The Milton Avenue project involved the redevelopment of a former Brooks Brothers suit manufacturing plant into office and community space. The building had been vacant for 50 years, but is now a vibrant office center for several non-profit organizations which provide services to the surrounding community, including Movable Feast, Inc., a non-profit that provides meals to homebound people living with HIV/AIDS.
The financing of this building was challenging. Its location in a highly distressed neighborhood meant achievable office rents were extremely low. Using the NMTC structure to leverage numerous sources including historic tax credit equity, state bond funds and foundation grants, sufficient funds were raised to undertake the rehabilitation without the need for hard debt service. This engagement began very early in the development process with the CCA team exploring financing/redevelopment options with the client and its Board of Directors.
The redevelopment of this building has spurred the redevelopment of a number of previously abandoned houses in the immediate vicinity. The project sponsors are HEBCAC and Moveable Feast.