Waveland Community Development

Waveland Community Development is one of the largest allocatees of New Market Tax Credits in the United States.

The New Markets Tax Credit (NMTC) Program was established as part of the Community Renewal Tax Relief Act of 2000. The goal of the program is to spur revitalization efforts in economically distressed communities across the United States. The NMTC Program provides tax credit incentives for investment into Community Development Entities (CDEs), which must then invest the proceeds into low-income communities. Investors receive a federal tax credit equal to 39% of the investment made into a CDE, which is paid out over a seven year period. A Community Development Entity must have a primary mission of investing in low-income communities and persons. The Community Development Financial Institutions Fund (www.cdfifund.gov), a division of the United States Treasury is responsible for the administration of the program.

Waveland Community Development (WCD), a wholly-owned subsidiary of Waveland Ventures has received $422 million in New Market Tax Credit allocation since 2007. To date WCD has financed projects in the following states:
  • Texas
  • Wisconsin
  • Colorado
  • Louisiana
  • Illinois
  • Mississippi
  • New York
  • Alaska
  • Utah
  • North Carolina
Additionally, via its role as investment advisor to Texas Community Development Capital, Wisconsin Housing and Economic Development Authority, Waveland Ventures manages in excess of $435 million of New Market Tax Credit allocation. To date, the investments made by Waveland Ventures related entities have created in excess of 13,000 jobs.

In accordance with federal law and U.S. Department of the Treasury policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability.  To file a complaint of discrimination, write to Department of the Treasury, Office of Civil Rights and Diversity, 1500 Pennsylvania Ave. NW, Washington D.C. 20220 or call (202) 622-1160.

Waveland Community Development
Project Title: Sandy Grove Middle School, Hoke County, North Carolina
Size of Transaction: $24 Million
Number of Jobs Created: 465
Description:

The financing will enable the construction of a 75,000 square foot, LEED gold, "net zero" energy-use facility for the Hoke County School System. The facility will include a geothermal heating and cooling system, solar photovoltaic ("PV") system, high efficiency lighting, spray foam insulation, added roof insulation, and a whole building generator.  These technological innovations will produce 30% more energy than the school will consume, allowing the school to sell the excess energy to a utility company while eliminating future power costs. 

 

Sandy Grove Middle School will provide a progressive, top caliber middle-school learning environment to approximately 600 children in Hoke County, of whom 68% are on free or reduced lunch plans.  By reducing overcrowding in the County, Sandy Grove will lessen student-to-teacher ratios and will provide a more productive learning environment through modernized acoustics, layout and integrated technologies.   

Project Title: New Biomass Energy, Quitman, Mississippi
Size of Transaction: $24 Million
Number of Jobs Created: 363
Description: The financing will provide for the critically needed expansion of their torrefaction plant in Quitman, Mississippi. Torrefaction is a process that converts forrest, sawmill and urban wood residuals and waste into torrefied wood pellets. These pellets can then be co-fired in existing coal-fired power plants to generate clean, renewable, carbon-neutral, low sulfer, energy. Torrefied wood is globally recognized as a source of green energy with long-term carbon neutrality.

Each ton of torrefied wood pellets burned at a coal plant saves approximately 2.94 tons of CO2 emissions at the power plant for each ton of coal that is replaced. Thus the projected 150,000 tons of annual output from this Plant will reduce CO2 emissions at power plants by approximately 441,000 metric tons per year.

This expansion will have numerous community benefits, including the creation of approximately 363 jobs in rural Clarke County, Mississippi. Additionally, the plant is working with a local college, Jones County Junior College, to commit annual scholarship funds for low income Clarke County residents and will also provide an internship program designed to help foster education for green energy and employment for graduating students.
Project Title: 1000 Dean, Brooklyn, New York
Size of Transaction: $26.9 Million
Number of Jobs Created:
Description: This 140,000 square foot property located in Brooklyn, New York will be purchased, renovated, and leased.  This project has strong potential to generate jobs and economic activity, as the renovation of 1000 Dean will help bring  Brooklyn's industrial past back to life. The vision is to create creative office space that will appeal to start-up companies, designers and artists from the immediate and surrounding neighborhoods. The renovation will also include the addition of a 9,000 square foot food and beer hall that will feature a number of popular food vendors.
Project Title: Houston Dynamo Stadium, Houston, Texas
Size of Transaction: $87 Million
Number of Jobs Created: 1,495
Description:

The new Dynamo stadium will be a state-of-the-art, open-air stadium designed to host Dynamo matches as well as additional sporting and concert events.  When it opens in 2012, the 22,000-seat stadium will be the first soccer-specific stadium in Major League Soccer located downtown in a major metropolitan city.   With its downtown location, the new stadium will be part of a true stadium district, which already features Minute Maid Park, the Toyota Center, as well as the George R. Brown Convention Center.  The new Dynamo stadium will create over 1,500 jobs within the city of Houston.  

