30 Metropolitan Place

Developer: White Lotus Group

Type of Development: Mixed-use real estate development anchored by federally-qualified health center (FQHC), daycare, and community college located across the street from the college

Owner: 5319 North, LLC, subsidiary of White Lotus Group

Cty and State: Omaha, Nebraska

Contact Person: Jamie Badgley, CBO Financial

Phone: 510.647.9605

Contact Email: [email protected]

Allocation Amount Requested: $13,500,000

Brief Description of Development:

30 METROPOLITAN PLACE
Construction of a new mixed use facility in a severely distressed area of Omaha, NE

TARGET: TO PROVIDE NMTC GAP FINANCING TO COMPLETE THE FUNDING REQUIRED TO CONSTRUCT A NEW 85,000 SF MIXED USE FACILITY IN OMAHA, NE THAT WILL HOUSE A FEDERALLY QUALIFIED HEALTH CENTER , AN EARLY LEARNING DAYCARE, RESTAURANTS, OFFICES, COMMUNITY COLLEGE SPACE, AND ALSO 75 UNITS OF AFFORDABLE RENTAL APARTMENTS.

OUTCOMES: This project is located on a low-income urban community named North Omaha. Located just north of Downtown Omaha and adjacent to the historical Fort Omaha, this community includes some of the oldest neighborhoods in the city. This severely distressed area has a staggering poverty rate of 34.8%, MFI of 37.1% and an unemployment rate of 15.1%, 1.9 times higher than the national average.  This project site is also defined as a medically underserved area and a business HUBZone due to the lack of immediately available medical services or opportunities for businesses to locate in this neighborhood   both of which will be changed with the opening of 30 Metropolitan Place.

30 Metropolitan Place, an approximately 85,000 SF mixed use facility, is a multi-faceted project that represents a synergistic partnership between public, private, nonprofit, and educational organizations. The facility will include commercial, retail, health care, daycare, and 75 affordable housing rental units. Site amenities will include public access on two sides, common lobby space, roof top decks, outdoor green space, and patio areas. With immediate adjacency to the Metropolitan Community College (MCC), the facility will offer a wide variety of opportunities for the workforce and student body of the college. A portion of the 1st floor commercial space will be leased to MCC to use as administrative offices and classrooms. The Charles Drew Health Center (CHDC), a federally qualified health center dedicated to providing quality and affordable healthcare and education also intends to lease space in order to provide quality medical care at little to no cost.  

The Project is expected to create 185 direct, indirect, and induced full-time jobs. Of this number, 63 full time and 29 part time new jobs will be direct hires working at this project location. The project will also provide 75 high-quality affordable rental housing units. The medical center will offer health services and urgent care facilities in a medically underserved area. Conveniently located onside affordable daycare will offer residents and college students alike more accessibility so that they can continue to work and attend school without an added commute. The commercial area will include a restaurants and café for all locals to enjoy within a common community-driven meeting space.

SOURCES AND USES OF FUNDS:
The Project requires $7.50MM in EB-5 capital investments. Fifteen (15) investors are required to meet this threshold because the Project is located in a "Targeted Employment Area" ("TEA").  

STATUS: The project developer is White Lotus Group, an Omaha-based firm that develops projects within the real estate and health care markets. The planning and preliminary A/E drawings are complete. The construction team has been selected. The platting and rezoning process is complete. The project is not fully funded and will be stalled until the final gap in funding is closed.  Once all funding is secured, the anticipated construction period is 14 months.  

But-For Statement:

NMTC  BUT-FOR
The project developer is White Lotus Group, an Omaha-based firm that develops projects within the real estate and health care markets. The planning and preliminary A/E drawings are complete. The construction team has been selected. The platting and rezoning process is anticipated to be completed by April 2014. This project is partially funded, however the Developer will not be able to proceed with the current project scope of 12MM in development costs/4 floors but for NMTC equity. If the developer does not receive this equity, the project would be scaled down considerably to a one floor commercial development and would not be a Class A facility that the area desperately needs to attract higher quality businesses.


 

 

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