Completed Projects
Project The Main Attraction
The Project:
The developer received a $17,750,000 New Market Tax Credit allocation to finance the redevelopment of a former department store that had been vacant for over 30 years. The project is the renovation and historical redevelopment into a 79,500 SF Racine 80 room Boutique Hotel in the heart of downtown Racine. The Project was designed and constructed using the Historic Preservation National Park Service and will be pursuing the United States Green Building Council (“USGBC”) LEED certification rating of Gold.
Total Project Costs $17,750,000
FIRE NMTC Allocation $17,750,000
NMTC Investor Valley National Bank
Closing Date December 2021
Distress Criteria
Community Impacts
Jobs:
The project created 80 direct permanent jobs, with 75 being LIP accessible, Further, 150 temporary construction jobs were created.
FIRE welcomes requests for NMTC’s throughout the year as we work to maintain an active pipeline of viable and potential projects throughout the region.