Project Title: GCI Terra, Alaska
Size of Transaction: $84.8 Million
Number of Jobs Created: 1,200
Description: GCI is the largest integrated telecom company in Alaska, having provided cellular service to over 100 rural communities in the past year alone. This project will make broadband available for the first time to over 9,000 households and nearly 750 businesses. GCI will also serve numerous public, non-profit and private community institutions and entities, such as regional healthcare providers, school districts and other regional and Alaska Native organizations. Construction is being managed by United Utilities, Inc. (UUI), and is expected to be completed this year.  
Project Title: Junction Hotel, Ogden, Utah
Size of Transaction: $14 Million
Number of Jobs Created: 338
Description: The financing will be used for the construction of a Hilton Garden Inn with approximately 125 guest rooms and 5,000 square feet of conference space. The hotel is located in Ogden's Junction Redevelopment Area, a high poverty census tract in the City's Central Business District. Since 2006, the City has invested nearly $40 million in tax increment and loan financing to redevelop this area.  The Junction Hotel will provide much needed jobs and services to this historically underserved census tract.   
Project Title: Mills Building, El Paso, Texas
Size of Transaction: $45 Million
Number of Jobs Created: 695
Description: This 12-story, 138,000 square foot structure dates to 1911, when it was among the tallest monolithic concrete buildings in the United States.  Vacant for years, it is part of the larger $67 million Mills Plaza redevelopment being undertaken by Mr. Paul Foster.  This catalytic investment is taking place in a census tract with a poverty rate in excess of 50% and an unemployment rate exceeding 20%.
Project Title: Kone Center, Moline, Illinois
Size of Transaction: $43 Million
Number of Jobs Created: 425
Description: This project is part of a multi-stage development plan that includes the participation of the City of Moline and Renew Moline.  The Kone Building will serve as the new North American headquarters for Kone Corporation, one of the global leaders in the elevator and escalator industry and will generate in excess of 400 jobs. The Illinois Finance Authority and US Bank CDC also participated in this transaction.
Project Title: Rex Lumber, Brookhaven, LLC
Size of Transaction: $13 Million
Number of Jobs Created: 140
Description: Existing sawmill bought out of bankruptcy in November 2009, updated to state of the art Southern Yellow Pine lumber manufacturing facility. Includes sawmill, planer mill, dry kilns, office, and storage.
Project Title: The Bradford, New York, NY
Size of Transaction: $44 Million
Number of Jobs Created:
Description: Acquisition and construction financing for The Bradford, a mixed use project in Bedford Stuyvesant, Brooklyn, New York. First use of NMTCs to finance an affordable housing development in the nation. Goldman Sachs, NYC housing development Corp, and NYC Department of Housing Preservation and Development provided financing.
Read Goldman Sach's Press Release here.
Project Title: 1227 Washington, St. Louis, MO
Size of Transaction: $25.7 Million
Number of Jobs Created: 300
Description: Acquisition and construction financing for 1227 Washington Street in St. Louis, Missouri. This 110,000 square foot warehouse will be redeveloped into a multi-use facility that includes residential, office, and ground floor retail space.
Project Title: 150 Clermont, New York, NY
Size of Transaction: $33.5 Million
Number of Jobs Created: 29
Description: Acquisition and construction financing for 150 Clermont in Brooklyn, New York. When completed, the six story structure will include rental apartments and ground floor retail. Tenants in the rental space include a green grocer, a day-care center, and a Walgreens that feautures a pharmacy and a medical clinc.
Project Title: East Texas Physician's Alliance, Palestine, TX
Size of Transaction: $11.4 Million
Number of Jobs Created: 113
Description: Construction and permanent financing for a 37,100 square foot medical clinic and office building . The clinic includes imaging services, a lab, physical therapy clinic, outpatient cardiac care assessment, and an extended urgent care center in a medically underserved area in Texas.
Project Title: Goodnews Bay Seafood Processing Plant, Platinum, AK
Size of Transaction: $40 Million
Number of Jobs Created: 1,045
Description: Construction and permanent financing for a seafood processing plant located in Platinum, Alaska. This multi-acre complex includes 37,800 square feet of buildings that include a seafood processing plant, a maintenance building, a camp and dining facility for 130 people, and a tank farm.
Project Title: Make It Right Foundation, New Orleans, LA
Size of Transaction: $31 Million
Number of Jobs Created: 25
Description: Developer financing for the Make It Right Foundation (MIR). Founded in 2007 by actor Brad Pitt, MIR is in the process of rebuilding 150 green houses in the 9th ward of New Orleans. When completed, it will be the greenest single family neighborhood in the United States.
Legacy Waveland Advisors
LWA serves as investment advisor to the Wisconsin Community Development Legacy Fund (WCDLF), a partnership between Legacy Bank, and the Wisconsin Housing and Economic Development Authority. Since 2003, WCDLF has been allocate over $400 million in New Market Tax Credits.

