New Markets Tax Credit Investments
Verizon BuildingPittsburgh, PA
Federal NMTC: $10,000,000
CityScape Capital Group assembled the key tax credit equity financing for the $35 million redevelopment of the Verizon Building located at 201 Stanwix Street in Pittsburgh, PA.
PMC Property Group, Inc. has successfully completed the conversion of the historic, 12-story Verizon Building into a mixed use project containing a 78,000 square foot established charter school on the lower levels and approximately 158 rental apartment units on the upper eight floors, including 40 affordable residential units. It is estimated that the renovation project created over 155 temporary construction jobs and 6 new full-time permanent jobs in a census tract with 33.8% poverty rate and 29.2% unemployment rate.
The City High Charter School currently serves approximately 560 9th through 12th grade students of which 65% are low income as measured by the federal free/reduced lunch program and 14% receive special education services. The Verizon Building Project allowed City High Charter School to expand its physical facilities, improve upon its educational capabilities, and admit 30 additional students in keeping with its mission.