New Markets Tax Credit Investments
Ford CenterMinneapolis, MN
Federal NMTC: $5,000,000
CityScape Capital Group assembled the key tax credit equity financing for the $65 million renovation of the historic Ford Center building located at 420 N. Fifth Street in Minneapolis, MN.
United Properties Investment, LLC has successfully completed the Ford Center redevelopment project by transforming a former automobile factory into a 269,000 square foot, LEED-certified Class A office building targeted to creative services businesses. It is estimated that the renovation project created at least 225 construction jobs and 110 new full-time permanent jobs in a census tract with 36.6% poverty rate, 21% median family income, and 22.1% unemployment rate.
The Ford Center redevelopment project returned a 95-year-old, dilapidated Ford Assembly plant to its historic condition for lease to office tenants. It is the first office project in the "North Loop" neighborhood for over 10 years and the aesthetically pleasing redevelopment and environmentally friendly design will serve to stimulate other economic development in this historic neighborhood.