New Markets Tax Credit Investments
Vineland Crossing GroceryVineland, NJ
CityScape Capital Group assembled the key tax credit equity financing for the $24.6 million development of the Vineland Crossing Grocery & Retail Center project located at 1255 and 1207 W. Landis Avenue in Vineland, NJ.
B&B Properties of Vineland, LLC is in the process of completing a new retail shopping center consisting of a ShopRite grocery store, a non-profit Federally Qualified Health Clinic and pharmacy, and three additional retail units. The project is located in a Federally-designated Medically Underserved Area and Food Deserts Census Tract. It is estimated that the project will create 200 new construction jobs while retaining approximatly 135 existing full and part time jobs and creating an additional 75 new full and part time jobs in a census tract with 35.8% poverty rate, 32.7% median family income, and 26.2% unemployment rate.
The Vineland Crossing Grocery & Retail Center will provide downtown Vineland and the surrounding community with a full-service supermarket providing increased varieties of healthy food choices at competitive pricing while participating in Special Supplemental Nutrition Programs such as electronic food stamps and WIC (Women, Infants, and Children) assistance programs for qualifying low income individuals. In addition, the retail shopping center will feature a Federally Qualified Health Clinic serving 5,000 patients a year as well as a pharmacy participating in the 340B Drug Pricing Program. It is anticipated that development of the Vineland Crossing project will catalyze further retail UK fake Omega watches development in the Landis Avenue Corridor, which will in turn lead to additional economic development in downtown Vineland.