New Markets Tax Credit Investments
Brewery Park BuildingsPhiladelphia, Pennsylvania
Federal NMTC: $1,750,000
CityScape Capital Group assembled the key tax credit equity financing for the $14 million rehabilitation of two historic buildings located at 1401 N. 31st Street and 3000-3050 Master Street in Philadelphia, PA.
Melon Green Realty Group transformed these two Brewery Park buildings into 89,650 square feet of commercial space with 8 residential units. The 68,150 square foot Master Street property is leased to an Art Center for retail and storage space, while the smaller 31st Street building houses several community businesses as well as 8 residential units. It is estimated that the renovation project created over 125 temporary construction jobs and more than 20 new full-time permanent jobs in a census tract with 29.5% poverty rate, 49.9% median family income, and 15% unemployment rate.
The Brewery Park Buildings are located in the Brewerytown District, one of North Philadelphia's most historic areas. The Brewerytown District features ornamented red brick buildings typical of Philadelphia architecture of the mid-1870s. The neighborhood is also home to Girard College, Boathouse Row and the Philadelphia Art Museum.