New Markets Tax Credit Investments
Roth BuildingNew Orleans, Louisiana
Federal NMTC: $7,000,000
CityScape Capital Group assembled the key tax credit equity financing for the $9 million adaptive re-use of the historic Roth Building located at 339 Carondelet Street in New Orleans, LA.
Avalon Partners, LLC and Catalyst Development, LLC have successfully completed the conversion of the historic, 4-story Roth Building into 18 market rate rental apartments on the upper three floors with approximately 6,700 rentable square feet of ground floor retail and office space. It is estimated that the renovation project created over 40 temporary construction jobs and more than 16 new full-time permanent jobs in a census tract with 43.4% poverty rate and 9.1% unemployment rate.
The 25,418 square foot Roth Building is located in the CBD of New Orleans, Louisiana which is just south of the French Quarter, the current epicenter of the local tourism industry. The project offers affordable retail and commercial space to local entrepreneurs and small businesses, as well as provides much needed premier housing in the district.