NNMF Provides $23 Million in NMTC Funding for Redevelopment of Registered Historic Building in Birmingham

Journal of Tax Credits Volume 6 Issue 4
Wednesday, April 1, 2015

On March 5, Pizitz LLC announced $23 million in NMTCs to finance the Pizitz Building, a mixed-use development in Birmingham, Ala. Funding for the redevelopment of the registered historic building, constructed in 1923, was provided by the National New Markets Fund LLC. Pizitz LLC also obtained $27 million from the U.S. Department of Housing and Urban Development (HUD) 220 Senior Debt program, as well as federal and state historic tax credits (HTCs). Local funding was also secured through the HUD 108 program, a city streetscape grant and a construction sales tax abatement. The ground floor of the Pizitz Building will serve as the Birmingham Public Urban Market; the mezzanine level will be home to Beta, a contemporary shared workspace; and the remaining floors of the will provide 143 residential units, 20 percent of which will be set aside as affordable housing. Redevelopment costs of the 251,210-square-foot, seven-story building are expected to be $66 million. Construction is anticipated to be complete in fall 2016.

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