Redevelopment made possible by $13 million new market tax credit
St. Louis Economic Development Partnership (STL Partnership) recently toured R&R Marketplace in Delwood, Mo., a new mixed-use facility that will provide new opportunities for jobs, childcare, healthcare services and more. The redevelopment was made possible by a $13 million New Markets Tax Credit (NMTC) allocation from Heartland Regional Investment Fund, LLC (HRIF).
HRIF is a Certified Development Entity (CDE) that utilizes NMTC for projects in distressed communities throughout the St. Louis region. The fund partnered with STL Partnership, Smith NMTC Associates, U.S. Bancorp Community Development Corporation, Midwest BankCentre and Summit Real Estate Group on this NMTC allocation.
Located at 10148-10208 West Florissant Avenue, the former Schnucks Plaza has been vacant for nearly 20 years. Early estimates of the mixed-use facility show the creation of 100 jobs within one year and 2,000 jobs within five years.