Project Title: Milwaukee Marriott Hotel
Size of Transaction: $56.3 Million
Number of Jobs Created: 230
Description:

The 9-story, 190,000 square foot hotel will feature a restaurant, lobby bar, meeting/banquet space, and 50 underground parking stalls.  This high impact project comes at a time where Milwaukee is demanding a new hotel and will be catalytic to the future development of the Broadway street connection of downtown to the Third Ward.  

Project Title: Milwaukee World Festivals, Milwaukee, Wisconsin
Size of Transaction: $35 Million
Number of Jobs Created: 1,985
Description:

Milwaukee World Festivals ("MWF") is a non-profit corporation that operates an annual 11-day music festival know as "Summerfest".  In addition to Summerfest, MWF hosts several ethnic and cultural festivals at the Henry J. Maier Festival grounds located on Milwaukee's lakefront.  The uses of funds for this financing will include the demolition and rehab of several 1950s era buildings on site, the construction of a new box office, customer service areas, and the new Briggs and Stratton "Big Backyard" stage.

Project Title: 318 N. Water, Milwaukee, WI
Size of Transaction: $8 Million
Number of Jobs Created: 142
Description: Historic Rehab of the Alfred Uihlein Building which was constructed in 1908. This 43,000 square foot building is home to a variety of marketing and communication based businesses that employ over 140 high wage earning individuals.
Project Title: Aloft Hotel, Milwaukee, WI
Size of Transaction: $27 Million
Number of Jobs Created: 90
Description: Construction and permanent financing for the 160 room Milwaukee Aloft Hotel. This is the first major development in Milwaukee’s Park East sector.
Project Title: Lena’s Food Market, Milwaukee, WI
Size of Transaction: $3.7 Million
Number of Jobs Created: 145
Description: Redevelopment of a 33,000 square foot grocery store in one of Milwaukee’s most economically distressed neighborhoods. This minority owned business has created employment opportunity for over 150 people, while providing a much needed service in a neighborhood that is undergoing economic revitalization
Project Title: Milwaukee Health Services, Milwaukee, WI
Size of Transaction: $5.8 Million
Number of Jobs Created: 210
Description: Acquisition of a 31,000 square foot health care facility that serves a mostly African-American population. Formed in 1989, this expansion will allow the extension of primary care services to low-income community residents in the City of Milwaukee. Milwaukee Health Services, Inc. has a long term-commitment to promoting a higher quality of life in the communities it serves.
Project Title: IHOP, Milwaukee, WI
Size of Transaction: $3.5 Million
Number of Jobs Created: 65
Description: Permanent financing for a 47,000 square foot IHOP restaurant in Milwaukee’s central city. First of several planned franchises for a successful African-American entrepreneur.
Project Title: Summit Place, West Allis, WI
Size of Transaction: $22 Million
Number of Jobs Created: 1,000
Description: Redevelopment of an industrial parcel vacated by Allis Chalmers into over 600,000 square feet of Class A commercial office space. Blue Cross and Blue Shield of Wisconsin is a major tenant and provides a catalytic employer presence in this historically highly industrial neighborhood.
Project Title: GE Hotpoint, Milwaukee, WI
Size of Transaction: $45 Million
Number of Jobs Created: 650
Description: Development of an abandoned 41 acre industrial site in the City of West Milwaukee. The project consists of significant site demolition and environmental remediation which will be followed by the construction of a 59,000 square foot Pick ‘n Save grocery store for Roundy’s Supermarkets, Inc.
Project Title: Ponderosa Steakhouse, Milwaukee, WI
Size of Transaction: $2 Million
Number of Jobs Created: 40
Description: First African American woman owned Ponderosa Steakhouse franchise in the United States. This 6,500 square foot central city restaurant represents a new-urban prototype for Ponderosa with a menu that includes Southern-style entrees as well as unique take-out and catering capabilities.
Project Title: Palermo Villa, Milwaukee, WI
Size of Transaction: $27 Million
Number of Jobs Created: 420
Description: New construction of a state of the art food manufacturing facility and headquarters for Palermo Villa, Inc., a privately held manufacturer and marketer of frozen pizza products. This 150,000 square foot facility will be situated on 12 acres in Milwaukee’s Menomonee Valley and be home to approximately 270 employees.
Project Title: Proven Direct, Milwaukee, WI
Size of Transaction: $15.7 Million
Number of Jobs Created: 112
Description: Construction and permanent financing for 144,000 square foot manufacturing and distribution center for Proven Direct, a direct marketing and fulfillment company.
Project Title: Iron Horse Hotel, Milwaukee, WI
Size of Transaction: $31 Million
Number of Jobs Created: 165
Description: Construction and permanent financing for 102 room boutique hotel located in Milwaukee’s Menomonee Valley. Developed to serve the recently constructed Harley Davidson Museum.
Project Title: The Brewery, Milwaukee, WI
Size of Transaction: $16 Million
Number of Jobs Created: 23
Description: The Brewery is the adaptive reuse of the former Pabst Brewery complex. Once America's largest brewery. The Brewery represents one of the most significant historic preservation and environmentally sensitive redevelopment opportunities currently underway in urban America.
Community Economic Initiatives, LLC
CEI serves as an advisor to Texas Community Development, an Austin, Texas headquartered Community Development Entity that was awarded $75 million in New Market Tax Credits in 2009.

