November 7, 2013
The Historic Loew’s Kings Theater is featured in a New York Times article here!
The estimated $90 million project on Flatbush Avenue in Brooklyn, NY, utilizes New York City capital funds, New York State Funds, State and Federal Historic Tax Credits and New Markets Tax Credit Equity from The National Community Fund’s allocation. As a quasi-public entity The New York City EDC was not able to access tax credit equity needed to fund the restoration, this is because NYC capital funds must either be expended directly by the City or granted to a qualified nonprofit, ACE, a for-profit required a non Profit Partner for the Kings Theater.
The partnership with NDC’s Housing and Economic Development Corporation (HEDC) allowed ACE access to capital dollars to leverage tax credits. With the participation of HEDC, the City could finally redevelop the Theatre in accordance with the local Urban Renewal plan for the Kings/Flatbush Commercial Area.
More photos of the restoration can be found here.