NDC’s Corporate Equity Fund and New Markets Tax Credit project, 12th Avenue Arts was selected as one of ten real estate developments to win the 2015 Urban Land Institute Global Awards for Excellence. The award is widely recognized as one of the land use industry’s most prestigious award programs. 12th Avenue Arts was honored Tuesday (October 6, 2015) at the ULI Fall Meeting in San Francisco.
The awards competition, now in its 37th year, recognizes real estate projects that achieve a high standard of excellence in design, construction, economics, planning, and management. The program, open to all and not limited to ULI members, is viewed as the centerpiece of ULI’s efforts to identify and promote best practices in all types of real estate development.
“Each of this year’s finalists and winners demonstrates how innovation and design intersect with development performance,” said jury chair Michael Covarrubias, chairman and chief executive officer of TMG Partners in San Francisco, California. “The diversity of these projects is a reflection of the land use industry’s interdisciplinary nature, illustrating the variety of ways to stabilize a neighborhood, improve the streetscape, and create meaningful experiences for communities worldwide.”
NDC worked in collaboration with Capitol Hill Housing to complete the project, which transformed a 29,000-square-foot surface parking lot into a light-filled cultural center mixing arts, affordable housing, and public-safety needs. The bulk of the funding for this project was from public and private sources, including the City of Seattle, State of Washington, National Development Council Corporate Equity Fund (CEF), National Development Council HEDC New Markets (NMTC) and KeyBank. The affordable housing component was financed with a combination of tax exempt bonds and differed loans from the City of Seattle and the State of Washington. Capitol Hill Housing raised $4.1 million in donations for 12th Avenue Arts, the capital campaign combined with New Markets Tax Credit Equity, a 108 Loan from the City of Seattle and a conventional bank loan were used to finance the art space as well as the office and retail portion.
Today the project is active both day and night and has become an anchor of the community. Congratulations to the project and our partners on receiving this prestigious award!
For more information about the 2015 winners, finalists, and the development teams behind each project, visit the Global Awards for Excellence page
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