Developments > Zumix Firehouse Inc
MHIC’s $3.9 million in New Markets Tax Credit financing made possible the total adaptation and restoration of the historic firehouse into a new headquarters for Zumix, a non-profit dedicated to empowering youth through music and the arts. The new facility includes a stage, sound-proof music rooms, a studio for its youth-run radio station – 1630AM – offices and other space for lessons and performances. It is especially noteworthy that by using NMTC financing, Zumix was able to avoid any hard debt in the project.
In 2005, having outgrown its space, Zumix teamed up with the East Boston Community Development Corporation to acquire the 1923 brick building from the City of Boston through a highly competitive process. Together, the two organizations turned the vacant building into a vibrant cultural center and community asset. Zumix will now be able to more than double the number of children it serves.
Zumix Firehouse Inc
Project at a Glance:
Location:
Boston
Development Type:
Commercial
Project Type:
Historic rehabilitation/adaptive reuse of firehouse
MHIC Financing:
$3,857,892 in NMTC financing
Sponsor:
Zumix Inc
Date Completed:
3/01/2010
MHIC’s $3.9 million in New Markets Tax Credit financing made possible the total adaptation and restoration of the historic firehouse into a new headquarters for Zumix, a non-profit dedicated to empowering youth through music and the arts. The new facility includes a stage, sound-proof music rooms, a studio for its youth-run radio station – 1630AM – offices and other space for lessons and performances. It is especially noteworthy that by using NMTC financing, Zumix was able to avoid any hard debt in the project.
In 2005, having outgrown its space, Zumix teamed up with the East Boston Community Development Corporation to acquire the 1923 brick building from the City of Boston through a highly competitive process. Together, the two organizations turned the vacant building into a vibrant cultural center and community asset. Zumix will now be able to more than double the number of children it serves.