GREENVILLE, S.C., Sept. 26, 2019 /PRNewswire/ -- The Innovate Fund, a Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, S.C., has allocated $11.5 million in New Markets Tax Credits (NMTC) to complete the $12.6 million Poe West redevelopment located in the heart of the Village of West Greenville. The Furman Co., Development LLC in conjunction with a real estate partnership, Perry Avenue Investors, LLC, is spearheading the renovation of 57,000 square feet into a mixed-use community where existing West Greenville residents together with both existing and new businesses can flourish. The project is expected to create 156 direct jobs in a census tract with 54.30% poverty and 17.20% unemployment.
Dating back to April 12, 1946, the property originally served as the office, yard, and warehouse for Poe Hardware & Supply Company – one of Greenville's first incorporated businesses. "When we acquired the property, Poe West was imagined to offer unique and creative space to some of Greenville's innovative non-profit and locally owned businesses at affordable, below market rental rates. We also wanted to carefully plan for a healthy mix of user types, trying to be sensitive to the unique eco-system of the Village and surrounding community. The New Markets Tax Credit program was instrumental in our ability to meet that goal," said Steve Navarro, President of The Furman Co. Inc (Developer) and Manager of Perry Avenue Investors, LLC (Owner).
Poe West will be anchored by Greenville Technical College's Center for Culinary and Hospitality Innovation (CHI). CHI is a collaborative approach that includes private sector, government, and education partners working together to bring inclusive economic mobility and workforce development to one of Greenville's most distressed neighborhoods. CHI will provide a neighborhood-based venue at Poe West to deliver education, job training, and small business and start-up incubator space. Through CHI's partnership with SC Works, job training will be provided at no cost or low cost to students.
Whitney Ferguson, Program Manager for The Innovate Fund noted that investment from The Innovate Fund would not be possible without the continuing support from South Carolina's legislative delegation, including U.S. Senators Lindsey Graham and Tim Scott and U.S. Congressman William Timmons.
About The Furman Co., Development, LLC
The Furman Co. Development LLC is an operating division of The Furman Co., Inc. Our legacy of quality projects is a testimony to our strength as a leader in providing development services. With a focus on community development, The Furman Co. | Development has extensive experience and expertise in LEED® Certification, urban planning, and construction administration.
The Furman Co., headquartered in Greenville, South Carolina provides comprehensive solutions in real estate. Founded in 1888, the company has paved the way for development and growth in commerce by providing a national and international network of services to real estate owners, investors and occupiers. Through its operating companies, The Furman Co. offers development services, investment management, strategic advice and execution for property sales and leasing, corporate services, valuation, and insurance and risk management and consulting. Please visit our web site at www.furmanco.com.
About The Innovate Fund
The Innovate Fund and its affiliates are designated Community Development Entities under the provisions of the Community Development Financial Institutions Fund, which since their inception, have been awarded $277 million in allocation of New Markets Tax Credits. The Innovate Fund's mission is to serve and provide investment capital for operating businesses and real estate development projects in low-income communities across Georgia, North Carolina, South Carolina, and Tennessee. The Innovate Fund's partners are the Greenville Local Development Corporation and taxadvantagegroup.
About Greenville Local Development Corporation (GLDC)
Founded in 1979, Greenville Local Development Corporation (GLDC), a 501(c)(3) non-profit, was established by a group of committed community and business leaders in Greenville, SC to address obstacles faced by businesses and community based organizations in obtaining conventional financing. Since inception, GLDC has been working to provide financial assistance, real estate development coordination, and strategic guidance for economic development projects and business expansions.
About taxadvantagegroup
Headquartered in Greenville, S.C., taxadvantagegroup (tag) is one of the country's most successful consulting firms specializing in New Markets Tax Credits, helping nonprofit and for profit organizations access capital and transform communities. Since 2004, tag has played an instrumental role in securing funding for nearly $1.7 billion for community projects across the United States. In addition, tag provides compliance and asset management services on $530 million of NMTC assets.
Media Contact:
Whitney Ferguson
864-271-2737
[email protected]
SOURCE The Innovate Fund, LLC
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