Sears Crosstown
Built in 1927, the historic Sears Roebuck & Co. distribution center has sat unused in the Crosstown neighborhood of Memphis, TN for the past 20 years. LIIF provided a $10 million allocation of New Markets Tax Credits (NMTCs) as part of a $56 million NMTC transaction and a $200 million transaction to transform the historic property into a highly integrated and mixed-use facility. The completed project will consist of commercial, retail and mixed-income uses including: a charter high school for arts and sciences, healthcare clinics, teacher residency and graduate urban education program, wellness and fitness center, art exhibition space/shared art making facilities, a comprehensive cancer treatment center and healthcare offices for administration. In addition, the redevelopment will include 262 residential units, of which 20% will be made affordable for households earning up to 80% AMI. The project is expected to create nearly 900 permanent jobs and 1,000 construction jobs.
Project Details
- Impact
- 933,000 square feet of preserved community facility space
262 units of new affordable housing
125,000 healthcare patient visits per year
2,500 students and teachers served per year - Financing
- $10 million New Markets Tax Credit allocation
- Partners
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- City of Memphis
- Dudley Ventures
- Goldman Sachs Urban Investment Group
- Mid-City Renewable Capital
- National Trust Community Investment Corporation
- SunTrust Bank
- Urban Atlantic
More Information
Community Capital for Community Facilities
New Markets Tax Credits
