March 7, 2016
March 7, 2016- Port Arthur Savings Bank, a NDC New Markets Tax Credit (NMTC) project was awarded top honor in the Historic Restoration Category at Associated Builders and Contractors (ABC) Annual Excellence in Construction Awards Ceremony. The award represents the most innovative and high-quality construction projects across the nation.
NDC is honored to be a partner in this great development, championed by the Port Arthur Community and celebrated for its detail to historic preservation. The restoration of the historic Port Arthur Savings Building is the cornerstone investment that has launched a revitalization effort to increase the presence of downtown businesses. NMTC equity was utilized to finance the redesign of the 19,500 sq. ft. three story building. The building is now home to the City’s Chamber of Commerce, the Port Arthur Convention and Visitors Bureau and the Port Arthur Economic Development Corporation (PAEDC). PAEDC, a nonprofit, will focus on increasing Port Arthur’s business activity and foot traffic by renovating other abandoned downtown buildings.
NDC’s $5.5 Million Equity Investment was combined with Financing from Chase Bank and resulted in the Creation and Retention of 20 permanent jobs and 30 construction jobs.
Congratulations to our project partners Chase Bank, SpawGlass, Port Arthur Economic Development Corporation and Haddon+Cowan Architects Collaborative LLC on receiving this top honor.
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