studebaker Innovation Center, allowing South Bend to combat the challenges of a declining domestic automobile economy.