- 893 permanent and 303 construction jobs created
- 362,000 sq. ft. retail space created
- Remediation of a 36-acre blighted and contaminated Brownfield site
- 500,000 urban residents gain access to affordable healthy foods
NCIF: $7 million NMTC allocation
CDFI Bank: Liberty Bank and Trust Company
Large Bank: U.S. Bancorp CDC
The Gateway Marketplace project was the first major retail project in Detroit in over 50 years, generating additional investments in the community, creating hundreds of new jobs and bringing people back to Detroit. The project brought a much-needed grocery store to the community, which was a federally designated “food desert.” In addition the project included the remediation and revitalization of a Brownfield site in a severely distressed area of Detroit.
This area suffered from a 40% poverty rate and an unemployment rate 3.22 times higher than the national average. This project was initially contemplated for several years; however the economic downturn coupled with the high acquisition and pre-development costs made the project financially unfeasible. With the New Market Tax Credit allocations, the City of Detroit finally has this important catalyst for new growth.
Liberty Bank and Trust Company contributed to the Gateway development as a co-allocatee of New Markets Tax Credits. After acquiring the assets of a Detroit institution, this New Orleans-based bank was eager to bring a high-impact, high-profile demonstration investment to low-income neighborhoods in Detroit. By combining its tax credits with NCIF’s, the bank was able to generate fee-based income and build relationships that will enable other high-impact projects in the future.