2018 Real Estate QLICI of the Year Award Recipient
The Monarch Mixed-Use Redevelopment
CDE: DV Community Investment LLC and Chase New Markets Corporation
Location: Ogden, Utah
A historic, long-vacant building in Ogden, Utah, will serve as a creative and arts-focused mixed-use development called The Monarch, thanks to an $8 million NMTC allocation from DV Community Investment LLC and a $1 million allocation from Chase New Markets Corporation.
The Ben Lomand Garage was built in 1927 in tandem with the Bigelow Hotel and then was occupied by a variety of businesses, including restaurants and nightlife businesses until 2008. Now it will be restored with restaurant, retail and event space, as well as exhibit and collaborative space and artisan and designer creative studios. The Monarch will be at the center of Ogden’s Nine Rails Creative District.
The development is expected to create 160 new, permanent jobs, primarily filled by residents of the low-income community