Project Title: Lifeworks, Austin, Texas
Size of Transaction: $10 million
Number of Jobs Created: 120
Description:

Waveland Community Development is pleased to announce that Texas Community Development has allocated $5 million of New Market Tax Credits to Lifeworks Austin, a non-profit corporation that serves homeless and runaway youth.  LifeWorks provides the most comprehensive network of support services for at-risk youth and families in Austin, offering a safety net of support to more than 10,000 families every year. Their emergency walk-in shelter is the only facility of its kind in Austin.

Project Title: Houston Dynamo Stadium, Houston, Texas
Size of Transaction: $87 Million
Number of Jobs Created: 1,495
Description:

The new Dynamo stadium will be a state-of-the-art, open-air stadium designed to host Dynamo matches as well as additional sporting and concert events.  When it opens in 2012, the 22,000-seat stadium will be the first soccer-specific stadium in Major League Soccer located downtown in a major metropolitan city.   With its downtown location, the new stadium will be part of a true stadium district, which already features Minute Maid Park, the Toyota Center, as well as the George R. Brown Convention Center.  The new Dynamo stadium will create over 1,500 jobs within the city of Houston.  

Project Title: University of the Incarnate Word School of Optometry
Size of Transaction: $31 Million
Number of Jobs Created: 150
Description: When completed, the 50,000 square foot School of Optometry will include two large lecture halls, academic/clinical laboratories, the school library, break-out/study rooms, multiple clinical research laboratories, computer laboratories, multiple conference rooms, the bookstore, student, faculty, and staff dining rooms, and an examination hall.  Another 15,000 square feet will be occupied by a Vision and Eye Care Clinic that will provide critical eye care services, on a means-tested fee basis, to San Antonio residents, many of whom will be minority and low income.  The Vision and Eye Care Clinic will be equipped with the most advanced instruments and technology, and when operating at full capacity, licensed faculty optometrists and the doctor of optometry will serve up to 30,000 patients annually.

Project Title: Mills Building, El Paso, Texas
Size of Transaction: $45 Million
Number of Jobs Created: 695
Description: This 12-story, 138,000 square foot structure dates to 1911, when it was among the tallest monolithic concrete buildings in the United States.  Vacant for years, it is part of the larger $67 million Mills Plaza redevelopment being undertaken by Mr. Paul Foster.  This catalytic investment is taking place in a census tract with a poverty rate in excess of 50% and an unemployment rate exceeding 20%.