Greenville New Markets Opportunity Reports Investment of Over $18.5 Million Using New Markets Tax Credits

GREENVILLE, S.C., Jan. 17, 2012 /PRNewswire/ — Greenville New Markets Opportunity (“GNMO”) LLC announced today over $18.5 million in below-market financing for Project ONE, a mixed-use development located at the corner of Main and Washington Streets and developed by Hughes Development Corporation.
Project ONE removed abandoned business and retail spaces that had been closed for years in the center of downtown and will transform the area around the project into one of the downtown’s focal points for business, retail, and community-based activities. The project will include offices for the law firm of Haynsworth Sinkler Boyd, P.A., headquarters for CertusBank, and retail space, including Anthrolopologie. Project ONE will also be the first LEED Silver building in downtown Greenville.
GNMO’s New Markets Tax Credit financing, combined with additional New Markets Tax Credit and debt financing by TD Bank, was critical in pulling the financing package together.
“Without the New Market Tax Credits provided by GNMO, the ONE project could not have happened. New Market Tax Credits allowed us to afford a site that owners had been assembling for years — many of them the high-priced years. They also allowed us to partner with the City, requiring less City investment for a project intended to revitalize this entire end of town. Not only will there be new jobs, new retailers, and new businesses on our site, there should be many more in the surrounding blocks.”
- Robert E. Hughes, Jr., President, Hughes Development Corporation
An IMPLAN analysis predicts Project ONE will provide 544 direct, indirect and induced temporary jobs during the construction period, and 672 permanent jobs created and retained during operation. Also, over $6.9 million in federal, state and local tax revenues will be generated annually.
About Greenville New Markets Opportunity LLC: Greenville New Markets Opportunity (“GNMO”) LLC is a Community Development Entity under provisions of the Community Development Financial Institutions Fund, whose mission it is to serve and provide investment capital for real estate development projects in low-income communities in Greenville, South Carolina.
About Hughes Development Corporation: Hughes Development Corporation is a locally owned real estate development company headquartered in Greenville, South Carolina. The primary business of Hughes Development Corporation is developing commercial projects in the Upstate South Carolina. To learn more about Project ONE, please call Helen Sanders at 864-233-2580, ext. 15.
Media Contact:
Tammy C. Propst
tpropst@taxadvantagegroup.com
864.271.2737
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