New Markets Tax Credit Investments
634 Julia StreetNew Orleans, Louisiana
Federal NMTC: $10,000,000
CityScape Capital Group assembled the key tax credit equity financing for the $10.5 million adaptive re-use of four adjacent historic buildings located at 634-642 Julia Street in New Orleans, LA.
Avalon Partners, LLC and Catalyst Development, LLC have successfully completed the conversion of four historic buildings into 16 market rate and 4 affordable rental apartments on the upper three floors with approximately 9,000 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 35 new full-time permanent jobs in a census tract with 49% poverty rate and 31.6% unemployment rate.
The combined 26,500 square foot Julia Street Buildings are located in the Warehouse District of New Orleans, Louisiana, on one of the most desirable and picturesque tree-lined streets in the area. The project offers affordable retail and commercial space to local entrepreneurs and small businesses while providing much needed premier housing in the Central Business District.