October 1, 2013
On Friday September 13, 2013 Mayor Gray, project developers and partners gathered at 118 North Water Street to celebrate the Grand Opening of Steeple View Lofts.
The project on North Water Street preserves a historic building and increases housing options for the growing senior population of Lancaster. New Markets Tax Credit Equity was used to fill a gap in project financing. The project includes historic rehabilitation of a 47,000 sq. ft. tobacco warehouse and adjacent townhouse located in downtown Lancaster. The rehabilitation resulted in the development of 10,200 sq. ft. of street level commercial retail and office space as well as 39 senior apartments on the upper floors. The address is in a low income community with a poverty rate of 30%, median family income of 37.1%, and unemployment ratio of 2.19 times the national average.
NDC’s $8.6 million Qualified Equity Investment in the $8.1 million project was combined with financing from Fulton Bank, resulting in the creation of 22 construction jobs and 12 permanent jobs.