New Markets Tax Credit Investments
NTC Liberty Station - Phase 2San Diego, CA
Federal NMTC: $8,000,000
CityScape Capital Group assembled the key tax credit equity financing for the $20 million Phase 2 of the NTC Liberty Station Promenade project located at the former naval training base in San Diego, CA.
The NTC Foundation, a private 501(c)(3) nonprofit corporation, is charged with the preservation and renovation of 26 historic buildings at the former Naval Training Center in the Point Loma area of San Diego, California. Phase 2 is the $20 million renovation of eight historic buildings, known as the Barracks, offering over 75,000 square feet of commercial space. It is estimated that the project created over 224 temporary construction jobs and more than 135 new full-time permanent jobs in a census tract with 61.7% poverty rate.
The Barracks serves a creative hub for the NTC Liberty Station Promenade where the public can be engaged by the work of the creative community - artists and designers creating onsite, original clothing, art, fine crafts and food for sale, galleries and exhibitions and nonprofit office space for organizations serving the creative industries. Affordable below-market rent assures tenants of quality space that will not be influenced by market fluctuations and dislocations that often result from neighborhood gentrification and redevelopment.