Sears Crosstown

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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

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
$10 million New Markets Tax Credit allocation
  • 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