Developments > Arts Block LLC
Arts Block/Pushkin and Bank Row are two projects involving the renovation of five historic, mostly vacant buildings, totaling nearly 40,000 square feet, clustered around the main intersection in downtown Greenfield. The projects are part of a larger plan involving redevelopment of a total of nine buildings that, all told, will transform and revitalize the downtown area.
The first phase of this downtown renewal plan involved the historic renovation of three buildings (Bank Row) developed by Jordi Herold, and two buildings (Arts Block and Pushkin) developed by Ed Wierzbowski. For these projects, MHIC provided New Markets and historic tax credit financing totaling $7.55 million and $798,363 in bridge loans to rehabilitate four 19th-century mercantile buildings and an early 20th-century bank building. The buildings include mixed-use retail/office space: a new café, book store, and casual-dining restaurant, six loft-style apartments, a recording studio, bakery, shared office space for small entrepreneurs, a new home for the Greenfield Community College art department, and integrated restaurant, music and gallery space.
The financing for this project represents a unique model that aggregates numerous smaller-scale development projects into a uniform tax credit finance structure. It is believed to be the first project of its kind to allow a downtown to package the work of smaller local developers into a catalytic force for community transformation.
Arts Block LLC
Project at a Glance:
Location:
Greenfield
Development Type:
Commercial,Rental
Project Type:
Historic renovation/redevelopment
MHIC Financing:
$2,534,622 in NMTC financing
Sponsor:
Ed Wierzbowski
Date Completed:
12/31/2010
Arts Block/Pushkin and Bank Row are two projects involving the renovation of five historic, mostly vacant buildings, totaling nearly 40,000 square feet, clustered around the main intersection in downtown Greenfield. The projects are part of a larger plan involving redevelopment of a total of nine buildings that, all told, will transform and revitalize the downtown area.
The first phase of this downtown renewal plan involved the historic renovation of three buildings (Bank Row) developed by Jordi Herold, and two buildings (Arts Block and Pushkin) developed by Ed Wierzbowski. For these projects, MHIC provided New Markets and historic tax credit financing totaling $7.55 million and $798,363 in bridge loans to rehabilitate four 19th-century mercantile buildings and an early 20th-century bank building. The buildings include mixed-use retail/office space: a new café, book store, and casual-dining restaurant, six loft-style apartments, a recording studio, bakery, shared office space for small entrepreneurs, a new home for the Greenfield Community College art department, and integrated restaurant, music and gallery space.
The financing for this project represents a unique model that aggregates numerous smaller-scale development projects into a uniform tax credit finance structure. It is believed to be the first project of its kind to allow a downtown to package the work of smaller local developers into a catalytic force for community transformation.