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NMTC Opportunity: Grocer & Tech Innovation Center in Historic Anacostia

Asset ClassNew Market Tax Credit, Commercial, Commercial Real Estate, Community Facilities - Other
GeographyDistrict of Columbia
CityWashington, DC, DC
Amount$26,000,000
Financing TypeNMTC
Interest Areas
Diversity Equity and Inclusion
Education
Equity Investment
Food
Health
Impact Investing
Place Based
Technology
Urban

 MLK Gateway Partners requests a $26MM QEI to develop a 43,500 SF office space and retail project in the Anacostia neighborhood of Washington, DC. 

Enlightened, Inc., a minority-owned information technology consulting firm and the project’s anchor tenant, will relocate its nearly 150 District-based employees to a 28,500 SF office at the MLK Gateway development. It will also launch a technology incubator within the project to groom growing tech firms to do business with the federal government. In addition, the project includes neighborhood-serving retailers with a local CDFI bank, coffee shop, full-service restaurant, and other retail space.

Overall, the project will bring over 350 full-time jobs to the Anacostia neighborhood, making it the largest private employment center for the area and spurring continued progress for the local community. The footprint of the proposed development plan will deliver 43,500 square feet of commercial space, restore the existing facades of historic buildings, and construct an iconic new structure and arts plaza at the corner of Good Hope Road and MLK. The project is prepared for a late Q1/early Q2 2019 groundbreaking.

For more information and details on this project, click on the contact button to email the NMTC developer.

 

Non-Metropolitan County Status and NMTC Eligibility: 
Not Eligible or Not Non-Metropolitan

Data provided by

CDFI Fund New Markets Tax Credit Eligibility

% of Area Median Income: 
30.34%
Poverty Rate: 
47.10%
Unemployment Rate: 
17.20%
SBA HUBZone: 
Qualified HUBZone
Medically Underserved Area: 
Medically Underserved Area

CDFI Fund Investment Areas

High Population Loss: 
Low Population Loss (Metro & Non-Metro)
Total Population: 
2,252
% of Area Median Income: 
31.65%
Unemployment Rate: 
25.9%
Poverty Rate: 
37.8%

CRA Eligibility

CRA Eligibility: 
Low Income
% of Area Median Income: 
30.73%
Minority Population: 
2,545

BEA Distressed Communities

BEA Distressed Community: 
Distressed Community (Partial)