New Markets Tax Credit Investments
Capitol BuildingFayetteville, North Carolina
State HTC: $1,425,000
Federal NMTC: $2,000,000
CityScape Capital Group assembled the key tax credit equity financing for the $9.9 million rehabilitation of the historic 2-story Capitol Building located at 126 Hay Street in Fayetteville, NC.
Henderson Holdings, LLC converted the building into approximately 45,000 square feet of restaurant, retail and office space, of which Dock's restaurant and entertainment complex comprises over 35,000 square feet. It is estimated that the renovation project created over 175 temporary construction jobs and more than 140 new full-time permanent jobs in a census tract with 48.2% poverty rate, 35.7% median family income, and 52.3% unemployment rate.
The former Capitol Department Store is the most significant historic department store in Fayetteville, and one of the most significant buildings in southeast North Carolina because of its striking Modernist facade of marble and mosaic, its grand second story balcony, and immense convex window. The rehabilitation of this historic building also created a lasting economic impact in a census area with severe poverty and unemployment.